When its time to think about your mortgage refinance options, what should you know and how do you make the correct decisions? Its more than guesswork and you can greatly increase the odds that youll refinance (or not) at the right time if you take time to consider some specific points.
Start by knowing your current mortgage interest rate. You can find this listed on your loan papers or your lender should be able to tell you. If you have a variable rate mortgage, you wont have a set interest rate, but thats also an important piece of information.
Next, find out the rate youll be offered if you get your mortgage refinanced. A word of caution dont simply take a look at the interest rates being offered and assume youre going to get those rates. Ask about your specific situation. Lock a lender into a particular rate before you start the process. Many lenders advertise a very low rate, but you may find that you dont qualify for that rate. Be especially careful if youre being asked for any fees up front.
Compare the rate of your current mortgage with that youre being offered, but also consider the terms of the loan. For example, if you have a variable rate loan,...
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