| Today's mortgage rates continue to hover at all time | | | | staying in your existing home. Because refinance |
| record lows and this along with government incentives | | | | mortgages come with closing costs, you don't start |
| has made a refinance mortgage more financially | | | | saving money on that lower payment until you've |
| attractive than any other time in history. Currently the | | | | repaid the upfront costs of the loan. Also, when |
| interest rate on a 30 yr fixed mortgage is 5.12%. | | | | estimating closing costs, remember to account for any |
| Generally, anywhere around the 5% interest mark is a | | | | prepayment penalties on your existing mortgage. A |
| great deal. Not every one should be refinancing for this | | | | mortgage loan officer will analyze your current |
| reason alone however there are several factors that | | | | mortgage and give you a cost benefit analysis so you |
| make refinancing at today's mortgage rates a prudent | | | | are able to fully evaluate whether a refinance |
| financial decision for many homeowners. | | | | mortgage is a wise financial decision. |
| How do you know if now's the time to pull the trigger | | | | If you want to take advantage of the lowest |
| on a refinance mortgage? Start by finding out what | | | | mortgage rates in history and refinance your mortgage |
| your current loan balance is, relative to the value of | | | | then it would behoove you to get several quotes from |
| your home. If it's 80 percent or less, you have lots of | | | | various lenders so you are able to compare lenders |
| options. If it's between 80 percent and 105 percent, | | | | and go with the one you feel most comfortable with. |
| you'll have to see if you qualify for a Home Affordable | | | | The most efficient way to receive multiple quotes is to |
| Refinance Program which was recently passed by | | | | fill out an online application through a website that is |
| our government in an attempt to help people better | | | | affiliated with several top lenders. This requires filling |
| manage their loans. If it's more than 105 percent, you'd | | | | out only one application and you are then matched |
| have to pay down your mortgage balance with cash | | | | with 3-4 lenders who are licensed in your area. The |
| to refinance. That may not be a bad idea, depending | | | | mortgage professionals will then help you further |
| on your financial situation-but talk with a mortgage loan | | | | explore whether or not refinancing at today's |
| advisor before proceeding. | | | | mortgage rates is a wise financial decision for your |
| The next thing to determine is how long you plan on | | | | situation. |