mortgage refinance Austin

October 30, 2017

What to consider for mortgage refinance, Austin, TX

Mortgage refinance Austin, TX is one of the biggest decisions homeowners can make; thus, it is imperative that all of the important considerations are taken into account before accepting any deal from a mortgage company. But what are these considerations? What are the factors to consider to ensure that the decision you make is favorable to you? Here some of the things to consider for mortgage refinance, Austin, TX: The interest rates have gone down. According to the authority (the White House, specifically), the average homeowner could save USD 3,000 annually by refinancing their mortgage. With that savings, refinancing is indeed a thing to consider. However, homeowners should make sure that they get a steal of a deal i.e. a significant drop in mortgage rates. You have a good credit score (or has improved significantly from your previous one). If your credit score has gone up, you can take advantage of that to qualify for a lower rate on mortgage. Current mortgage rates can vary by as much as 1.5% based on your credit score. For instance, on a USD 300,000 mortgage, a 1.5% higher mortgage rate due to a poor credit score could translate to additional USD 250 monthly mortgage payment. (Try it using myFico’s mortgage savings calculator) Converting an ARM to a fixed rate mortgage. This is another yet a compelling reason to refinance a mortgage. This is particularly applicable when the interest rates on mortgage are expected to rise in the near future/in the coming years. In […]