With the new year here, you've most likely heard and, even more likely, noticed yourself, that mortgage rates are rising and fast. In past months, the interest rates were actually at historic lows while the housing recovery proceeded to make its way back to normal levels. And now, as we embark on a new year with new rates and new inventory, it may be the time for you to refinance your Eastern Panhandle home mortgage.
Refinancing has been on the minds of many homeowners in Charles Town, Ranson, Shepherdstown, Harpers Ferry, Martinsburg, Inwood, Falling Waters, and Hedgesville this year and now is the time to decide if it’s right for you. Take a look at current mortgage rates and examine your own home mortgage rate and term to see if you might be able to secure a better rate. You can use a mortgage calculator to determine how much you can save on a monthly payment. If you have private mortgage insurance now, you might even be able to eliminate PMI with enough equity and lower your payments without refinancing. Below are a few steps to take if you've decided refinancing in the new year is right for you:
Consider Your Old Mortgage
The first thing you should do in this West Virginia real estate process is consider your old mortgage. Gather your latest mortgage statement to find your current rate, assess your annual property tax, know your credit score, and finally, find the costs of your insurance premiums.
Crunch the Numbers
Now is the time to play with a mortgage calculator or crunch the numbers yourself to estimate your new principle and interest rate for homes on the Eastern Panhandle. Consider how much to borrow and the length and terms of the loan, then compare the savings you might see.
Chances are your Eastern Panhandle real estate agent or friends and family have the names of trusted mortgage lends to recommend. Rates and estimates can always be found online, but quality service and attention cannot. Use your Eastern Panhandle real estate sources and find the best fit for you— many of them can be found simply by asking around your community and social circles.
Don't Apply Just Yet
A formal application lets your lender pull your credit score and when shopping around, pulling too many can actually hurt your score. Depending on your score, that can make a big difference.
Prepare, Gather, Decide
Shop around for the best rates, your preferred lender, gather all of the necessary documents, and then make a decision for the best possible scenario. When all of these have been decided, you are ready to apply for a Eastern Panhandle home mortgage. After it's all set, be prepared for surprises, delays, and roadblocks.
For current homeowners in the Charles Town, Ranson, Shepherdstown, Harpers Ferry, Martinsburg, Inwood, Falling Waters, and Hedgesville areas, refinancing your home might be more beneficial than you would expect. 2014 is shaping up to be a great year to buy a home in Jefferson or Berkeley County and these tips just may make your homeowner experience in the coming year much more enjoyable.
Think you're ready to refinance? Have more questions? Contact the Kable Team today!
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