If you’ve been holding off on your mortgage refinance because you heard interest rates reversed direction you’ll be happy to know that they’re on the decline once again. Lender’s are offering their best refinance rates of the year; however, you might not get what you’re expecting if you have less than pristine credit. Here’s an article from MortgageLoan.com describing the current state of mortgage refinance rates:
Average interest rates on 30-year fixed-rate mortgages fell to 4.55 percent, down from 4.69 percent previously, and giving up more than half of the increase they posted the week before. Rates on 15-year fixed-rate loans fell to 3.68 percent, down from 3.79 percent the week before and giving up most of the previous week’s increase.
Once you’ve decided to go forward with your mortgage refi you’ll want to pay very close attention to the loan origination fee and closing costs. The fees you pay to refinance your mortgage actually determine how good of a deal you’re getting because you’ll have to recoup these expenses before gaining any benefit from the lower payment amount. The more you pay closing on your new home loan the longer it’s going to take to break even.
You can learn more about paying less for your mortgage refinance by avoiding unnecessary lender fees and markup by checking out my free Underground Mortgage Videos.