Is now a good time to starting to think about refinancing my home?
I’m paying 6.5% now. My credit rating is just over 800 last time I checked. 807 I believe.
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May 26th, 2010 at 10:50 am
In the next six months may be a very good time to refinance. Mortgage interest is down to about 5.5% which should provide you with a considerable saving. But it may go lower as the Fed loosens interest rates some more and the government works on giving a tax refund to people.
You might start checking with mortgage brokers to see what they have available. Don’t jump at the first offer you get. Try to avoid points and extra fees. As long as brokers know you are looking and your credit is good, they will keep finding good deals for you. Don’t rush and take the time to compare.