If you’ve been on the fence about mortgage refinancing, you might want to consider taking advantage of today’s low refinance rates sooner than later. Unrest in the Middle East is driving gas prices through the roof and according to at least one analyst, pain at the pump translates into higher mortgage rates. Here’s an article by Dan Green of the Daily Mortgage Reports.com with more on how our troubled economy affects your home loan:
Political unrest across the Middle East has oil prices on the move. Crude oil raced past $110 per barrel last week, a 38 percent increase since just 5 months ago. Gas prices are rising, too — up 26 days in a row nationwide. For mortgage rate shoppers, it adds up to bad news at the pump, and at the bank. Rising oil prices are linked to higher mortgage rates.
The bottom line is that refinance mortgage rates are near a sixty-year low and if you’re still paying six percent or higher on your home loan now is the time to lock in a better deal. The problem many homeowners face is finding the best mortgage lenders without overpaying fees. There are an overwhelming number of choices from Amerisave to USAA Mortgage rates and everyone seems to charge different amounts for refinancing fees.
One of the most common mortgage mistakes is overpaying the origination fee when refinancing. The mortgage origination fee is paid to the person or company arranging your refi and you should never pay more than one percent of your home loan amount for the broker fee. Brokers can be an excellent resource for matching you with the best mortgage offers; however, you’ll want to be careful when it comes to avoiding junk fees.
You can learn more about refinancing with the best mortgage companies while avoiding unnecessary points and fees by checking out my free Underground Mortgage Videos.