Choosing the Best Refinance Loan
ByFinding the best refinance loan online takes patience and perseverance, but with rates this low it’s clearly worth your time to shop refinance lenders online. Mortgage interest rates are dropping to historic levels, but how low will they go and is now the best time to refinance? The chances of interest rates getting much lower are slim and since nobody know when the Fed is going to start hiking rates again, refinancing now is a safe bet.
According to Freddie Mac, the 30-year fixed rate mortgage is available 4.375% and the 15-year fixed rate mortgage can be locked in at 3.75%. Whether you are considering a refinance long term fixed rate or a hybrid ARM, few people would disagree that it’s a great time to lock in a record low mortgage rate. With interest rates hovering at 4%, you can realize significant monthly savings simply by refinancing.
How Could Rates Get Any Better?
Yet mortgage lenders are reporting that they’re not seeing record activity they had anticipated with record low mortgage refinance rates. Many homeowners have been stressed because their ARM home loan interest rate is about to reset. Borrowers who qualify may be able to save hundreds of dollars a month by refinancing.
Best Rate and Term Refinancing Options
- FHA Streamline Refinance
- VA Streamline Refinance
- Conventional Refinancing
- Home Equity Loan Refinance
Loan refinancing costs range from $3,000 to $5,000. We recommend refinancing with a FHA or VA loan if you already have a government mortgage, because the streamline loan is the best refinance option today. The streamline refinance enables borrowers to qualify even if they are over 100% loan to value because there is no appraisal required. The streamline refinance is great for borrowers that are having problems qualifying for a refinance because their debt to income ratio is too high, because there is no income verification.
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