As part of the government’s plan to help provide economic relief to millions of families, the Federal Reserve has cut interest rates to record lows. So what does that mean for homeowners? With historically low interest rates, now is the perfect time to refinance your mortgage and significantly lower your monthly payments.
With many families looking to cut expenses during the pandemic, refinancing your mortgage is a great way to save money, both in monthly spending and in long-term savings. However, refinancing your mortgage is dependent on several factors, including your credit score and whether or not you qualify for a new loan at a lower interest rate. But if you have good credit and don’t plan on moving soon, now is the time to refinance your mortgage.
While rates might fall even lower, no one can predict whether or not that will happen and choosing to wait may mean missing out on an opportunity to save a significant amount of money. So if you’re considering refinancing your mortgage, here’s what you can do to get started.
How to Get the Best Rate
Check your credit score, as a high credit score is more likely to get you a lower rate. Once you’ve checked and built your credit be prepared to act quickly so you can refinance at a great rate before they change. When you’ve found the right rate don’t forget to factor in closing costs which are generally 2-5 percent of the loan. But the good news is that with low interest rates these costs can be recouped in around a year.
Finding the lowest interest rate means doing your research, but you don’t have to go it alone. Ed Currie is a certified mortgage planner, and he and his team are here to help you find the best rate, and close the loan.
Don’t want to pass up this once in a lifetime opportunity to save on your mortgage? Schedule an appointment today to get expert financial advice to help you find the lowest rate to refinance your mortgage. For more tips and our latest updates, check us out on Facebook, Twitter, LinkedIn, Pinterest or Instagram!
