If you’re considering mortgage refinancing but aren’t sure if it’s a good move, you’re in good company. Despite historically low refinance rates, the lowest in fifty years, a large number of homeowners still carry rates from two years ago or longer. Here are several tips before you refi from Dan Green at TheMortgageReports.com about the coming mortgage refinancing boom:
There’s a Refi Boom Starting. Don’t Watch It Pass. Mortgage rates look like they’ll fall some more, but don’t sit by and wait for something better. History has shown that mortgage rates can — and do! — change quickly. And because rates are unnaturally low to begin with, once they start to worsen, they should worsen in a hurry.
Once you’ve decide to go forward with your mortgage refi there’s more to consider than just getting the best refinance rates. In fact, the fees you pay for the loan origination fee and closing costs decide how good of a deal you’re getting on your refi.
The reason refinancing fees are so important is that you’ll have to recoup these expenses before gaining any benefit from your new payment amount. The more you pay at closing in lender fees and the broker’s origination fee the longer it’s going to take to break even.
You can learn more about paying less for your next home loan when refinancing by checking out my free Underground Mortgage Refinancing Videos.