mortgage refinance San Jose

October 30, 2017

Consider these items for mortgage refinance, San Jose, CA

Mortgage refinance, San Jose, CA is one of the biggest decisions a homeowner can make; thus, it is essential that all of the important considerations are taken into account before accepting any deal from a mortgage company. But what are the factors to consider to make sure that the decision you make works on your favor? Here are some items to consider for mortgage refinance, San Jose, CA: The interest rates. Are the interest rates in downward trend? Then it could be the best time to refinance a mortgage. The authority (the White House, specifically) has stated that the average homeowner could save USD 3,000 on a yearly basis by refinancing their mortgage. With that savings, refinancing is indeed a thing to consider. Be reminded, however, that you should make sure that you get a steal of a deal before finally accepting any offer. Your credit score. If your credit score has gone up or has improved lately, you can take advantage of that to qualify for great deals on mortgage; that is true even if the mortgage rates have not gone down. If truth be told, current mortgage rates can vary by as much as 1.5% based on your credit score. To cite an example, 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; the opposite is also true. (Try using myFico’s mortgage savings calculator to get more idea on this) Converting an […]