Five tips on Mortgage Refinance Loans and how to get the best loan in the shortest time.
In this mortgage video, Bills.com President Ethan Ewing, provides five tips on mortgage refinance. These tips will help you have the information you need before approaching lenders and help you get the best rates possible.
Video Transcription;
"Hi my name is Ethan Ewing and I’m the president of Bills.com and today I wanted to give you five tips to help you shop for a mortgage refinance. First thing, know your credit score; you can get a credit score on Bills.com very important you know what your credit score is before you talk to lenders. If there are some easy things to fix on your credit score make sure to do those. You can improve your score relatively easily with some easy wins. Next thing, know the value of your home. Zillow.com people, everybody knows Zillow, there are a couple other real estate sites out there that can give you a value, they are not going to be perfect, it won’t be as good as an appraisal, but it will be pretty good and give you an idea of whether you have equity in your home. Third one, know what your current mortgage balance is, your current mortgage payment, and your current mortgage rate. Very important you won’t be able to know if you can save money, unless you know what you’re currently paying unless you know what your current rate is. Fourth one, know mortgage terms. You have to know these terms; I just mentioned the word equity, what is equity? Well, equity is the difference between what you owe and what your home is worth. You need to have some equity in this market to get a mortgage refinance. Fifth one; find a lender that you can trust. We highly recommend at Bills.com to make sure to get quotes from at least three lenders and make sure to compare apples to apples, don’t just compare a 3/1 arm to 30 year fixed. Also when your comparing lenders, keep in mind price and rate is a big deal. But, make sure you get a lender you can trust that you know is going to get you across the finish line. Closing mortgage loans these days is a very difficult thing there is a lot of back log with lenders, make sure you find someone you trust and really like to work with that can get you across the finish line. That’s it hope that helps. We’ll see you next time."
The Latest on Mortgage Rates
Mortgage rate fluctuations should come as no surprise. If you are buying a home or refinancing your existing mortgage, it is important to stay informed about the current mortgage rates.
Mortgage rates April 3, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of April 3, 2024 stands at 6.82%. This 3 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 3, 2024 is 6.11%, indicating a 10 basis points decrease from previous week’s rates.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.
What does the mortgage rate mean for you?
Mortgage rates are one of the key factors that determine your monthly payment. Here are avergage interest rates (APR) for April 6, 2024 based on Zillow date for borrowers with a high credit score (680-740) in the United States:
- 30-year conventional loan is 6.95%
- 15-year conventional loan is 6.13%
Using the rates mentioned above, the monthly payment for a $279,082 30-year-year mortgage would be $1,847. A 15-year mortgage would require a monthly payment of around $2,374.
Explore your options and secure pre-approval today!
To make your life easier, we highly recommend shopping around for mortgages and getting pre-approved. This will streamline the home-buying or refinancing process and make it a breeze. Ready to get started? Check Out mortgage rates now for the best options available.
