Home refinancing hacks you need to know

The average conventional 30-year fixed rate mortgage started March at 4.16 percent, according to Freddie Mac's Primary Mortgage Market Survey (PMMS). The 15-year 

was clocked at 3.

37 percent, and the 5-year adjustable rate mortgage -- which will become more popular as rates rise -- dropped to 3.16 percent. If you’re thinking about refinancing your home, here are a few home refinancing hacks you need to know.

  • Calculate your savings: Before you refinance your home, you have to determine whether or not it will save you money. It’s best to calculate whether a new home loan will save you money based on the time left to pay off your old loan and whether or not you’ll have lower more manageable monthly payments.

 

  • Be prepared: Refinancing your mortgage requires a lot of paperwork. Gather your essential documents such as proof of income, tax returns, bank statements and more and keep them all organized together or scanned in a safe online folder. Missing documents will only slow down the refinancing process so the more organized you are, the better.

 

  • Perfect your credit: Your credit score plays a huge part in determining what rate you get on your new loan. Before you even apply for refinancing, get a free copy of your credit report and confirm there are no errors that could prevent you from getting the lowest rate possible. Any discrepancies should be addressed as soon as possible before applying and be sure they’ve been cleared up before moving forward. 

Have questions about refinancing your home or looking to sell your Phoenix home? Call the Regal Team today for a complimentary assessment of your home’s current value. Our expectation is to make the real estate experience the best it can be for you!

Melissa Dierks

The Regal Team of RE/MAX Professionals

(623) 229-0154

www.theregalteam.com

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