When is a good time for refinancing a mortgage loan?

Date: Wed, 02/24/2021 - 18:23
Submitted by Horbart on Wed, 02/24/2021 - 18:23
Posts:
Credits:
[Donate]

When is a good time for refinancing a mortgage loan ? I have a mortgage loan with a fixed rate of interest but the interest I'm paying is 4.4% .


You should go for mortgage refinancing when you get a lower rate on your home loan that what you're paying currently. Make sure you go through the terms and conditions of your new home loan to manage it in a better way.


Submitted by Good Nelly on Fri, 02/26/2021 - 01:05

Good Nelly

( Posts: 2846 | Credits: )


This is the best time to refinance your mortgage when the rates have touched record low in our country. On February 28, 2021, the benchmark 30-year fixed refinance rate is 3.320% with an APR of 3.450%. So, if you are looking to refinance your mortgage, do it asap.


Submitted by Craigh.terry on Sun, 02/28/2021 - 20:31

Craigh.terry

( Posts: 273 | Credits: )


Just because the mortgage rates are low, it does not guarantee that you will qualify for refinancing. Much will depend on the equity in your home, your income. and your credit score.
Lenders will check if the value of your home is more than the loan value. Lenders want to check if you can make the monthly payments on the new loan.


Submitted by David Martin on Mon, 03/01/2021 - 03:50

David Martin

( Posts: 394 | Credits: 3933 )