Are you looking into refinancing your mortgage? You’re not alone. We’ve had many questions regarding refinances lately and wanted to take a moment to discuss how you can get the best rate.
Regardless of the type of refinance you’re looking into, below are a few steps to consider taking to ensure you get the best rate.
- Spend some time raising your credit score. The higher your credit score, the better rate you will be able to qualify for.
- Pay off some of your debt. Your debt-to-income ratio affects the interest rate you qualify for. Meaning, if you pay off some of that debt, you’ll likely qualify for a better rate. Typically, your debt-to-income ratio shouldn’t be higher than 36%.
- Increase your home’s value. Thinking of upgrading your home? Now may be the time to do it. Your loan-to-value ratio can have an impact on your refinance rate.
Once you prepare for your refinance using the steps above, it’s time to move on to actually refinancing your mortgage.
You Might Also Like: Refinancing 101
Research your options
This is the most valuable piece of advice we have for people looking to refinance their mortgage. You should never assume your current servicing lender will give you the best rate on your refinance. It’s important to meet with several lenders and look at different products to determine which is right for your situation.
Once you’ve met with a few lenders and discussed various loan options, take a moment to compare the rates and fees. But don’t stop there – too many people look for the lowest rate and assume that’s their best option, which isn’t always the case.
Let us ask you this – do you choose a contractor to work on your home based on price alone, or do you also consider things like their ability to communicate and past clients’ reviews? Mortgages shouldn’t be any different. While the interest rate is extremely important, don’t forget to consider whether the lender is willing to communicate and discuss your options with you.
You Might Also Like: How To Choose A Lender
Refinancing your mortgage with Mortgage Specialists
Our commitment to our clients extends above and beyond the industry standards. If you choose to refinance your home with us, we promise to provide you with some of the best rates and customer service around.
As a standard practice, we negotiate to get the best rates for our clients. You will always have someone on your side when working with us. And don’t just take our word for it, see what past clients say about working with us.
Here at Mortgage Specialists, we want to ensure that refinancing your mortgage is in your best interest. If you have questions about refinancing your mortgage, please give us a call at (402) 991-5153 whenever is most convenient for you. We will work around your schedule to make sure your refinance goes as smoothly as possible.
Don’t have any questions? Fill out our online application to begin the refinance process. The application takes most clients under 20 minutes to complete and you’ll hear from us within a few hours of submitting the application.