3 Secrets Your Bank Does Not Want You To Know About Your Mortgage
You think your mortgage rate is already low? Think again!
You’ve heard it from your friends or your bank: “Your mortgage rate is super low.” In reality, you are probably wasting a lot of money. At least according to many of americas best financial advisors. With rates being at historic lows, it could be a big waste of money to not shop around and refinance your mortgage.
You think your bank wants you to listen to this advice? Absolutely not. They’d rather make more money by keeping you at the higher rate they gave you years ago.
Check out our top 3 mortgage refinance secrets banks don’t want you to know:
1. Current Rates could help you save you up to $360 per month
Millions of Americans are eligible, but most don’t know the brilliant government program called the Home Affordable Refinance Plan (HARP). By refinancing your home at lower interest rates, you could easily lower your payments by as much as $4,264 each year.
Time is running out, but the government is making one last push to reach the last qualifying homeowners. But since the program is set to expire shortly, homeowners are running out of time before the this great program goes away forever.
Close to a million homeowners could still benefit today, but sadly, many perceive HARP to be too good to be true.
2. Your credit score doesn’t (always) matter
During the financial crisis, homeowners suddenly found themselves owing more money on their mortgages than their homes were worth and couldn’t take advantage of low interest rates to refinance their mortgages.
But with federal government assistance through the Home Affordable Refinance Program or the FHA Streamline Refinance program, many homeowners have successfully refinanced their existing mortgages despite being underwater on their loans. That means even though your credit score may not be perfect, lower rates are still available for those you spend a few minutes comparison shopping (see #3 below)
3. You can easily compare rates online in less than 2 minutes
With hundreds of mortgage lenders and brokers available, it can take consumers hours to simply contact each one separately and request a quote.
To cut through the clutter, Shark Tank Star and financial guru Barbara Corcoran suggests that a great place to start is online9. There are services that could help you save time and money by comparing multiple lenders at once. Services such as the American Value loan site have one of the biggest lender networks in the nation.
The bottom line is this: If you own a home you should at least give this a try. American Value has set up an easy to use portal that could instantly save you thousands of dollars every year. It takes 2 minutes to complete and costs absolutely nothing. If you currently pay off your mortgage we really recommend giving it a try right now.