Since the housing crisis started in 2007 the 30 year fixed mortgage rates have fallen drastically and are currently hovering around 4.8%. Getting a new loan or refinancing your existing 30 year fixed mortgage can make a lot of sense if you plan on being at your home for five years or more. Just be aware that upfront closing costs and fees will eat into some of the money you save initially, but over the long run you can substantially lower your monthly payments and even extend them out a bit if you so wish.
30 Year Fixed Rate Mortgage - Getting the Best 30 Year Fixed Rate Mortgage
Since the housing crisis started in 2007 the 30 year fixed rate mortgage has fallen drastically and is currently hovering around 4.8%. I remember when I was trying to figure out whether I should refinance my home or not I had a lot of questions.
What I found was that getting a new loan or refinancing your existing 30 year fixed mortgage only really makes a lot of sense, if you plan on being at your home for five years or more. Otherwise the upfront closing costs and fees will eat into most of the money you save initially. However over the long run you can substantially lower your monthly payments and even extend them out a bit if you so wish.
By doing a bit of research I found that over the last year the government has created financial incentives that allow home owners to refinance their mortgages to a lower fixed rate, which was intended to alleviate some of the stress and pressure from current home owners and to bring back buyers and investors into the market.
So if you are financially stable and looking to purchase a house now is the perfect time to take take out a loan with the 30 year fixed mortgage rates being so low. Likewise if you have an existing loan the government incentives to refinance along with the low rates make it a perfect time to reduce your payments and save yourself some money. A few good places to look are BankRate.com, QuickenLoans.com, LendingTree.com and MortgageLoan.com to get a few loan rate comparisons.
You will want to make sure to total up all of the closing costs and up front fees and determine how long it will take before you are actually saving money before you accept the loan. Make sure that there are no hidden costs and to get quotes from at least five different lenders before you sign on the dotted line. Although refinancing your 30 year fixed rate mortgage can be a hassle in the end you may end up saving yourself a substantial amount of money.
Check Your Credit Score
If you are thinking about applying for a home mortgage loan make sure that all of your ducks are in a row beforehand. You should check your credit rating at FreeCreditReport.com. You should see that your credit rating is above 600.
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