15 Year Refinance Rates – Learn How to Get the Best Mortgage Refinance Deal Today!
If you are thinking of refinancing your home loan in order to lower your monthly payments or to pay off the accumulated debt, you need to look at 15 year fixed mortgage rates today. The economy is recovering, and home values are back up after being lowered during the recession. Many homeowners are able to refinance their mortgages, but there are a couple reasons they may not be right for you. The first reason could be that your income is low and you may not qualify for a loan workout. The other reason, which is not as important, but can still have an impact on your decision making is the amount of time you plan to stay in your home.
When you consider refinancing your mortgage, you need to think about several factors including the new interest rates, the term of the loan, how much you owe on your current home and your credit score. You need to know that the refinance will reduce your monthly payment by at least 3%, although that may not be enough to make it worth your while. Your goal is to find a fixed rate that will help you to save money over the long term, even if you have to pay more out in interest in the beginning.
A short term mortgage may not be right for you. If you have a short term goal like buying a dream house or simply wanting to move faster toward an retirement account, then it may not be worth it. On the other hand, you should not rule out refinancing if your mortgage is only a few years old. The recent rebound has caused rates to drop, which can save you thousands of dollars on each monthly payment. If you have been loyal to your mortgage company, you may qualify for a fixed rate reduction, but most lenders are not offering this today.
If you can qualify for a fixed-rate refinance, you will need to contact your lender. While there are many companies that offer this service, they do not all offer it consistently. You can look online for a list of those participating in a program to find one near you. Many will require you to show evidence of a home sale within the last five years to qualify, but many others will not.
To get the best result, you should consider whether the refinancing is part of a larger home improvement or debt consolidation effort. If you consolidate your debt into a home equity mortgage, you can often lower the monthly payment and make it more manageable. If you refinance just to lower your mortgage payment, you will likely end up paying more in the long run. Keep in mind that the lower payments you have to deal with will most likely reduce the amount of time you have to pay off the loan. That means you will need to have another source of income to support yourself during the process.
15 year fixed-rate refinance rates today are much lower than they were a few years ago because more lenders are offering them. It is important, however, that you do not simply sign on the refinance contract without doing some homework and comparing the different offers you receive. Remember, if you do not make your monthly payments, you may find yourself dealing with a foreclosure.
Today’s economy has done a lot to make refinancing easier. Most people can now easily apply for and receive multiple mortgage quotes within minutes. This allows you to compare the different offers in your area to determine which one will give you the best rates today. You will likely have to provide some basic information to begin the process, such as name, address and phone number.
If you are shopping for refinance rates, take some time to compare the different offers you receive. The time you spend doing this will save you both money and aggravation. When the right mortgage refinance option comes along, you will be glad you took the time to learn about it and compare the rates out there. In fact, you may even be able to refinance today and save a great deal of money over the life of the loan.