{"id":28472,"date":"2019-03-29T18:53:10","date_gmt":"2019-03-29T18:53:10","guid":{"rendered":"http:\/\/smartlifestyletrends.com\/?p=29"},"modified":"2019-03-29T18:53:10","modified_gmt":"2019-03-29T18:53:10","slug":"mortgage-interest-rates-are-rising-heres-why-you-should-refinance-now","status":"publish","type":"post","link":"https:\/\/test.betterhomeexperts.co\/?p=28472","title":{"rendered":"Mortgage Interest Rates are Rising – Here\u2019s Why You Should Refinance Now"},"content":{"rendered":"\n
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Refinance and save before rates continue to increase<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

You knew it was bound to happen sooner or later. Historically low mortgage rates are set to rise. Have you missed out on the best deals? Perhaps now. If you\u2019re in a position to refinance into a lower rate, here\u2019s why you should take advantage of a refinance while rates are still low:<\/p>\n\n\n\n

Don\u2019t Wait to Refinance Until it\u2019s Too Late<\/h2>\n\n\n\n

Rates aren\u2019t going to rocket up exponentially, but they are looking to increase steadily over time for the foreseeable future. If you\u2019ve been waiting for the right time to make a move and refinance, now would probably be a good time.<\/p>\n\n\n\n

Of course, it\u2019s always a good idea to consult with a financial planner and do your own research to see what the rates are, and then jumping on a good deal as soon as it\u2019s available. But taking steps beforehand to make sure you\u2019re financially good-to-go is a smart decision, so that you can react quickly while rates are at their lowest.<\/p>\n\n\n\n

Get Your Application In Now<\/h2>\n\n\n\n

One of the things that surprises most people about refinancing their mortgage is that when rates drop, there\u2019s suddenly a surge of applications to try and lock in those lower rates. As it takes time to go through each of the applications, you could be relegated to the bottom of the pile if you didn\u2019t get your application in soon enough.<\/p>\n\n\n\n

Before you submit an application, however, make sure that you\u2019ve checked your credit reports and that you have all relevant documentation ready. That way, when you\u2019re watching the markets and spot a great opportunity, you\u2019ll be posed to ensure your application is at the top of the list.<\/p>\n\n\n\n

Consider an ARM or a Shorter Term<\/h2>\n\n\n\n

Depending on your specific situation, refinancing into an ARM (Adjustable Rate Mortgage) or a shorter loan term may make better sense, since they typically come with lower starting interest rates than a fixed rate loan. This is particularly helpful if you aren\u2019t planning to stay in the home for the length of the fixed-term loan.<\/p>\n\n\n\n

Another option may be to refinance into a shorter term fixed rate loan if you can afford to do so. Rates are lower with these types of loans, and thanks to the shorter time frame, you\u2019ll save more money over time.<\/p>\n\n\n\n

Check if You Can Pay in Points<\/h2>\n\n\n\n

You can optionally pay points on your mortgage before your loan closes. These points are a way to permanently lower your interest rate. One point equals 1% of your loan amount, but keep in mind that you won\u2019t always have the option to pay entirely in points, particularly if the market is in a bit of a rollercoaster phase. The best time to pay points on your mortgage is when the market has settled down and is more stable.<\/p>\n\n\n\n

And although these mortgage refinance tips aren\u2019t all of the ways to save money when refinancing, they can nevertheless give you a good starting point and some ideas to consider in order to make the most of your money and your homeownership.<\/p>\n","protected":false},"excerpt":{"rendered":"

You knew it was bound to happen sooner or later. Historically low mortgage rates are set to rise. Have you missed out on the best deals? Perhaps now. If you\u2019re in a position to refinance into a lower rate, here\u2019s why you should take advantage of a refinance while rates are still low: Don\u2019t Wait […]<\/p>\n","protected":false},"author":1,"featured_media":28493,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11,13,18],"tags":[],"class_list":["post-28472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-saving-money","category-trending-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=\/wp\/v2\/posts\/28472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28472"}],"version-history":[{"count":0,"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=\/wp\/v2\/posts\/28472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=\/wp\/v2\/media\/28493"}],"wp:attachment":[{"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/test.betterhomeexperts.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}