Current mortgages, be as they may, can always be adjusted for your own purposes by in essence prepaying your interest. If you pay points on your mortgage you are paying for your interest upfront so your monthly payments will be lower. It is a common practice and a great way to minimize your month-to-month payment obligations and save on interest expenses over the life of your loan. Even better, points are usually taxing deductible in the year you buy your home.
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Current mortgage rates at the time of this writing vary from as low as 4.75% to 7% percent if you have good credit history. You can apply at Expo Financial to get as many as four mortgage rate quotes in your area with no obligation and no strings attached.
Current mortgage rates vary across geographic regions and from lender to lender. It is only possible to know the right time to refinance by looking at your particular circumstances as well as how long you intend to stay in your home. If you have less than perfect credit you should still see if you could take advantage of lower interest rates that are available. Often times if you have demonstrated solid repayment on your loan for a few years your credit has improved and you can move down to a lower rate of interest.
Mortgage rates vary from lender to lender and the rate you get depends greatly on your credit score and also your debt to income ratio. Generally if your debt to income ratio is greater than 40% you may have difficulty getting the home loan you are after. Additionally, your credit score should be something above 600.