Do Low Rates Always Translate to Mortgage Refinancing?
ByThere is no question that 2010 has opened up some great mortgage refinancing opportunities for many homeowners to save money. Home refinancing is not always the answer though, because some borrowers already have low rates and some borrowers simply do not meet the refinance requirements. We recommend considering your mortgage refinance options carefully. Home mortgage rates fell this week to their lowest point on records that mortgage company Freddie Mac has kept since 1971. Today’s mortgage refinance rates when averaged around 4.625%. These rates are for 30-year fixed rate terms. The previous record of 4.71 % was set in December. 15-year mortgage rates average at 4.375% and the 5-year hybrid ARM average 3.875%.
Here are some answers to common questions that come with home refinancing.
Question: How much are the mortgage refinance costs?
Answer: In most cases, a refinance loan will cost $2 -$3,000 in closing cost. The common lending fees are underwriting, processing, escrow, title and appraisal. Many lenders will also charge origination fees, also known as “points.”
Question: Do I qualify for a no cost refinance?
Answer: It depends… Many lenders are offering no cost mortgage refinance loans, but the credit score minimums typically range from 720-740.
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