How Competitive is your Mortgage Rate?
Are you in the market for a new home? Do you already have one? Either way, there is a good chance that you are involved with a mortgage in some way, shape, or form. Those in the market are probably shopping for the best mortgage rate. Those who already own a home have a mortgage in place already.
One question you need to ask is: is my mortgage rate competitive when compared to what the industry is offering? For instance, if you are shopping for a mortgage in today’s day and age you need to know that around five percent for a 30 year fixed loan is quite competitive. So, if you are being offered something around six percent – seven percent you need to think long and hard about what is going on.
What if I already have a mortgage? In this case, you still need to be on your toes. Are you willing to refinance? If so, you can secure a lower mortgage rate and in turn decrease your monthly payment. Don’t think that your loan is locked in – refinancing is usually an option no matter who you are.
Just one percentage point can save you thousands of dollars over the term of a mortgage loan. This is why you need to secure the best mortgage rate possible. It may take time to speak with many lenders and/or brokers, but this is part of the process. Once you are complete you will see once and for all which lender, product, and rate is best for you.
