If you’ve been waiting for interest rates to “bottom out” before refinancing — consider this: rates are now at historic lows. As the housing market firms, interest rates might well be headed higher.
There’s still a window of opportunity to lower your monthly payments by capturing current bargain basement rates. It’s also easier than ever to explore your mortgage refinancing options by visiting online sites like Freedom Mortgage.
In addition to exploring the rates and closing fees offered by competitive lenders, think about what kind of loan best suits your needs and qualifications.
- If you currently have a VA loan, you may qualify for a rate reduction refinance which typically doesn’t require an appraisal. Or purchase a new home with little down payment. Another reason that VA loans are cost effective: They require no Private Mortgage Insurance (PMI), which adds to your monthly payments.
- Government-insured FHA mortgages have minimal down payment requirements, as low as 3 percent. In some cases, it’s easier to qualify for a FHA mortgage than for a conventional mortgage.
Carefully examine comparable loans from different lenders to see what, if any, fees might be wrapped into your new loan, or within your new rate.
By shopping online and comparing closing costs and packages offered by multiple lenders, you can be sure you’re getting the best loan, at competitive rates, for your situation.
A good place to start shopping is Freedom Mortgage. It’s fast, free, and their online tool will help you understand your mortgage options.
Click here to see if you can prequalify online with Freedom Mortgage at no cost, and quickly receive accurate rates that are based on your actual credit score.
