Mortgage rates are currently the lowest they have been in several decades! Many home buyers are taking advantage of these rates to purchase properties. Home owners too are cashing in on low Mortgage rates by Refinancing their current properties. By lowering their mortgage rates to as low as 4%, home owners may save thousands of dollars over the term of the Mortgage. Mortgage Refinancing can allow a homeowner to pay off the original Mortgage several years early, to make lower Mortgage payments or simply to free up some cash to use for another purpose.
The Mortgage you qualify for depends on several factors including your credit history and credit score, your income to debt ratio, whether you qualify for any special programs and how much money you plan to put down. The available terms of a Mortgage will affect your payments such as length of the Mortgage, points, payment schedules and fees. Even some of the closing costs can be added back into the financed portion of the Mortgage.
The decision about whether to Refinance your Mortgage should be based on the amount of money you will save as long as you plan to own your home compared to the money it will cost you to refinance taking into account closing costs and time spent in the process. If the savings are considerably higher than the costs Refinance! Start by reviewing your credit report in order to correct any mistakes. Then compare rates among the many companies that offer Mortgages and Mortgage Refinancing.