While you can often get a good mortgage rate at your local bank, the way to get the best rate for you is to conduct a search online and to compare some of the top mortgage companies. Especially if you have good credit, banks will want to talk to you and to get you to sign a loan with them, and you can get an advantageous rate by allowing some of these businesses to compete online for your refinance.
When you are looking for the companies that you should choose, consider a loan comparison company like LendingTree.com, which will allow you to compare rates at several of the top lending companies to give you the best possible rate on your mortgage refinance.
If you would rather do the legwork yourself, then consider some of the best mortgage refinance companies out there, including companies like Ditech.com, which claims to offer some of the best rates and easiest loans in the lending community. Because they are based online, Ditech.com has lower expenses and can therefore offer lower rates than companies like Bank of America, which has many branches to maintain.
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Lets sum this Q & A up: An owner of a new condo wants to know if it is to soon to refinance her mortgage. I say it is never too soon to refinance a mortgage as long as you know how much it will cost you, and when you will recoup your money.
Q: Last April I bought a new condo. Currently, my home mortgage has a rate of 8%. I see mortgage rates falling, and all are lower than mine. Should I refinance my mortgage? How long do I have to wait to refinance since I just bought less than a year ago? I do not want to miss out on these really good rates I see, and I want to do something about it but I do not know where to start. What do I do?
Answer: A refinance on a mortgage, no matter when you got it, can happen at any time you choose. Figure out how much the refinance will cost you, and how long it will take to make your money back and decide from there. If you are not able to recoup the closing and other associated refinance costs in 2 years or less, you should wait for rates to drop even further, or shop around at different lenders for better terms.
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