Mortgage rates, mortgage rate finder

Refinance, Tips to getting a lower Mortgage Rate

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Refinance Tips
 
  • Determine how long you plan on staying in your home
    A thirty year fixed loan is a good option if you are not planning on moving from your home.

    If you are planning to move with a period of time, you may consider a loan that has a fixed rate for a period of time, and then changes into an adjustable rate mortgage after that period. You will get the benefit of a fixed rate loan and will get a break on the rate because your are sharing the risk of rate adjustments in the future.

    Example, you are planning to move within three years, refinance a loan with a fixed rate for three years, that adjusts after that period could save you 2.125% or more annually, when compared to a thirty year fixed rate loan.

    *Based on a conforming loan amount. Comparing a 30 year fixed rate loan to a 3/1 Libor ARM (as of 04/25/05).


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