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Is This The Best Time To Refinance With Today’s Mortgage Rates?

By Jim Micheals

With interest rates as low as they are, many people may think that refinancing would be an excellent idea. However, regardless of Today’s mortgage rates, there are many situations when refinancing does not make sense. There are various considerations that should be made to determine whether you should refinance.

Will You Qualify

If you will qualify is the first consideration you should make when determining if now is the best time to refinance to take advantage of today’s mortgage rates. While rates are low, many mortgage lenders have drastically tightened their lending standards. If you have a poor credit score or little equity in your home, then you may not qualify for the best interest rates. In these situations, you may end up getting a less than attractive rate offer.

Are There Fees

The amount of fees you will have to pay is the second consideration you should make when determining if now is the best time to refinance to take advantage of today’s mortgage rates. Part of the reason why banks can offer very low rates is because they will charge large up front fees. If you don’t plan on staying in your home for more than a few years, the mortgage refinance fees are often not worth paying to get the lower rate.

Will Rates Decrease

Whether or not you believe rates will decrease is the third consideration you should make when determining if now is the best time to refinance to take advantage of today’s mortgage rates. While interest rates are very low, there is a chance that rates could continue to fall in the future. If this is the case, you may miss out by refinancing now.

Related posts:

1. Mortgage Rates Are Low – Should You Refinance?
2. If mortgage rates are low, should I refinance?
3. How many times can you refinance a mortgage?
4. How Do I Decide Whether To Refinance a Fixed Rate Mortgage?
5. What Are The Risks Of Adjustable Rate Refinancing?