Current reports show that today’s mortgage interest rates continue to sit at record lows, but as the housing market continues to strengthen these rates may increase. If you’re already paying your home mortgage, you may be tempted by the prospect of refinancing your mortgage to lower your interest rates. A professional mortgage broker in Coral Springs from our team at Ace Mortgage Loan Corp. can help you determine if now’s the ideal time for home refinancing. As mortgage applications continue to rise, now might be your best time for refinancing. If you’re considering refinancing your existing home mortgage in Coral Springs, there are a couple elements you may want to have in line before filling out the refinancing paperwork. Everyone’s refinancing experience is unique, but here are some major signs that refinancing may be to your benefit:
- You’re early in your loan term. The best way to enjoy the highest benefits of refinancing your mortgage are early in the loan. If you’ve been seated with an interest rate that isn’t to your liking, there’s still a chance to remedy the problem early on in your loan period.
- Your FICO credit score is 740 or better. It’s impossible to get around the necessity of having good credit these days. If your FICO credit score is at a favorable number and you have at least 10-20% equity in your home, you’re in a great position to consider refinancing.
- You have two mortgages. Refinancing is a technique many homeowners use to consolidate multiple mortgages or equity lines. It can simplify your payments into one sum.
- Your income is stable. There are a lot of factors which are taken into consideration by your mortgage lender, your income is a vital aspect of this. Lenders prefer stable incomes for refinancing applications.
There are other types of mortgage refinancing options which can help if you’re facing financial hardships. Nobody wants to be forced to sell their home, or worse, face a foreclosure. If your income has dropped significantly since you got your mortgage, you might be able to seek a loan modification that makes your payments more manageable. If you’re underwater on your mortgage, a HARP loan may be able to help you get back on track.
Finding your best mortgage options for refinancing or loan modification can seem challenging. At Ace Mortgage Loan Corp., we understand the true necessity of refinancing for many homeowners. We can help you determine if you’re eligible for refinancing or modification. We’ll also help you through your refinancing, keeping your best interests at heart throughout the process. Home loan refinancing is a great opportunity for many homeowners to reduce their expenses, call today to see if you qualify.