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from:Negotiate for Lower Refinance Mortgage Rates
Now is a good time to refinance your home because refinance mortgage rates are lower than they have been in years past. If you would like to refinance your home to lower your interest rate and lower your monthly payments it might be to your advantage to take advantage of the new refinance mortgage rates.
Before you make a decision to refinance, take a look at your credit rating and if there is outstanding debt that has been put into collections and reported to the credit bureau, be sure to clean that debt up. Next if you have any credit card debt, it will behoove you to pay that off. The rules of buy now and pay later have pretty much gone out of date with today’s economy. By paying off any extra debt you will clear your finances to take on a new loan to pay off your existing loan.
When you originally took out your mortgage you might have been paying 7 or 8 percent, and now the refinance mortgage rates have come down to just over 5 percent. Refinancing to save 1 or 2 percent could save you thousands of dollars over the term of the loan. When you refinance you will need to decide on what kind of loan you want, and you may also need to negotiate for the best interest rate. Just like when you were shopping for the lowest refinance mortgage rates when you first took out your mortgage, it is good to shop around again for the best rates. Rates differ from one lending institution to another. Let the banks, credit unions and other lending institutions compete with one another for your business. If your credit is good, they will want your business and will be willing to give up a little on the refinance mortgage rates to get your business.
On a 30 year loan you may be paying back more than you borrowed in interest. If you borrowed $100,000 you will probably pay that much back in interest or even a bit more; however with a 15 year loan you may only pay about half that amount in interest, because the loan is shorter. Your payments will be higher than in the 30 year loan, but over the term of the loan you will be paying back less interest over the term. Whichever loan you take out your payments will be reflected by the new refinance mortgage rates.
Before asking for a refinancing loan check to see that there are no penalties for you to pay your loan off early. Some lending institutions do not charge a penalty, but some do. Even if they do charge a penalty, it still may be the right time to refinance, because the savings outweigh the money lost by paying a penalty; however the penalties usually only apply to the first couple of years. Your financial advisor, mortgage broker, or lender can help you sort it all out so you can take advantage of the new refinance mortgage rates.
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