No. 7: ‘6 steps to a lower refinance rate’by Tim Manni
Number seven on our Top-10 most popular articles of 2012 is “6 steps to a lower refinance rate.”
Publish date: June 05, 2012
Written by: Michele Lerner
If you’re among the many currently looking to refinance your mortgage, chances are you’re seeking out the lowest mortgage rate possible. But before you start shopping around, remember to keep a few things in mind.
For starters, take a step back from mortgage rate shopping and evaluate your goals in the context of your overall financial plan, says Michael Jablonski, executive vice president and retail production manager for BB&T Mortgage in Wilson, N.C.
“First, figure out the best loan product to meet your financial goals, and then you can start looking for the most competitive mortgage rates,” he says.
Also, remember that your credit scores and the loan-to-value ratio of your property could have a much bigger impact on your refinance rate than a slight shift in average mortgage rates, says Malcolm Hollensteiner, director of retail lending sales for TD Bank in Vienna, Va.
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