Interest Rates and Mortgage Rate Refinancing Advice

by Home Owner With Advice from USA

Ask Kate: Interest Rates and Mortgage Rate Refinancing Advice Kate, Here is my refinancing advice. Interest rates are very low at present which means cheap borrowing. This suggests that now could be a good time to refinance.

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The factors that need to be addressed are quite simple.

  1. How much are you paying at present?

  2. How much lower a rate could you find?

  3. Will you need to pay a fee to close your present mortgage?

  4. Will there be a fee to take out a new mortgage?

  5. Would a new mortgage require a deposit?
Now whilst these factors are simple to address individually, together they can provide quite a headache. The best approach is to find out all the information you require and get out a calculator.

You will need to check whether the rate you are thinking of paying is a fixed rate or a variable rate. Whilst it is possible for rates to become lower, they will not become much lower.

On the other hand they could become a lot higher.

In summary, check your penalties and fees, check your rates and try to get a low fixed rate mortgage. This will protect you against future rate hikes.

Kate Answers: Interest Rates and Mortgage Rate Refinancing Advice

Thanks Home Owner With Advice,

Click here for my free home mortgage payment calculator

Please come back often and remember to bookmark Get Your Best Mortgage Rate to your favorites and visit often for up to date tips for buying a house and mortgage rate refinancing advice.

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Best Wishes,

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