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Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Important Factors in Home Refinancing

Refinancing a home is a great way to get the money needed to remodel as well as anything else the homeowner chooses to do with it. In order to refinance the home without paying a huge second mortgage bill, there are several things that homeowners should take into consideration before choosing the refinance loan.

The most important concern is to understand what the current mortgage rates are and what it means in the refinancing process. Finding the best mortgage rates is crucial to keeping the mortgage payments low. There are many banks willing to offer refinancing loans to homeowners in good standing. Each bank applies different mortgage rates. Although the current mortgage rates of each bank may be comparable, finding the best mortgage rates should take precedence over anything else.

The best ways to compare current mortgage rates is to research them online. This saves a great deal of time and effort on behalf of the homeowner. People with excellent credit scores will be able to obtain the very best mortgage rates because they have earned that luxury. People with poor credit scores will likely have to work harder in order to get the best possible financing.

In order to refinance the home, the bank or other lending institution may require you to have an appraisal done on the home to ensure the home is worth the amount of money they will be lending. This also gives homeowners the opportunity to find out if their home has risen in value. A recent appraisal on the home may open a wider line of credit. Lending institutions do not offer refinancing loans on the full value of the home. They will only lend a percentage of the value.

The percentages that a lending institution will loan on the total value of the homes vary. It could fall between 70% and 90% on the value of the house. Homeowners should also keep in mind that refinancing the home is a mortgage and should be treated as such. The bank can potentially foreclose on the property if the mortgage payment is not made on time. Refinancing is a step that should be taken with great caution.