LoanLove.com Helps Homeowners Find The Best Interest Rates For Refinancing

SAN DIEGO, June 8, 2013 /PRNewswire-iReach/ -- A new guide on the Loan Love website helps home owners to determine whether or not it would benefit them to refinance at this time. The goal of LoanLove.com is to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they will love. This new guide will help home owners to do just that by helping them to find the best interest rates for refinancing their loan.

The article explains the benefits of refinancing: "Today's interest rates remain at all-time record lows, and that means it might be a good time to consider refinancing your home loan, especially if you've had it for several years. Refinancing can help you get a lower interest rate or allow you to change the length, or "term," of your mortgage, making it more affordable for you. Of course, every homeowner's situation is different, and there are a lot of factors that can determine whether or not refinancing is the best choice for you." The article goes on to discuss these different factors as well as the process involved when applying for a mortgage refinance.

Some reasons a home owner should look into refinancing their loan are:

The current rates are at least half a point lower than the rate they originally locked in – Even a small decrease in the rate can mean big savings for the home owner. With rates still near the record lows of last November, and experts predicting that rates will go up and not down, now is the best time for those who want to apply for a home refinance to do so.

A higher credit rating could also be a factor in deciding whether to refinance – If the homeowner's credit rating is better than when they originally applied for the loan, they will likely be able to qualify for alower mortgage interest rate when they apply for a refinance. A better score always means a better interest rate, and this combined with the low rates in the industry could be a motivation enough to refinance.

A higher salary may also help homeowners to save more – If the homeowner is benefiting from a higher salary than they were before, they may be able to afford slightly higher monthly payments. This means that they should be able to refinance to a shorter term loan, thus enabling them to pay off their home more quickly and often at a lower rate than a long term loan.

Adjusted rate mortgages should also be considered – If the homeowner is planning on refinancing or reselling their house in a few years, they may be able to benefit from an adjusted rate mortgage, which usually comes with a much lower starting interest rate. If they already are on an ARM, but they aren't planning on moving, now is the perfect opportunity to refinance to a different loan structure before their mortgage adjusts and interest rates increase.

These are just a few of the refinancing tips from the Loan Love team. For the full article, please visit LoanLove.com.

Media Contact:

Kevin Blue LoanLove.com, 949-292-8401, contact@loanlove.com

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SOURCE LoanLove.com