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Mortgage Refinance Loans | 5 Tips

Anthony Garcia
UpdatedSep 21, 2023
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    2 min read

Five tips on Mortgage Refinance Loans and how to get the best loan in the shortest time.

In this mortgage video, 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 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 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. 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 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 mortgage market: what's new?

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 September 13, 2023
According to Freddie Mac, the 30-year mortgage rate for the week of September 13, 2023 stands at 7.18%. This 6 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for September 13, 2023 is 6.51%, indicating a 1 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%.

Understanding the impact of mortgage rates on your finances
When it comes to determining your monthly payment, mortgage rates are a key factor to consider. Here are the avergage interest rates (APR) for August 17, 2023 based on Zillow data for borrowers with a high credit score (680-740) in the United States:

  • 30-year conventional loan is 7.27%
  • 15-year conventional loan is 6.28%
    Based on the provided rates, a $279,082 30-year mortgage would result in a monthly payment of $1,908. Alternatively, a 15-year mortgage would require a monthly payment of around $2,397.

Experience a smooth mortgage process: Shop around and get pre-approved today!
Shopping around for mortgages and getting pre-approved can make your home-buying or refinancing process easier. Ready to take the plunge? Check Out mortgage rates now for the best options available.



FFinancial Samurai, Feb, 2011
Good stuff guys. Happy to have you as a partner.Cheers, Sam
BBenjamin, Dec, 2010
This is great info. While a mortgage refinance seems like a lot of work, it's very manageable with the right information, some preparation, and a great advisor. With rates at all-time lows, it's a good time to explore the market...