The beauty of an economic downturn is cheap credit. After a shaky 2018 and a bullish 2019, 2020 has turned out to be a complete mess. As a result, every homeowner should be refinancing their mortgage right now as rates fall to all-time lows. Here are some home mortgage refinancing tips.
Since 2003, I have refinanced five properties over a dozen times. These home mortgage refinancing tips are straight from experience. As a result you can pay the lowest fees and get the lowest interest rate possible.
Check the latest mortgage rates online through a marketplace like Credible. They have one of the largest lending networks around. There’s no obligation and you’ll get real quotes from qualified lenders in minutes.
Refinancing can be a daunting process, but it shouldn’t be with the right representative and proper frame of mind.
I refinanced my primary residence in 4Q2019 with a 7/1 ARM at 2.625% with no costs. In 2020, I got preapproved for a 7/1 ARM at only 2.125% because interest rates declined even further! I do have relationship pricing because I’ve got over $1 million in assets with the lender. But even if I didn’t, I could get a 7/1 ARM for only 2.5% in 2020.
As someone who has refinanced over 10 mortgage loans since 2005, let me share with you my mortgage refinancing tips to help you get the best rate possible.