Should I Refinance My Mortgage This Year?

| May 14, 2013 | 0 Comments

Refinance Mortgage

I’s sure you’ve seen the nightly news where they keep saying how low the mortgage rates are right now and you are probably wondering if this is a good time to refinance, right?

Before you do anything you should look into doing some comparison shopping online and match rates against the top lenders.  When you research refinance mortgage quotes  be sure to get at least 5 and then this is what you do next…

Once you have 5 companies you feel comfortable with and who can provide you with a lower rate, get them to fight over you!  Yes, tell them you are seeking quotes from other lenders and let them under cut each other to get your business.  Sneaky, but it works like a charm.

Be aware that most lenders will not work with you unless you have good credit or above and are not seeking an FHA or VA refinance as those are government regulated, so talk with an agent who specifically deal with those types of mortgage loans specifically.

Most refinance rates are good for 10 to 15 years. But do not let that thwart you as you can refinance that loan in a few years to keep the rate low or even obtain a lower rate once your credit score improves.

It is not uncommon for experienced real estate moguls to refinance every couple of years to lock-in or get a lower rate – the same goes for you.  It’s something not talked about because it  is supposed to be an insider secret.  Talk with your agent once you refinance and let them know you wish to seek a refinance in a few years if the rates improve, they will know what you mean.

So ask yourself, why wait? No matter if you want to pay off your loan quicker or reduce your payments – right now is the best time to do it while the rates are hovering around 2.5% for those with above average credit scores and 4.5% with a good credit score.

If you wait until next year, it could all balloon up again.  I’m sure you have seen that happen.  When it does, it becomes a real mess that you do not want to deal with. Read these facts about the adjustable rate mortgage loan and know what you are getting your family into this time around.

The last thing you want is to get stuck with a mortgage that will be out of control in 2 years like a balloon or adjustable rate, unless you know what you are doing that is.  This is where the entire debacle started, people not knowing the ins and outs of the terms and greedy agents wanting their commissions.

The best defense against getting a bad deal is to gain knowledge about all the options you have when it comes to refinancing your home mortgage. Take the time and have patience and you will come out with a great deal and be much happier.  So do yourself and your family a favor and go compare those mortgage rate quotes today.

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Category: Home Loan

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