The first thing most borrowers ask about when applying for a mortgage is the mortgage rates or mortgage refinance rates. Borrowers like you want to spend as little as possible on the mortgage and want the lowest rates. Most borrowers put all their focus on the current refinance rates to decide if they should refinance.
Here’s how to get the best rates today.
The interest rate is the fee lenders charge to lend you money to buy or refinance a home. All lenders charge interest, but each loan program has a different rate.
The lower the mortgage rate or mortgage refinance rate is, the less the loan costs you over the life of the loan.
The mortgage APR considers the mortgage rates plus the cost to borrow the money (closing fees).
It’s an annualized rate to help you compare options rather than just looking at the mortgage rates which sometimes isn’t the best comparison of loans.
Each borrower pays a different mortgage refinance rate. Lenders base your rate on the riskiness of your loan. In other words, how likely are you to default on your mortgage? The riskier your qualifying factors are, the higher the interest rates lenders charge.
To get the lowest rates, you should have good credit, a low debt ratio, and stable income. If you’re refinancing, an on-time mortgage payment history helps too. It also helps if you take the shortest term you can afford. The less time you have the money outstanding, the less a lender must charge.
You might wonder if refinancing today is even worth it. With the news talking about the high refinance rates today, many borrowers avoid refinancing. But there are still many reasons to refinance.
Whether you need to change your loan’s term or tap into your home’s equity, Priva Mortgage has many loan programs and low refinance mortgage rates to help you.
Too many borrowers jump at the first rate they're offered, but that’s not always the best option. We suggest getting at least 3 quotes for refinance rates to see which is the best for your situation.
Every lender has different risk tolerances and charges higher rates for different situations. Comparing your options from a few lenders will help you see that Priva Mortgage offers the best refinance mortgage rates today.
At Priva Mortgage, we are proud to offer the most competitive mortgage refinance rates and terms for your refinancing needs.
Whether you need to refinance to lower your payment and save money or you want to use your home’s equity for other purposes, we have many loan programs to help you reach your financial goals. Contact us today and talk to one of our mortgage professionals to see how Priva Mortgage can help.