How to Refinance Your Mortgage
Many homeowners in California are currently trying to take advantage of refinancing while mortgage interest rates are still at an all time low. Whether you are attempting to invest capital back into your home, finance college tuition or pay off higher interest debts, you no doubt would like to approach the process the smart way: with full knowledge of the best steps to take to reap significant benefits while safeguarding your assets.
- Determine Your Refinancing Needs
- Evaluate Your Current Loan
- Be Sure You Will Reap Significant Benefits
- Find Out if You Qualify
While mortgage interest rates are at an all-time low, that doesn’t necessarily mean that mortgage refinancing at the current time is in your best interest. Having some specific financial goals will play a factor in which type of refinancing you consider and will help you determine whether refinancing is an important step in your financial future.
Compare your loan’s interest rates with current mortgage interest rates. Since we are currently experiencing the best mortgage refinance rates in history, there is a good chance the current rate trumps your existing mortgage loan. However, consider that you may not qualify for the best mortgage refinance rates available.
Mortgage refinancing is an expensive process that can add thousands of dollars in interest as well as several years to the life of your loan. Evaluate the current mortgage rates to ensure you will obtain the savings you seek. Keep in mind that if you have bad credit, you may not qualify for the best mortgage refinance rates.
While you may be able to lower your monthly interest rate and obtain significant savings from mortgage refinancing, your next step is to be sure you qualify. This may involve getting your home appraised and includes filling out an application to see if refinancing is an option for you at this juncture.
When you decide to refinance your San Diego mortgage, you need to be aware that there are unscrupulous mortgage lenders out there who will stop at nothing to sell you a high interest loan with junk fees. Before refinancing, you need to arm yourself with mortgage “insider” secrets that will help you close on a wholesale mortgage without unnecessary markup.
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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.
