Tips For Obtaining A Mortgage Or Refinancing In 2017

Mortgage rates have shot up since early November, so buyers can expect an interest rate between 4 and 4.5 percent this year. With the changes to the mortgage industry in mind, MarketWatch offers a financing guide for 2017.

The site says that buying a home is still worthwhile, but that buyers should know that a half-percent increase to an interest rate could equal an extra $75 to $80 a month in payments.

As for those who want to refinance, going from a 30-year mortgage to a new 30-year mortgage might not produce a lower interest rate, but opportunities such as cash-out refinancing, shortening the loan term, and dropping mortgage insurance could be beneficial.

If you’re looking to purchase a house or refinance one you already own, and there is a financial benefit to the terms and rate you qualify for, act on it. Let affordability be the driver of your decision to purchase or refinance a home to meet your financial goals. The market will always change and evolve, and if you can justify the opportunity, it should be something for you to seriously consider.

PB Topical Ref