Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 10
Refinancing your mortgage has become an even better option. According to a calculation done by the Mortgage Bankers Association, a top lenders trade group the refi will now cost you $1,400 less.
Last year during the onset of the COVID-19 pandemic an adverse refinance fee of 0.5% was levied by the Federal Housing Finance Agency, leading to only 22 % of eligible homeowners taking advantage of refinancing their mortgages said online real estate marketplace, Zillow.
On Aug. 1, the fees formally ended helping millions of Americans to take advantage of the historically low rates and save further.
The low rate in the market doesn’t guarantee you to receive it automatically, you need to take a look at your credit score the higher the score the more eligible candidate you will become.
Then comes your DTI ratio which goes towards paying your monthly debt payments which determines how risk or safe you are to a lender. If you have higher debts above 36% then you are considered risky by the lender.
If you have multiple high-interest debts you are a red flag take a single lower interest debt to consolidate your loan so you can pay faster.
If refinancing is an answer and it draws you then shop around for lenders to get the best rate.
Reference Source: Yahoo Finance
