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Finding the Best Mortgage Refinance Rates
In light of the current economy, many Americans are looking for the best mortgage refinance rates they can find in order to lower their monthly bills. If you’re one of them, read on for an overview of current market conditions and ways to ensure you find the lowest fares possible.
Current mortgage conditions
Currently, 30-year fixed mortgage rates are very low and tend to be flat week-over-week at around 5.5%. For a 15-year fixed rate mortgage, you can expect to find rates below 5%. Adjustable rate mortgages are also seeing recent lows due to a reduced prime rate. Most adjustable rates come in at just over 5%.
The level of activity in mortgage applications has recently seen an upsurge, largely due to the economic stimulus package and the presidential “Making Home Affordable” program. Refinancing activity was also strong, while new home loan applications did not see a strong increase.
Property prices continue to fall according to the latest reports, but the year-over-year price declines have not been as steep – a small but positive change. Home prices are still below peak in all metro areas.
Tips for finding the lowest fares
It can still be difficult to get the best deal on mortgage refinance rates, especially if you are inexperienced in the process. Follow these tips to make sure you’re doing all the right things before refinancing your home.
Of course, the first thing to do is to make sure your credit score is as high as possible. There are three credit bureaus that report your credit score to lenders: Experian, Equifax, and TransUnion. Contact them to get your current report. You can get the report for free if you have been denied funding for any reason recently.
Carefully review your credit report and score. If it’s weak, make sure there’s no misinformation that devalues it. If you have outstanding debts that still need to be settled, do so before applying for a mortgage refinance.
Compare rates in your area for yourself so you are armed with this information when you begin the refinance process. You can easily find the price range on different websites.
Just like your initial mortgage application, you will need certain documents for a refinance, such as your tax returns, proof of income, bank account statements, investment information, and any outstanding debts. If you have already compiled these documents, the refinancing process will go much faster. Remember that the lower your debt ratio, the better mortgage refinance rates you will be offered. The higher your capital, the more options you will also have.
For many Americans, the timing of finding the lowest mortgage refinance rates and lenders willing to bargain a lot has never been better. Be prepared by following interest rate trends, gathering all your documents and knowing your credit score. These are the best tips for finding the best possible rate.
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