It is still the best time to buy a new home or refinance your home with the current record low mortgage rates. Keep these tips in mind when taking out a mortgage to ensure you get the best deal possible.
- Document all of your finances – new mortgage regulations will be going into effect in January, putting extra pressure on lenders to verify that you will be able to pay back your mortgage. Keeping good records of all of your finances will help the mortgage process go smoothly.
- Lock in a rate as soon as possible – rates are expected to rise by next year, so locking in a low rate will help to ensure that you get the best mortgage possible.
- Refinance if you can – talking with a loan officer will give you a better idea of how you can benefit from refinancing your home. Make sure to consider how long it will take to break even after the closing costs.
For all of your mortgage needs and to ensure that you get the best rate this year, contact Insurance and Mortgage Services in Batavia, Illinois.