Loan Refinancing Rates Still Near Record Lows - LoanLove.com Gives Advice On How To Benefit From These Rates
SAN DIEGO, July 2, 2013 /PRNewswire-iReach/ -- LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they love. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals. To fulfill this goal LoanLove.com is continually updating their website with new articles and guides. A new guide posted on LoanLove.com helps homeowners decide how they should proceed if they would like to benefit from the currently low loan refinancing rates.
The Loan Love guide explains: "Today's interest rates remain at all-time record lows, and that means it might be a good time to consider refinancing your home loan, especially if you've had it for several years. Refinancing can help you get a lower interest rate or allow you to change the length, or "term," of your mortgage, making it more affordable for you. Of course, every homeowner's situation is different, and there are a lot of factors that can determine whether or not refinancing is the best choice for you." The article then goes on to explain what homeowners should look for when deciding whether to refinance so that they can benefit from the best loan refinance rates.
The first indicator that it could be a good time to refinance is, of course, if the new interest rate is lower than the current mortgage interest rate of the homeowner. The low mortgage interest rates that are being seen nowadays are a primary reason that so many homeowners have refinanced or are at least thinking about whether it is a good option. Loan Love says: "If the new loan has an interest rate that's at least a half point lower than your current rate, it usually makes sense to refinance; the greater the difference between your current rate and the new rate, the more savings you'll experience."
Having an improved credit score (compared to the score that was originally submitted when applying for the mortgage) and/or a better income situation may also mean it is a good idea to refinance. Loan rates are based mostly on creditworthiness, so if the borrower's score has improved since they took out their original mortgage, they might qualify for a significantly lower mortgage interest rate. Also, if they have more income and are able to handle slightly higher monthly payments they may want to switch to a shorter term that will allow them to pay off their home more quickly – and often at a lower rate – than a long-term mortgage.
These are just a few of the tips Loan Love's refinance guide offers. The article ends by stating: "Today's lenders have made the refinancing process simpler than ever, and most loan approval decisions are made the same day you apply, which means there's no long, nerve-wracking waiting period. Take a good look at your situation, and if a refinance seems like it might make sense for you, go ahead and take the plunge: With the potential to save tens of thousands of dollars, it just might be one of the best financial decisions you've ever made."
For more refinancing advice and information read the full loan refinancing guide at LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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