The housing market is all about timing and opportunity. Like most economic industries, it fluctuates based on countless different factors. Refinancing is a critical decision in many mortgage situations. The fluidity of rates and the rise of competitive service can create an opportunity for substantial savings.
1. When? Most experts think that the time for action is at hand when you see a chance to breakeven on you closing costs as well as significantly lower your interest rates. While lower rates are appealing, they need to ultimately make good long-term financial sense.
2. Where? Refinancing means shopping around. Financing is more competitive than ever in this turbulent housing market. Check with lenders in your area and get feedback from friends or family who have recently dealt with local providers.
3. Why? It’s not just about the money. Although mortgage loans are usually refinanced when homeowners want a better deal, there are other contributing factors. If you aren’t satisfied with the quality of service, or you feel there unfair fees being levied by your mortgage company, these are also justifiable reasons for shopping around and looking for better financing options.
4. How? Hold your lender accountable to any low-rate offer by securing a rate-lock agreement. The time window of these agreements can be up to 60 days and guarantee that this refinancing option won’t expire before you have a chance to explore it.
Nothing ever stays the same for very long in the housing or banking markets, so if there’s a chance you might benefit from refinancing your mortgage loan don’t delay. Call today at 803-765-1680 or toll–free 800-854-9484 to speak with an expert.