Thinking Of Refinancing Your Home? Here’s How Rising Interest Rates Affect You.

Today I want to share with you what you have to do if you’re currently considering a refinance. If the mortgage rates available for you are slightly higher than when you started the process.

I also want to share with you what you need to do if you’ve been preapproved and have not yet executed a home purchase contract.

If you’re refinancing and you haven’t locked your loan in yet, call your loan officer or mortgage broker/banker and ask:

1. Where are interest rates now per your credit income and assets. 
2. Ask them if refinancing still makes sense. 
3. Ask them what would it cost if you were to pay for discount points? 
4. Does it make sense to pay the discount points if you’re going to live in the home for x number of years.

If you’re pre-approved, call your loan officer or mortgage broker/banker and ask:

1. Call your lender and ask them to update your preapproval purchasing power.
2. Find out whether or not you can buy the same as when you got started. 

The single most important thing you should know: 

If you’re working with a true mortgage professional they should have already called to inform you of the rate changes.

Mortgage professionals who are responsive and communicative demonstrate they care about you reaching your financial goals.

My name is Edgar DeJesus, I’m a licensed and local mortgage broker and branch manager for Treasure Coast Home Loans.

If your lender is not communicating with you or your clients I encourage you to give me a call, 772-444-6362.  I’ll gladly share with you everything else you should know as interest rates have increased.

 
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My name is Edgar DeJesus, I am a local licensed mortgage broker happy to help you know how much of a down payment you need, (772) 444-6362.