Mortgage rates in the United States and Canada have taken a beating when it comes to refinancing or your property. Since 2006 in the United States alone the interest rates have consistently risen to the point where it can be really difficult to actually qualify for a low mortgage rate refinance.
Predictions are being made by financial forecasters that by next year the interest rates could well be over 7% for a basic mortgage or refinance. There are certain things that you must take into account if you are going to ride the high interest increases into the sunset.
When it comes to fees incurred from a refinance this is actually a huge reason why people do not actually refinance. If you are looking for a refinance and have decided that you are going to bite the bullet you need to make sure that you aware of the fees that will be incurred.
In most cases the fees can range anywhere from 900 dollars or a bit less all the way to 2000 dollars. There's one thing you need to make sure about fees. If your fees for the refinance are going to be 1000 dollars but your savings over time is going to be 5000 there is no reason at all for you to cancel the refinance because of fees. I have seen some people cancel a refinance over a measly 150 dollars because they were cheap only to lose out on thousands of dollars in savings.
One of the first things you must look at is what is your current interest rate and how will the rise in interest rates affect you. If you are currently in an arm mortgage or a variable rate mortgage then you need to pay attention. If you continue to ride out the market you could be in for a world of hurt.
With current interest rates continuing to increase you might want to look into locking your arm mortgage into a fixed rate. Do not go crazy here and lock yourself into a 40 year mortgage. Just lock yourself into a low rate mortgage refinance for a couple of years.
If you are one those arm mortgage people paying more money each month right now because of the increase in interest rates then you need to look at a low rate mortgage refinance and buy down your interest rate which will save you that money you were spending each month on interest.
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