Ways to Get the Best Refinance Rates

Money/Finances - Mortgages

By: superdadbrad     07-Jan-2011

Introduction:

The best refinance rates are available to the best loan applicants. To be a highly qualified loan candidate you want a strong combination of credit scores, equity, monthly income and low debt. There are other things you can do to help qualify as well.
This list will help you qualify for the best refi rates.

Use a Mortgage Broker

A mortgage broker has access to many different mortgage underwriters. Using a broker will give you the advantage of being able to shop around for the competitive rate.
Brokers will charge a commission but they are worth it if they find you a lower interest rate. Remember, for ever $100 you lower your monthly payment you save $36,000 over a 30 year loan. So spending a couple of grand on a broker will pay off.

Improve Your Credit Score

A good credit score will qualify you for lower loan rates. Check your credit report and if it's below 760 delay your loan application for a few months to improve your score. Having a 760 credit score or better will end up saving you tens of thousands of dollars over the life of your loan. Make the effort, it makes good financial sense.

Reduce the Principal

When you apply for a refinance loan the amount of the principal can greatly affect the rate you get. A "non-conforming" or "jumbo" loan will carry a higher interest rate. It will be worth every penny you can save to pay down the principal to get the refi loan below the conforming amount.

Shorten the Life of the Loan

Shorter duration loans typically have lower interest rates. If you can lower the principal enough to make a 15 year loan work you will get a better rate than a 30 year loan.

Increase the Value of Your Home

The more your home is worth the less of a risk you are as a loan applicant. Why? Because if you default, the bank can take possession of a more valuable asset.




Final Thoughts

Applying for a loan can be stressful but if you follow the steps above you get the best refinance rates available.


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