Jun 10, 2021
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If you’re thinking about refinancing your mortgage, you’re in luck. Mortgage rates remain at historically low levels, and experts say this is a rare chance to lock in a home loan at a bargain price.
Even if your current mortgage is less than 2 years old, refinancing today could save you hundreds of dollars a month and tens of thousands over the course of your loan.
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But today's low rates won’t last forever though, so if you want to take advantage you should act now — before it’s too late.
Putting it off could cost you
According to the giant mortgage company Freddie Mac, mortgage rates recently hit their lowest level since record-keeping began in 1971. But since then, they've been going up.
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.
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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.
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According to one recent study, refinancers who shop around save an average of about $2,000 a year.
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.
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Shane is a reporter for MoneyWise. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.
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