Mortgage rates may be on the move, but that doesn’t mean you can’t still refinance your home. In fact, mortgage rates are still historically low, and they aren’t expected to exceed 5% in 2018, according to the nation’s leading economists and mortgage analysts. If you have plans to refinance your home this upcoming year, consider these three tips to help make the process a bit more manageable.
Attend To Your Credit Score
Like it or not, your credit score plays a huge role in the rate you can get on a mortgage. Just because low rates are out there doesn’t mean you’ll qualify for them. Give your credit a thorough inspection, correct any errors and maintain a safe distance from your credit limits to ensure better rates.
Refinance into an ARM
“Refinancing into an adjustable-rate mortgage in a rising rate environment can make sense since these loans tend to come with lower initial interest rates than fixed mortgages. They’re especially useful if you plan on staying in your home no longer than the fixed term of the loan.” – NerdWallet.com
Once you’ve investigated rates, move quickly before they fluctuate. Rates will remain gradually climbing upward so the sooner you’re prepared to take the leap, the better.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580.