So, you are looking to find the best refinance rates, right?
Well, that’s the reason, you are here!!
With mortgage rates at their lowest in 50 years, you've decided to try and get the absolute best refinance rate of a lifetime.
And when it comes to getting the best mortgage refinance rate, you can just blindfold run into anything and end up choosing one that may not be suited for you!
In this post, we’ll discuss the 5 proven ways to get the best refinance rates for your property. Let’s take a look at them!
1. Don’t Keep Your Credit Card Balances Below
It is incredibly important for you to ask your credit card providers to increase your available credit. Most people don’t know the fact that using a small percentage of the credit available is likely to minimize the ratio of your credit utilization and let you earn a significant rate of interest.
2. Don't Overlook Consumer Credit
There’s no denying the fact that paying off consumer credit could be beneficial but you must make a purchase on your credit cards frequently. This would ultimately help you manage debt that may significantly improve your credit score.
3. Always Prioritize a Shorter Loan Term
This is something you must do to get the best mortgage refinance rates!!
Let’s take an instance to understand!!
If you’ve already paid seven years into a 30-year fixed, then putting you into a new 30-year fixed may not be the best financial decision.
It is incredibly important for you to understand that moving from a 30-year mortgage to a 20-year or even a 15-year term can earn you a lower mortgage interest rate.
4. Ask the Mortgage Rate Lock
Once you are done conferring with your loan advisor, you must ask about a mortgage rate lock. This would help you prevent rising rates that may affect your mortgage.
5. Consider the Years that You are Going to Spend in the Home
Well, if you are looking to know the best refinance rates, you must consider the time that you are going to spend in the home!
If you know you are going to be selling your home in five to 10 years, then you must consider an adjustable-rate mortgage that comes with an introductory rate lower than that of a fixed-rate loan.
So, that’s a wrap up to the 5 proven ways that may help you get the current mortgage refinance rates!!
Don’t have time to calculate refinance rates? If so, your search ends here!!
PureLoan is a credible destination that may provide you with the best mortgage refinance rate so you know what property you can afford. You can easily choose from a wide range of mortgage programs that let you choose from more than 40 national banks.
To know more about the best refinance rates, visit https://www.pureloan.com/ today!