Rates are low, very low, historically low, but can you refinance? This is a question that many homeowners are asking themselves, with many not even trying because while they are reading about the incredibly low rates they are also reading how hard it is to secure these rates. Homeowners have been extremely challenged in recent years and not many feel up to another challenge. However, if you could acquire a rate of 3.5% or lower, wouldn’t you want to?
Imagine how much a homeowner could save over the lifetime of a loan if he had a loan of 3.5% compared with 5.5% or higher. 5.5% is a great rate, but let’s face it two whole percentage points makes a big difference in monthly payments and a HUGE savings over the time that you hold a loan.
So, is refinancing your home a possibility and is approval for today’s low rates possible? Hopefully! A recent article from the Wall Street Journal, “Getting the Best Refinancing Deal” suggests that even if you can’t get the lowest rate possible you will get a low rate and it is worth the effort. Your best shot at refinancing success starts with cleaning up your credit and having all of your financial documentation in order.
Click here to read “Getting the Best Refinancing Deal” from the Wall Street Journal.Contributed by Mario Romero, CRS, CDPE, CLHMS
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