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Whether you’re underwater or not, this year would be an excellent time to refinance your mortgage. In fact, this year is the last year we might be able to make this statement. So, if you’ve been just sitting around waiting for the perfect time to refinance and have good credit you should still be able to snag a really good deal and here are tips that could help.
- Stop procrastinating and refinance – get today's low interest rates while they’re still available.
- If you're a buyer, get going – with rates as low as they are and home prices rising, this is still a terrific time to buy.
- Be sure to compare FHA versus conventional loans – an FHA (Federal Housing Administration) mortgage might look attractive because you can get one with maybe just 3.5% down. However, your loan will have high FHA fees loaded onto it.. You will need at least 5% down to get a conventional one but if you can handle that, be sure to get quotes on both conventional loans and FHA loans and then compare the two.
- Make sure your credit is superb – credit standards are still high and are not expected to loosen up anytime soon. If you want to do either a refi or get a new mortgage, treat your credit as if it were golden.
- Pay off your mortgage early – if you dream about not having a mortgage one day, this might be a good time to refinance that 30-year mortgage into a 15- or 20-year loan. but don't make the move unless you're positive you will be able to afford the somewhat higher payments.
- Even if you're underwater, don't take “no” for your answer – as reported above, HARP 2.0 was overhauled so you might now qualify even if you were turned down as recently as three months ago.