If you’re on the fence about mortgage refinancing to take advantage of today’s low refinance rates, waiting might not be a good idea. According to Fannie Mae the economic outlook does not look good which could be bad for mortgage refinance rates. Here’s an article on HSH.com about the lack of consumer confidence and our dim economic outlook:
According to the Fannie Mae National Housing Survey for August, 78 percent of Americans think the economy is headed the wrong direction, up from 70 percent a month earlier. The percentage who thinks their personal financial situation will worsen over the next year rose for a fourth consecutive month to 22 percent – the most pessimistic outlook since August 2010.
Once you’ve decide to go forward with your mortgage refinance it’s important to pay close attention to home much you’re paying at closing and how long it will take to recoup your expenses. You can easily figure out how long it will take to break even on your closing costs by adding up all of your out-of-pocket expenses and dividing by the amount you’re saving each month. This will tell you the number of months it’s going to break even mortgage refinancing.
The less you pay for your new home loan the better of you’ll be when refinancing your home. You can learn more about paying less by avoiding lender junk fees by checking out my free Underground Mortgage Videos.