If you are considering refinancing your mortgage to lower your monthly payments or pay off your loan more quickly, Mortgage Investors Group has got you covered. But before you start looking closer into the Home Affordable Refinance Program (HARP program) and other refinancing options, it’s important to establish a few clear goals. This can not only help to prepare you for the refinancing process but could greatly increase your chances of getting the best rates possible.
Top 3 Ways to Get the Lowest Mortgage Refinance Loan Rates
1. Raise Your Credit Score
Credit really matters when it comes to assessing your risk level, so be sure that you’ve done everything possible to raise your score. Most lenders want a minimum credit score of 620 to 640 before they’ll approve you for a loan. However, the lower your credit score, the higher your interest rates will likely be.
2. Pay Off Your Debts
Paying your bills on time and paying off your credit card balances is ideal for reducing your debt-to-income ratio or DTI. This can also help to improve your chances of qualifying for the best mortgage rates as you look to refinance.
3. Shop Around
Even if you aren’t quite sure whether or not the federal refinance programs are right for you, it’s important to take the time to choose the right mortgage company before refinancing your home. With so many options out there for mortgage lenders, there’s no reason not to do your research before making a commitment.
Contact Mortgage Investors Group Today
Are you ready to learn more about your mortgage refinancing options? You could qualify for the HARP program or other great refinancing programs. Contact our knowledgeable and friendly team today for more information and be sure to schedule an initial consultation.