Mortgage rates are dropping to record lows, it is no wonder Indianapolis area homeowner’s are wondering if they should refinance or take advantage of the lower rates to make a move.
Before you decide to refinance, consider the following:
- Is your interest rate a full percentage above current rate?
- Is your FICO score 740+, this is the score you will need to get the best rates?
- Do you have at least 3% equity in your home?
- Do you plan to stay in your home long enough to recoup the fees associated with refinancing?
- Shop around for the lender that best suites your situation
Or have a real estate agent give you a free CMA on your home, it might be the right time to make a move!