Kentucky Refinance Mortgage Loans - 3 Tips to Get the Lowest Rate

Kentucky is an intriguing state - a state that defies definition

. It is the place where the South, the Midwest, and Appalachia meet in one place. It is a state whose people have their unique accent (the Appalachian Twang) and a unique perspective on the world.

Those from Kentucky find it hard to leave, which is why so many Kentuckians are third or fourth generation or more.

Buying a home is a great way to make your stay in the Bluegrass State more permanent. If you have owned your home for a year or more, you have probably already gotten settled into your regular mortgage payments. In fact, if you are like most folks, you just write your mortgage check each month and are done with it.

But if you stop to think about it, you may be leaving money on the table. That is because mortgage rates are always changing. The only real way to take advantage of lower interest rates is to refinance your home.

The Benefits of Refinancing Your Mortgage

There are a number of good reasons to refinance your mortgage. For example, if your current mortgage is an adjustable rate mortgage (ARM) and it is now transitioning into the adjustable rate phase (usually after 3, 5 or 7 years), your payment may be about to shoot up significantly. However, if you refinance at a low fixed rate, you can keep your payments under control.

Besides lowering your monthly payments, another good reason to refinance your home is if you have equity in your home (if you owe less than the home is worth) and you want to cash out some of that equity to use to pay other bills.

The Kentucky Housing Market

Like most of the rest of the country, the housing market in Kentucky varies depending upon where you live. However, in general over recent years most homes have decreased in value. The good news is that along with this decrease has been a general lowering of interest rates, meaning you may qualify for a mortgage with lower payments.

Kentucky Refinance Mortgage Loans - 3 Tips

If you are considering refinancing, here are 3 tips that can help you find a lender offering the lowest rates:

1. Ask friends and family who they financed with: Kentuckians rightfully trust friends and family first. Ask around to find out which companies they liked doing business with.

2. Do online research and build a list of at least 5 lenders: Now, add some more names to your list through online research. Be sure to add at least 5 more lenders to your list.

3. Contact each lender and track your findings: Next, contact each lender and apply for a loan. Remember, you will want to track your findings so that you can remember who offers you the lowest rate.

Follow these 3 tips to get the lowest rate for your Kentucky refinance mortgage loan.

Kentucky Refinance Mortgage Loans - 3 Tips to Get the Lowest Rate

By: Marie-Claire Smith

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