Interest
rates are on the rise but it isn't too late to refinance your rate.
If you didn't already jump on the refinance bandwagon of 2013, now is
the time, before it's too late and rates have risen too high to make
it worthwhile. Here are some tips to help you weed through this
process as you look to refinance you Boston
home's mortgage.
Shop
Around. Your job as a consumer is to find the best APR and the
lowest fees. Not all companies offer the same so do your homework
and search out the best deal. Not sure how to read a rate sheet? MSN
has a great how-to resource.
Maximize
your time. It may seem like a good idea to go to your local bank
to check for rates, but, they will be limited to only their own bank
rates. Going to a mortgage broker will optimize your time by
checking 5 or 6 banks to get the best rates of the day.
Protect
your credit. Narrow down your lender choices down to two or three
before having your credit pulled by them. You don't want several
banks pulling your credit as it can affect your credit score. If you
know you don't want to do business with a particular bank do not
allow them to pull your credit.
What
are your options? Depending on
how much you are borrowing and what terms you want, you have several
options to choose from in mortgage products. Mortgages come in anything from the standard 30 year fixed
to 10 or 15 year fixed rate or as much as a 10 year ARM (Adjustable
Rate Mortgage).
If looking to refinance your Boston
home, I hope you can utilize these tips to your advantage. Should you decide that now is not the time to refinance
and that you would rather sell
your Boston home, please know I am only a click
a way if you have any Boston,
MA real estate needs. I look forward to hearing from you soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
Connect
with me:
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