Interest Rates at 50-Year Lows.
Should you Refinance?
There are a few things to consider before deciding if you should refinance or not. And if you do decide that a refinance is right for you, then you’ll want to learn about what to expect when moving forward.
One of our favorite resources on this subject is a brief overview written by Navicore Solutions, a HUD-certified housing counselor (we are not affiliated). You can read more on their website.
You can save, but you may not
Just because rates have fallen doesn’t mean all lenders will give you the same low rate. Refinance offers from lenders can vary just as widely as purchase offers (sometimes as much as 0.50%). Yes you can probably save money by refinancing, but you may not get the best offer unless you understand a few, easy steps.
Step one is to get an idea for where interest rates are these days, specific to your home type, zip code, and FICO credit score. One of our favorite ways of getting this info is by using NerdWallet, which has a free site that does not collect or sell any of your information (unlike some others). In under 60 seconds, you can compare mortgage refinance offers and select the best one.
Here’s what I did in 60 seconds at NerdWallet
Once you fill out their form, you will be given a list of different lender offers. Notice how wide the range of interest rates! Check out one of the offers I got shown below (from back in December 2019):
I’ll go with the lowest of the lower rates, thank you
While you are here
I hope that you feel a bit more confident and will use a lender not to guide you through the process but to give you the best offer. Taking a few hours to educate yourself means you don’t need to rely on the lender to explain things. You just need them for the lowest rate and lowest fees possible.
Once you feel like you’ve found the best refinance quote available, check out our Best Offer Guarantee and see how we can match or beat the best offer you find. Plus, when you do your loan with us, you’re helping us share these tools and advice with more Texas families, and that builds a better Texas for everyone.