Saving a great deal of money is always about making informed decisions at every term.
Let's dive right in today and talk about the best rates in mortgage right now , and why you might want to consider to refinance.
Today Bank A (we shall not name it here, to protect privacy) has an interest rate of 1.30% for a plan that includes a lock-in of 3 years.
Assume you are with Bank A, you would definitely stand to gain by refinancing with Bank B, which offers 1.20% for the same conditions.
At a glance, here is what the best banks offer
Bank A
3 years lock-in option only, at 1.30%
Bank B
3 years lock-in at 1.20%
2 years lock-in at 1.15%
Obviously, Bank B is the winner here but which plan to take? Our advice takes into consideration what other expenses or plans you have in mind at the moment.
Lets sidetrack a bit and talk about Bank C.
Bank C offers the 3 years lock-in plan at 1.43%. Even if you did not know Bank B existed, you would pick Bank A, with a significant 0.13% lower interest. What would prompt anyone to stay with Bank C? Only the lack of information.
There is work involved in knowing all the best institutes offering different rates. If you would like, you can leave the research and analysis to us, and let us help to plan your mortgage refinancing.
Commenti