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When Mortgage Rates Are Low, Is It the Right Time to Refinance?

When Mortgage Rates Are Low, Is It the Right Time to Refinance?

When Mortgage Rates Are Low, Is It the Right Time to Refinance?

Great news for those who are seeking mortgage! Interests rates are currently low and it’s likely that they won’t be going low any further. This makes it the ideal time for those who are seeking short term for your mortgage.

It’s also likely that the rates won’t be awfully increasing any further as well. Experts reckon that rates might be up by 4% at the end of this year. Those who will greatly benefit from this are borrowers who previously availed at a rate of 4% or 4.25% on a fixed-rate loan. All loan tenures are at least half a percent lower right now. However, each homeowner has a different case and one should contemplate the costs and benefits of refinancing before making any decision.

We have come up with a few considerations you might want to consider before you go for refinancing:

1. What is your aim and ultimate goal?

Knowing what you want to do is the initial step. If you want to have reduced monthly payments and the remaining income for other expenses, then the ideal time to do that is right now.

2. Here is what you will require for refinancing

Refinancing can be a tiresome process. When you’re making a step to refinance, you should check your credit and how much saving you will be able to do after refinancing. Firstly, check your credit score and credit report. Bring them in right order and score if needed. Make sure you pay off debts and have minimum debt. Secondly, check your credit report and have your finances in really good shape in order to get the best refinancing rate.

3. Ensure that your home is ready

Making sure your home is ready can be time consuming and demanding. With limited time and resources, this can be rather difficult to achieve. Small things matter such as a faulty wiring which could potentially put the lives in danger, improper and faulty construction, all these factors can block your ability to refinance.

Rates might be lower and but the right time for refinancing is when you have all of the above factors into consideration. Feel free to consult us for your mortgage concerns, we are available around the clock for you! You can contact us at 877-509-3160.

Posted in General News, Mortgages