3 Tips for Refinancing a Mortgage

Refinancing your home’s mortgage can not only provide needed cash for other expenses but also save you money in the long run. Following are three important points to be aware if you are thinking about applying for a refinancing loan.

Work on Your Credit Rating

Your credit rating will have a large bearing on the interest rate of your new loan. Work on improving your credit rating for a few months before applying for a refinance loan so you get the best terms and conditions. Some tried and proven ways to boost your credit score include paying off old debts, staying current on your payments and checking your credit report for mistakes.

Consider Your Options Carefully

You have a number of options to consider when refinancing a loan. These include:

  • Switching from a fixed-rate loan to one with an adjustable mortgage rate
  • Switching from an ARM or balloon payment loan to a fixed rate one
  • Shortening or lengthening the time period for paying back the loan
  • Choosing a different lender than the one you originally obtained a mortgage loan from

Each option has its own unique pros and cons, so talk with a MIG mortgage lender in Tennessee in order to get personalized information and advice.

Get Started

It is no secret that mortgage rates are steadily rising. This means that the interest rate on refinancing a home loan will also rise. You can save yourself thousands of dollars by applying for refinancing as soon as possible. Naturally, you don’t want to apply for a new loan unless you are prepared for such a move; at the same time, don’t take too long to send in your application as you could lose out on a good deal.

MIG is an award-winning mortgage company in Tennessee that offers not only home loans but also home appraisals and other services you will need to refinance your home. Get in touch with us at your convenience to learn more about refinancing options or send in an online application for our digital sales team to review and approve. We take pride in helping homeowners obtain the best possible deal and will do everything in our power to provide you with the assistance you will need.