Mortgage interest rates are still hovering around the lowest rates in history. This is causing a refinance party you may want to join before rates trend up. Unfortunately, rates aren’t sitting very still right now. They are jumping up and down almost daily with economic and coronavirus concerns. Those of you who are a little trigger shy, here’s the secret to getting an amazing refinance rate.
- Get your refi application in as soon as possible, including all the required documentation. This doesn’t lock you into a rate but gets you ready to lock when rates go down.
- When your application is in, your Intercap loan officer will put you in his or her “ready to lock” group. Intercap loan officers watch rates very closely. They even receive instant notifications when rates are likely to rise or drop sharply. They can notify you of a drop and lock you in quickly. Trying to get the lowest rate is like shooting a moving target. Your Intercap loan officer is your personal sharp shooter when it comes to targeting great rates.
- Know what makes sense and get your rate locked. Waiting for the lowest possible rate can cause paralysis. No one has a crystal ball and rates this low have only been seen a couple times in history.