Mortgage Information

Mortgage Information

Articles


Syndicate content

Minnesota Mortgage Interest Rate

Written by admin
Bookmark and Share

Are you carefully checking the Minnesota mortgage interest rate averages? If you're a homeowner, then, like most of us, you're watching to see how the market goes so that you can plan the right time to refinance. It can seem like just about everyone has their own specific set of rules and advice regarding refinancing.

You've probably heard people tell you their own ideas about when to start looking for refinance lenders. Some say that if you see the Minnesota mortgage interest rate fall to at least 2% lower than the current rate you're paying, it's time to make the change. Here at First Union Home Loans, we also recommend that strategy--however, in some situations, we also recommend that you look into it even if it's as low as 1% lower than your current Minnesota mortgage interest rate.

Even one percentage point lower can make a big difference in the long run. And, if you need to get cash out of your equity now, you don't want to wait and see if the market changes by another point or more. Additionally, we can never be sure how long it will be before rates actually rise, and ruin our hopes of refinancing. Unless you are planning to sell your home within the next few years, refinancing, even when the Minnesota mortgage interest rate is only one percentage point lower than your current mortgage, may be a good idea.


Bookmark and Share