According to AOL Real Estate writer Stefanos Chen, mortgage rates have fallen to a five-month low. The conforming benchmark for 30-year fixed rate mortgage refinancing is now 4.88%, down from 4.95%. Does this mean you can go out and get these rates from your bank or broker? Not exactly; however, there are steps you can take to make sure you’re getting the best refinance rates for your next home loan without paying junk fees.
Just in time for the spring buying season, mortgage rates have fallen to their lowest level in five months, according to a lender survey released this week. This marks the fourth straight week in which mortgage rates have dropped.
http://realestate.aol.com/blog/2011/05/06/mortgage-rates-sink-to-5-month-low/
One important consideration before you refi is how long it will take you to recoup your expenses. Every mortgage has closing costs and fees, the amount of time it takes you to recoup these fees determines how good your new home loan is. If you’re comfortable with the amount of time it takes to recoup the origination fee and lender closing costs then refinancing makes sense for your situation.
There are number of steps you can take to make sure that you’re not paying junk fees or overpaying the broker for the origination fee. Check out my free Underground Mortgage Refinancing Videos for a step-by-step guide to avoiding junk fees and hidden markup on your next mortgage refi.
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.
