If you plan to do a home refinance in Orlando, FL, make sure to ask yourself the following questions. The answers should all be ‘yes.”
Have I optimized my credit score?
Optimizing your credit score can put you in an advantageous position. For instance, a one-point credit score increase could mean a one-point reduction in your mortgage fees. So, before you refinance, evaluate your credit score. Federal law allows consumers one free credit report each year, so working on this should not be that difficult.
Have I made comparison shopping for the best mortgage refinance rates?
A person who receives rate quotes from multiple lenders can cut the interest rate by as much as 50 basis points (0.50%). Comparison shopping allows you to find the best option available in the market today.
There are plenty of online platforms that allow you to do comparison shopping. These online comparison tools (like NerdWallet) jumpstart your search for the best option in the market.
Do I know the current value of my property?
The rise in the value of your property may also increase your equity. Data from the National Association of Realtors indicate that the median home price in June of 2021 was just over $363,000 — up from about $294,000 a year earlier. You must know the current value of your property before you refinance. It will give you an upper hand in the market, providing leverage for better refinance deals.
Am I willing to negotiate rates and fees with home refinance lenders?
Yes, you read it right. Like any other product or service in the market, you can negotiate for mortgage rates and fees. And results can be in your favor, particularly if you have good credit and have made comparison shopping.
Online looking for a reputable mortgage company that offers home refinance in Orlando, FL? Contact HomePlus Mortgage today at 800-810-PLUS (7587).
