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.
The factors that need to be addressed are quite simple.
- How much are you paying at present?
- How much lower a rate could you find?
- Will you need to pay a fee to close your present mortgage?
- Will there be a fee to take out a new mortgage?
- 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,
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