Mortgage rates should stay low for a long time, so there's no need to rush. But you may want to refinance before December 1 to avoid a new fee
Refinance rates are down across the board since last Friday, and there's an even bigger decrease since this time last month.You'll pay a higher rate on a 30-year fixed-rate mortgage than on shorter-term loans with fixed rates. Normally you'd also pay more for a 30-year fixed mortgage than for an adjustable-rate mortgage, but currently, a 30-year fixed mortgage is more affordable than a 5/1 ARM.
You'll save money in the long run, though, because the rate is lower, and you'll be making payments for a shorter amount of time.A 10-year fixed-rate mortgage isn't very common for an initial mortgage. But you might refinance into a 10-year mortgage after you've paid down some of your loan. , then you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.Think about refinancing soon if your finances are in a good place. Starting December 1, 2020,. Starting the process now could save you money. But if you have a low credit score or high debt-to-income ratio, it still might be better to wait.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Today's best mortgage and refinance rates: Thursday, September 17, 2020 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
The best stock trading apps of 2020 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
9 things you'll need to get preapproved for a mortgage - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
The Best Comedies on Hulu Right Now (September 2020)Pee-Wee is very excited that his big adventure is one of the best comedies on Hulu right now.
Read more »
Carnival to sell off 18 of its ships amid billions in losses - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
500 Startups survey: Global tech investment outlook improving in 2020 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »