If you’ve been struggling to pay your mortgage payment each month or if you’re just tired of paying high interest rates, consider refinancing to lower your interest rate, as well as your monthly payment. Interest rates are very low right now, and if you’re locked into a high interest rate, now may be time for you to refinance.
• Refinance for a lower interest rate: With interest rates at a record low, refinancing a high interest mortgage may be possible to lower your rate, as well as your payment. There will be closing costs involved, and you will need to weigh these costs against the benefits of refinancing.
• Maintain good credit: It is vital to maintain a good credit score because the interest rate you qualify for is partly determined by your credit rating.
• Apply for a loan modification: If you are suffering from financial hardship and have been struggling to make your mortgage payments, it is possible to apply for a loan modification with your lender. It is possible you could get your interest rate lowered with the modification to help lower the cost of your monthly payment.
For more information about how to lower your mortgage interest rate call Midland Mortgage at 803.765.1680 or toll–free at 800.854.9484.