If you’re been waiting for mortgage refinance rates to bottom out before refinancing your home you may have missed the lowest opportunity. Interest rates are still at extremely low levels and analysts are predicting rates will continue to go up; now is you change to lock in today’s best refinance rates. Here’s an article on MortgageLoan.com with news about the sharp increase in mortgage refinance rates.
Mortgage interest rates rose sharply this week on the strength of improved economic news, including better-than-expected employment figures and signs that the European debt crisis may be easing.
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http://www.mortgageloan.com/mortgage-rates-rebound-8879
If you decide to go forward with mortgage refinancing remember that the fees you pay will make or break your refi. Choosing a big nationwide company like Amerisave does not guarantee you won’t overpay at closing. Invest a little of your time doing your homework before refinancing and you can literally save yourself thousands of dollars in closing costs and interest over the lifetime of your loan.
How do you shop for the best mortgage companies when refinancing and can you trust that Good Faith Estimate? The Truth-in-Lending documents that mortgage lenders give to prospective refinancers are notoriously unreliable and will never give you an apple-to-apples comparison of mortgage quotes due to a lack of standards.
If you want today’s lowest refinance mortgage rates without paying lender junk fees it’s better to shop for the right person to arrange your home loan than using the marketing propaganda found in your Good Faith Estimate. One of the most common mortgage mistakes is focusing only on getting the lowest refinance rates at the expense of fees.
The closing costs you pay when refinancing your home are so important because you’ll have to recoup these out-of-pocket expenses before benefiting from your new home loan. Paying junk fees at closing makes it difficult if not impossible to recoup these expenses. You can learn more about getting today’s best refinance mortgage rates without paying unnecessary lender fees by checking out my free Underground Mortgage Videos.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
