Could Refinancing Save You
Money? Source:
Informa Research Services
(11/19/2010) With
record low rates still dominating the mortgage rate boards nationwide, many
consumers could benefit from refinancing their current home financing. Â However,
this depends heavily on the rate attached to your current
mortgage.
If
your home loan is significantly higher than the rates that lenders are offering,
it is very possible refinancing to a low rate mortgage could save you money, not
only over the entire term of the loan, but also immediately in the form of
smaller monthly payments.
The
best way to quickly locate these rates would be to go to ERATE.com and search
their online mortgage rate tables.
These tables take the hassle out of rate shopping and make comparison shopping
a snap. Â These tables can even sort the collected rates by rate, APR, points,
and estimated monthly payment. Â
Additionally,
these tables only require property zip code and estimated loan value to retrieve
appropriate loan information.  Once you choose a lender through whom you’d like
to apply for a mortgage, they may require personal information in order to
process your application. Â However, for something as simple as rate shopping, no
personal information is necessary.
Lastly,
these tables frequently feature lenders who offer rates well below the
already-low national average. Â For instance, AimLoan.com offers a 30 year fixed rate mortgage at just 4.25%, which can be bought down to
4% by paying just over 1.5 points.
