Monday, August 28, 2023 / by Sonya Reiselt
How to Get the Best Mortgage Refi Rate for Your Lowcountry Home
Are you considering replacing your existing mortgage with a new loan?
Many homeowners in Beaufort choose to refinance their homes in order to lower their monthly payments and save money in the long term. However, it is important to note that refinancing is only beneficial if you are able to qualify for a new interest rate that is at least one percent lower than your current rate.
The pandemic caused mortgage rates to sharply decline, leading many homeowners to consider refinancing. This resulted in 14 million mortgages being refinanced between 2020 and 2021. However, the market changed in 2022 as rates began to rise, making refinancing less attractive for borrowers.
The housing market and economy influence the rates on mortgage refinancing, but there are factors within your control. With the right knowledge, you can negotiate and get the best deal on refinancing your home's mortgage.
Here are some tips on getting the best mortgage refi rates.
Boost Your Credit Score
When applying; ...
Many homeowners in Beaufort choose to refinance their homes in order to lower their monthly payments and save money in the long term. However, it is important to note that refinancing is only beneficial if you are able to qualify for a new interest rate that is at least one percent lower than your current rate.
The pandemic caused mortgage rates to sharply decline, leading many homeowners to consider refinancing. This resulted in 14 million mortgages being refinanced between 2020 and 2021. However, the market changed in 2022 as rates began to rise, making refinancing less attractive for borrowers.
The housing market and economy influence the rates on mortgage refinancing, but there are factors within your control. With the right knowledge, you can negotiate and get the best deal on refinancing your home's mortgage.
Here are some tips on getting the best mortgage refi rates.
Boost Your Credit Score
When applying; ...
