Refinance Your Home Loan at Low Mortgage Rates

July 13, 2009 by admin
Filed under: Mortgage, Refinance 

Refinancing your home loan at low mortgage rates could save you a lot of money in the future.  Many home owners have refinanced at rates at or below 5% and it is likely that you will have the chance to do this as well.  Not every home owner is going to get a low refinance rate, but the government is urging lenders to offer low rates to borrowers so it is worth a shot.

There are many resources available online to assist you in getting a low mortgage rate refinance.  The first thing you should do is to contact some lenders to see what type of opportunities they are offering.  There are advertisements all over the internet and television that will give you a number to call these lenders.  They will not be able to give you a specific quote for your situation without some personal information but they should give you a generic rang of mortgage rates they are offering.

If you have the possibility of refinancing at a full percentage point lower than your current mortgage rate it is advisable to start the mortgage refinance process.  One of the first things you should do is determine your debt tolerance.  Do you currently have several credit cards that have a large balance on them?  Do you have student loans that still need to be paid off?  Have you gotten a credit score in the last year?  These are all questions you need to answer honestly.

You can get a credit score for under $20 on the internet.  It is advisable to get a credit score at least twice a year.  You never know what the credit agencies see on your report.  I think we all have a friend or family member that has had their credit ruined because of a charge that should not have even been on a credit report.  If you have a dispute, immediately address it before you continue on with the refinance process.

After getting your credit score squared away, you will need to choose a lender that suits your needs.  Do not feel obligated to pick a lender just because they provided you with valuable information; that is their job!  Pick the lender that you feel will best help you to get the lowest mortgage rate possible but will also provide you with the customer service you desire.  Within the first day of working with a lender, you are likely to know if you can strike a deal with them.

One word of caution is the refinance process is the appraisal step.  Some homes have not been appraised for years and it is likely the value has decreased.  Some markets have seen a decrease of over 50% in value so do not be surprised if your home has lost some of its value.  Sometimes it is best to get an appraisal before going through the entire refinance process but that is totally up to you.

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9 Comments on Refinance Your Home Loan at Low Mortgage Rates

  1. Foreclosure Refinance - What Options Do You Have? - Economic Conversation on Mon, 13th Jul 2009 9:42 pm

    2. [...] is the refinance part of the plan.  The government is giving financial lenders incentives to offer low refinance rates to those that apply.  There is no way that the government can force lending institutes to actually [...]

  2. Fixed Interest Mortgage - Better Than An ARM? - Economic Conversation on Wed, 15th Jul 2009 8:37 pm

    3. [...] With a fixed interest mortgage, you know how much you are going to be paying each month until the home loan expires.  With an adjustable rate mortage (ARM), your mortgage rate adjusts at different periods [...]

  3. Current Refinance Rates - Mortgage Rates Going Up? - Economic Conversation on Thu, 16th Jul 2009 7:26 am

    4. [...] current refinance rates do start to increase, how high will they go?  That is a question that really no one can answer [...]

  4. Fixed Home Loan Rates Will Increase Soon - Economic Conversation on Thu, 16th Jul 2009 11:32 am

    5. [...] with this knowledge, now is the time to refinance or buy that new home you have been thinking about.  If you wait for several months, you could be [...]

  5. The Financial Suite » Refinance Rates Following the 10 Year Treasury Rate Yield on Thu, 16th Jul 2009 5:12 pm

    6. [...] tomorrow.  If the uptrend that started back in January continues on the 10 year, look for refinance rates to continue higher throughout the summer.  It is very difficult to predict right now because the [...]

  6. The Financial Suite » Mortgage Rate Predictions – Interest Rates Lower But Not For Long on Thu, 16th Jul 2009 5:12 pm

    7. [...] rate push towards 6% very soon.  The Federal Reserve has worked very hard in an attempt to keep mortgage rates low, but they may have run out of bullets.  Maybe the market is actually setting interest rates after [...]

  7. The Financial Suite » 15 Year Mortgage Rates Inch Above 4.75% on Thu, 16th Jul 2009 5:13 pm

    8. [...] you have been considering buying a new home or refinancing, now might be as good of a time as ever.  If you wait several more months, you may see mortgage [...]

  8. Refinance Home Mortgage Rates - Can You Get a Low Interest Rate? - Economic Conversation on Fri, 17th Jul 2009 8:51 am

    9. [...] you could see mortgage rates at 6.5% or above.  Many home owners would not even benefit from a refinance if this is the case.  Make sure to do your research and educate yourself on the current housing [...]

  9. Church of Cowherd :: Refinance Interest Rates – Moving Higher? on Fri, 17th Jul 2009 9:07 am

    10. [...] home owners have been seeking a refinance rate under 5% but that seems highly unlikely now that the 10 year treasury rate yield has remained in [...]

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