Low Mortgage Rate Refinance – Is is a Smart Move For You?

Now is the time to think about getting a low mortgage rate refinance, since 30 year mortgages are at record lows. Many homeowners, feeling the effects of the recession and who owe more on their mortgage than the house is worth in today’s market, are looking for a way to hang on to their homes, waiting for better times to sell. Will a refinance help?

The best way to determine if a refinance is right for you is to speak with a mortgage professional Find out what the fees are up front for doing a refinance, and compare that with the amount your payment would be reduced. The advantage of a low cost refinance is that you can reap the benefits of lowering your monthly payment, without having your savings eaten up by extra fees. The homeowner likely to reap the most benefit would have a fixed rate mortgage at a higher rate, and plan to be in the home for a few years.

How do you find the best mortgage rates? Look for sites such as erate.come or mortgageloan.com, to see what rates look like. Bankrate.com will show you rate comparisons across banks. Mortgage rates are at the lowest that they have been in 40 years, thanks to government stimulus programs. It is a great time for homeowners to take advantage of the opportunity to lower your monthly payment, and build equity for the long term. Low refinance rates may be just the break that beleaguered homeowners are looking for. Your online research coupled with the advice of a mortgage professional and your own attention to detail will really make a difference in your monthly mortgage payment.

If you are considering a low mortgage rate refinance, know your rights under the law, and be certain that you understand everything in your closing papers. Under federal law, you have a right of rescission for three days after the closing of a refinance – that means you have three days to cancel the loan, or find out if something on the closing documents doesn’t look right to you. Make sure that any changes to the documents are done in writing prior to the end of the three day period. It’s always a good idea to review your closing statement, also known as a HUD statement, within 24 hours of closing, so that you fully understand what everything means.

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Tags: Low Mortgage Rate, Low Mortgage Rate Refinance, Low Rate, Mortgage Refinance, Refinance

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