3 Hacks for Refinancing Your Mortgage in 2018
3 Hacks for Refinancing Your Mortgage in 2018
Planning on refinancing your home this year? If the mortgage interests rates are lower than when you purchased then you can reduce your monthly mortgage payments. Here are 3 hacks for refinancing your mortgage in 2018.
1.) Loan Term Reduction: If you have a 30-year mortgage that you’ve had for several years then choosing a shorter-term refinance, such as a 15- or 20-year mortgage may allow you to enjoy a lower interest rate. You also might consider refinancing a fixed-rate loan into an adjustable-rate mortgage, or ARM. Those tend to come with lower interest rates, at least during the initial years before the rate starts “adjusting.”
2.) Clean Up Credit: Having a strong credit score in the months before you apply for a refinancing loan can help lower your interest rate. So be sure you’re paying your bills on time and not opening or closing any other credit accounts during this time that could impact your credit score. Also, be sure to get a copy of your free annual credit report to check for any discrepancies and resolve any old debts.
3.) Plan Your Move: Mortgage rates can fluctuate, so you have to get the timing right and know when to lock in the best refinancing rate. Rates on 30-year mortgages tend to follow the yield on the 10-year Treasury bond and are influenced by actions taken by the Federal Reserve to raise or lower rates. Work with a qualified loan officer who understands how rates are behaving and can help you pounce after a news event has pushed rates down.
If refinancing isn’t in your plans but buying a home in Phoenix is, or if you’re looking for a Phoenix property manager to look after your real estate investment, please contact Simply Property Management – Paielli Realty, Inc. We provide a wide array of specialized property services in Phoenix to fit your needs, and we keep it simple, not complex.
Greg Paielli
602-993-1768
Simply Property Management – Paielli Realty, Inc.
www.phoenixpropertymgmt.com
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