According to Consumer Reports Magazine, with fixed rate mortgages hovering near 5%, now is a good time to refinance. If you're underwater with your mortgage - you owe more than your home is worth - you won't be able to do that. But if you have significant equity as well as great credit, you're a prime candidate. Expect to pay for an appraisal and face strict documentation requirements.
In this chaotic housing market, it pays to shop around for a lender. According to mortgage experts, there can be a 1 percentage point difference in rates from the highest-priced lender to the lowest-priced and 0.25 percentage point swings in the market day to day. When comparing mortgages, be aware that lenders might offer you their best rate when you first contact them, then quote a higher rate when you apply. Any rate you're offered can change quickly, so if you get a great rate, lock it in that day.
If you would like a list of lenders who have worked successfully with our buyer clients, please let me know and I will email you their list.
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