Trying to Lower Your RI Mortgage? 5 Things to Consider Now

Trying to Lower Your RI Mortgage? 5 Things to Consider Now

by Dean Harrington

When we see a bull market in stocks we often hear people lamenting they didn’t buy a particular stock when the price of that stock was trading at a much lower price. Yet, oddly, when prices are more affordable we know that consumers often view that stock as less attractive and wait it out, often missing on a great opportunity.5-things-to-consider-mortgage-resized

In the housing market, we act similarly – many of us trying to time the bottom of the price and rate market. It’s kind of like trying to catch a basketball at the exact moment it hits the floor. Try that sometime, it’s hard.

Patience is a virtue until it hammers you as a procrastinator. Now IS the time to take advantage of historic low interest rates and trade-in your current mortgage. Refinancing is cool again!

5 important things to consider as you look for a mortgage refinance in Rhode Island:

  • You need 6 months of on time mortgage payments. And by on-time, we mean generally 6 straight payments made before the next payment was due (in other words, within 30 days). If you only have three in a row, plan to get your refinance done in October. If not now, then when?
  • Don’t reject yourself! You aren’t a mortgage doctor so do not self-diagnosis. Mortgage Guidelines change daily. Because you didn’t get approved to lower your mortgage earlier this year does not mean you can’t be approved today.
  • Some programs allow for refinancing in cases where there is no equity or where the home is substantially upside down. Again, do NOT underwrite yourself!
  • Yes, you can refinance a home you don’t live in. Investment properties are people too!
  • Trying to refinance costs NOTHING. The mortgage lender is willing to commit the time to qualify you for FREE, shouldn’t you bill willing to commit the TIME?

People that take advantage of today’s incredible rates will have cocktail party bragging rights for years to come. None of them will look back at changing interest rates and wonder if their patience was the least of their virtues. It’s time to join the party!

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