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Time is running out to refinance your mortgage at historically low rates. Two months ago (March 2017), the Federal Reserve raised interest rates, and they are likely to do so again in the near future.
This is why it is imperative that you begin the refinancing process as quickly as possible so that you can lock in a historically low interest rate on your refinance. Lowering your interest rate even 0.25% can save you literally thousands of dollars over the life of your mortgage.
🏦 The Old Way
In the old days, in order to refinance your mortgage, you had to take the time to drive over to various banks and credit unions and apply.
And in order to make sure you were getting the lowest interest rate, you had to drive to all of them! This process took a lot of time and in fact could oftentimes hurt you since all those banks and credit unions were individually running a credit check on you, which would ding your credit score!
Not to mention the fact that you would have to give your social security number over to some bank or credit union representative over and over again instead of just once!
👨💻 The New Way
But thanks to technology, refinancing your mortgage — and finding the lowest interest rate — is now easier than ever, and it can be done right from your laptop or smart phone. And, also thanks to technology, you can now compare rates in just minutes.
🤔 Which Lender Did I Use?
I used an online refinancing company to refinance my mortgage. Because online lenders don't have as much overhead as traditional brick-and-mortar banks and credit unions, they are typically able give the lowest rates — yes, even lower than credit unions! (Believe me, I checked.)
But I'm not going to tell you which lender I used.
Why not? Because the lender that gave me the lowest rate won't necessarily be the one that gives you the lowest rate, and rather than rushing you to the lender I used, I want you to go with the lender who will give you the lowest rate. Some lenders don't care as much about your credit score, others do, others weigh your income, others weigh your assets, others take into account your age and potential, etc.
💵 Here’s What You Need To Do.
You need to shop around at different online refinancing companies to see which one will give you the best rate — I used Guide to Lenders to do this because by doing so, I didn't have to submit multiple applications to multiple lenders. And it won't affect your credit score. All you have to do is answer a few questions that should take you all of 5 minutes to get quotes from several different lenders.
You can either click on “GO” on the green button below or right here to be taken to their site so you can get started. Again, this process is 100% free, and you can even get a free credit report at the end! Good luck, folks, and happy refi! 🙂
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