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Is There a Best Time of the Year to Refinance a Mortgage Loan?

Is There a Best Time of the Year to Refinance a Mortgage Loan?

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Is spring and summer really the best time to refinance a mortgage loan?

Mortgage rates have dropped, leaving many homeowners to wonder, “Is the time right to refinance a mortgage loan?” As the real estate market continues to bounce back from horrible economic times, the time may be now to refinance.

There are many factors to consider before refinancing your current mortgage. To make the best decision, you should consult a mortgage professional to determine when the best time for you to refinance is. Again, your personal situation plays a major part in when the best time for you is.

Some of the factors to consider are:

• Your current credit score: Your credit score will help determine the interest rate you get. If your credit is bad, take the time to clean it up to get the best possible rate.
• Your home’s appraisal: With property values still low, it’s possible your home may not appraise at what is required for refinancing.
• The current interest rate: Of course you want to consider what the current interest rate is, and the terms of the loan.
• Your current mortgage interest rate: Consider whether it’s worth refinancing your mortgage if you already have a low interest rate.
If your current rate is high, it is probably a good idea to refinance.

Call the mortgage experts at Midland Mortgage Corp. to see if a refinance would be good for you.

Call 803.765.1680 or toll–free at 800.854.9484.
Posted Nov 22, 2012 by Midland Mortgage Corporation