Should You Refinance Your Home?
This is the very first question that you should be asking yourself, and that's should you be refinancing your mortgage? It can seem sensible if you're just wanting a lower interest rate, or you can get a good drop in your monthly payment. But are you also planning on using some of the equity in your house to get extra cash?
If you want extra money with the re-finance, would the money be used to pay off credit cards or reduce other debt? Do you plan to use the money to renovate the house? Or do you want to plan a vacation of a lifetime with the additional cash? Nowadays it pays to be extra-careful when it comes to a home mortgage.
What Kind of Home Mortgage?
Once you have made the decision to refinance your house, you've next got to decide upon the type of mortgage you want. After the housing bubble burst a few years back, fewer people are looking for a variable rate mortgage and are moving towards a fixed-rate loan.
The next item to consider is how long a time period do you want for the re-finance? The two most popular numbers are 15 years and 30 years; which you choose will depend on your personal circumstances. However, 15 year mortgages tend to have better re-finance home loan rates than do 30 year mortgages.
Re-finance Home Loan Rates
You've decided on a home refinance, and are debating between a 15 year term and 30 years. Your credit rating is reasonably good, so where do you start looking for home loan rate information?
The net is the first place to search, to get an overall idea of home loan refinance rates. Keep in mind the advertised low rates generally apply to somebody who has an excellent credit score, but it does give you a basis for comparison.
If you've had a good relationship with your current lender, you might want to ask them what re-finance mortgage rate they can offer you. Many times when they know you are "shopping around", they'll offer you a rate incentive to stay with them.
Refinance mortgage rates have dropped a great deal in the last couple of years, but there is no guarantee that the rates will remain low. If you're serious about seeking to borrow the money, refinance house loan rates might not get any better.
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