subject: Another Fall in Home Loan Refinance Rates Could Be Last Opportunity to Secure Deal of a Lifetime [print this page] Another Fall in Home Loan Refinance Rates Could Be Last Opportunity to Secure Deal of a Lifetime
Mortgage loan refinance rates have been dropping sharply and coming back up rapidly recently. A few experts anticipate the rates move up at most within a year and only few predict that rates will stay at their lows. Lenders are very quick in moving rates up in a slight change in the economic conditions. Late movements suggest that a sudden fall in the mortgage rates will be short lived.
Probably the best way to play this market if you are considering refinancing your mortgage loan is to be waiting for a sudden fall and move fast to seal your rate when that materializes. Remember that those best rates are quoted only to those really qualified borrowers. So, you need to have a good credit rating, secure and adequate income and good home equity. You may have to come up with some cash to raise your home equity so that you qualify for the best of refinance rates. If you could manage to catch a good fixed rate, it will be wise to pay cash in the refinance bargain. Many homeowners might not be getting great return on their funds anyway.
Recent activities in the refinance rates have stirred fair thrill among prospective refinance applicants. It is all well-known to a few that when the rates start going up, there is no stopping. However, it might not yet be time for the rates to make a significant upward thrust in the approaching few months. The today's mortgage rate and closing cost structure is highly favorable. You may still have one more great opportunity to secure the terms of your home loan.
Homeowners need to keep in mind that they may not get precise bottom of refinance mortgage loan rates. You should accept that rates might move down a little more after you complete refinancing and you need to be satisfied with that. As long as you manage your targets with refinancing, you should be pleased to obtain near best rates. The fact is that it is a speculation to wait for refinancing too long in the expectation that you might obtain an incredible rate. Moreover, there might be further pressure on house prices which might lower your home equity.
The prediction we venture to conclude is that the rates will dip sharply within the next couple of months, but that will be short lived. The plain advice would be to prepare to catch a bargain when that happens. Then, move on with your life quite comfortable with yourself that you have had this century's mortgage loan steal.
