Mortgage Refinancing – Learn More About Getting Current Mortgage Interest Rates
Mortgage interest rates are the one thing that homeowners can count on to keep going up for at least the next two years. Any time rates increase, mortgage payments have to go up too. Most homeowners will not be able to guess what the rate might be for the next two years. That is why they mortgage payments end up being so high. Here are some predictions of what the two-year fixed mortgage interest rate may look like for borrowers in their home loan repayment timeframe.
Home loan interest rates will definitely increase in the first year of the New Year. Borrowers who purchased a home during the sub-prime mortgage crisis will feel the heat from this increase. Even first-time buyers will be affected by this increase because it will make it more difficult for them to qualify for a loan modification. The family springboard mortgage plan was based on low interest rates, but now that the rates have gone up homeowners won’t qualify for the plan. The whole family is affected when interest rates go up.
Two year fixed mortgage interest rates won’t stay low forever. It is highly likely that they will go up in the first three months of 2018. First time buyers and families will need to take a close look at their finances and decide if this is the right time to refinance or buy a new home. Families with children will need to decide if they want to pay higher school tuition costs or save for their children’s college education. Parents should also determine if they want to use their house as a rental property during the off-season.
For those who are considering refinancing their mortgage, the first step is to shop around. There are many different mortgage lenders that offer adjustable rate mortgages. Shop around to find the best mortgage interest rates and fees for your specific financial situation. You can learn about mortgage refinancing options, compare loans and find the lowest cost mortgage refinance that meets your specific needs. Visit the mortgage refinance page for more information.
Do you know what is going on with the mortgage market? When economic news is released, news agencies report it immediately. Many investors are fearful of losing money when interest rates rise. When news of inflation and economic news are released, many retail brokers immediately increase their mortgage interest rates. When the economy turns around, these same brokers will likely decrease their mortgage rates.
Are you paying too much interest on your current mortgage? Adjustable rate mortgages are risky because they can fluctuate up and down which makes them more vulnerable to sudden changes in the current mortgage interest rates. Homeowners could suddenly lose their homes if they cannot refinance at current mortgage interest rates. If you think you could stand to save money by refinancing your current mortgage, you should talk to a mortgage broker to see if this might be an option for you.
Should you refinance while interest rates are low, you may save hundreds of dollars each month on your monthly mortgage payment. However, you must remember that interest rates are still unstable and could end in just a few days. Your new interest rate may be higher than your previous mortgage. A mortgage broker can help you find the best loan with the best interest rate when interest rates are falling.
How long have you had your mortgage? Home loans are generally fixed-rate mortgages. The interest rate does not change until the term of the mortgage expires. Mortgage lenders require borrowers to choose a term length which determines the interest rate over the course of the loan. Lenders require borrowers to choose a fixed-rate mortgage for the protection of the lender’s investment. To learn more about choosing the right mortgage for your personal financial situation, contact a mortgage broker today.