Free Investment Advice

Finding the best company for the refinancing of your home with may take a bit of time and research.  You can check the current mortgage rates online as well as check with bona fide mortgage lenders in order to get an idea of what the rates may be, as well as checking out the company for future consultation.

The best way to go about finding a company is to make a list of several lenders who are reputable and have not been caught up in the bail-out.

Before calling them, check your credit score with the three reporting agencies.  Lenders may not want to refinance your home at a low interest rate if you have a low FICO score.  Today, a score of at least 720 is necessary in order to secure the best interest rate available.

Also, you may wish to get some advice from a financial counselor as to whether or not this is a good time to refinance.  Keep in mind that most experts have stated that if your home has substantially gone down in value, now may not be the time to refinance.

Also, decide beforehand how long you intend on living in your current home.  Is your job secure?  Are you a credit risk?  Are you currently paying down credit card debt?  Remember, banks have not been generous in lending money to anyone (despite the Rescue Plan), particularly those who have missed payments or have a bad credit history.

Another piece of advice worth mentioning is offered by Market Watch.  “Be prepared to pull the trigger when rates do fall to what is likely a very low level.  Experts advise people not to gamble by trying to time this unpredictable market.  Interest rates on fixed-rate mortgages could fall even more, or they could trend up if inflation concerns increase.”

Moreover, experts advise that it would be counter-productive to try and predict when the lowest interest rates will occur.  For example, if the interest rate is around 5.50% today and you decide to take advantage of this low rate, then by the time you actually discuss refinancing with a lender the rate could have fallen even further.

Again, research several companies and call to arrange an appointment with them.  Compare each one and then determine which one offers the best refinance package for you.