There’s is a good side to the recession we experienced. The housing market has bounced back from the downturn, interest rates remain at all time lows. This is terrific news for people with home loans in Frisco, Tx. Completing a refinance can save you some a ton of money! If you’re considering a refinance, don’t make these mistakes.
Ignoring low rates.
Right now, mortgage interest rates are at all time lows. For whatever reason, most people aren’t refinancing! Don’t wait until it is too late to do a refi. Do it now while rates are low and lending guidelines are becoming more relaxed. Having more cash flow will help.
Being careless with credit.
Refinancing will be almost exactly the same as your original mortgage process. Surprising most people don’t show the same level of financial care during a refi. Make sure you try to act and lock in the lowest rate. Don’t establish new lines of credit while you are in the refinance process.
Going with your existing lender.
Do your due diligence and shop rates from multiple lenders to make sure you get the best deal. If you are going through the trouble to refinance you should do some lender homework as well. Don’t assume going to your current lender will be the best option.
Forgetting closing costs.
There is always a cost with home loans. That includes refinance transactions. You might easily recoup those costs with the low rates right now. Many times you are able to shorten the loan term while lowering your monthly payment.
If you’re ready to learn more about the low rate of refinancing home loans in Frisco, TX contact Todd Frank Home Loans. Our Texas team can help you pick the right refinance product so you can get the best mortgage for your unique needs!