If you’re thinking about refinancing your mortgage, you’re in luck. Mortgage rates remain at historically low levels, and experts say you still have a rare chance to lock in a home loan at a bargain price.
Even if your current mortgage is just two years old, refinancing today could save you hundreds of dollars a month and tens of thousands over the course of your loan.
But today's low rates won’t last forever though; forecasters predict much higher rates by the end of 2022. So if you want to take advantage, you should act now — before it’s too late.
Putting it off could cost you
You might think you should hold off on refinancing in case rates drop to rock bottom again, but trying to "time the market" could cost you big-time. And today's rates are still incredibly affordable, compared to what borrowers were paying before the pandemic.
It’s impossible to predict how long rates will stay as low as they are now. If you wait even one day too many, you may miss out.
So don’t sleep on the chance to refinance at a low rate now while you still can.
Here’s how to refinance into the best rate
With rates so low it can be tempting to jump at the first offer you see, but if you want to take full advantage of the current market you need to shop around.
You should plan to compare refinancing offers from at least three different mortgage lenders before you lock in a rate.
Homebuyers who compare two rate quotes save $1,500 more, on average, than those who take their first loan offer, according to Freddie Mac research. Those who look at five quotes save an average of about $3,000 more.
Comparing rates might seem like a chore, but it’s really not. Just use Credible, and you can compare rates from multiple lenders in a matter of minutes.
Get pre-qualified for a better rate — without affecting your credit
The mortgage rates tool below will help you see which rates you can qualify for — before you apply.
Enter your information in the tool to get matched with lenders. If you’re a match, they’ll reach out with your pre-qualified offer, so you can compare offers and consider your options without a pushy sales person staring at you from across a desk.
Getting pre-qualified for a mortgage doesn’t affect your credit score, and you don’t have any obligation to accept an offer if you don’t find something that’ll save you money.
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