With many people rushing to refinance their mortgages right now due to low-interest rates, the likelihood of making a mistake that could cost them loads of cash down the line is indeed a reality. Tempted to jump on the refinance bandwagon yourself? Proceed with caution. Here are six possible pitfalls to steer clear of when it comes to refinancing. 1.
With mortgage rates at unprecedented lows, and benchmark bond yields dropping below 1 percent for the first time in history, conditions could be ripe for first-time homebuyers and those looking to refinance. But how do you know if the time is right to take advantage of the savings a less expensive interest rate could bring? Here are five questions homeowners should
Mortgage rates this low have not been seen in almost 50 years, prompting both sellers and buyers to take advantage of record-level savings on their mortgage. According to Freddie Mac, the average 30-year fixed-rate mortgage hit a record 3.29 percent this past week, which is the lowest level in its nearly 50-year history. Mortgage applications, meanwhile, increased 10 percent last week from one
