Find The Best Home Refinance Rates - 3 Tips
Find The Best Home Refinance Rates - 3 Tips
When you are looking for ways to cut down on your monthly expenses, it sure makes sense to consider doing something about those high mortgage payments. After all, for most people their mortgage represents their number one financial investment each month.
Refinancing a mortgage can be a smart way to reduce your monthly loan payments. A refinance simply involves paying off your existing loan with a new one that has loan terms that are much more favorable to you. The better loan terms usually mean lower monthly payments, paying less interest on your outstanding principal, or both.
Of course, if you are going to go to the trouble of refinancing your mortgage, you are going to want to secure for yourself the very best rates. After all, just a percentage point or two savings could make a huge dent in your monthly payments, freeing up cash for you to use in more desirable ways.
If you want to find the best home refinance rates, here are 3 tips for doing just that:
1. Get a sense for where rates are today in terms of their historical context:
It is impossible to know where mortgage rates are headed tomorrow. If it were possible, you would see instant billionaires rising up overnight as they played the mortgage markets. Still, you can get a pretty good sense of where things are headed by taking a look at today's rates as compared to what they looked like one month, three months and one year ago.
2. Compare your current credit score to your previous score:
Besides fluctuations in average mortgage interest rates, another factor to consider is how your credit score may have changed since you took out your existing mortgage. If you believe that your score has gone down or at least stayed the same as it was before, you could qualify for a better interest rate.
3. Consider the amount of equity you have in your home:
You may be offered more favorable loan terms - including a better interest rate - if you have a lot of equity in your home. That is because the lender will see you as being less of a lending risk if your current outstanding principal is much lower than the value of your home.
Consider these 3 tips as you find the best home refinance rates.
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