“Mortgage rates are the lowest they’ve been in our lifetime,” stated Jack Barkley, director of mortgage lending for Centier Bank. “Whether you are refinancing or purchasing a home, an honest evaluation of your finances and thorough planning for a mortgage are essential to making a wise financial decision.”
Barkley acknowledges that preparation is key to navigating today’s market. Those in the market for a new home should follow these key tips to prepare for buying a home:
- Review your finances
- Check your credit score
- Organize finances before you go to the bank
- Factor in closing costs
Likewise, homeowners in the market to refinance should review their financial needs first to determine if refinancing is right for them. “If homeowners can improve their debt-structure by refinancing, they may want to take advantage of this low-rate market,” Barkley continued.
And, before refinancing, consider the following factors: Your existing interest rate, the current interest rate, closing costs, and how long you plan to stay in your home. Knowing this information will help you decide if refinancing is right for you.
Centier offers a number of mortgage products and refinancing options to fit many borrowers’ needs. In order to help consumers decide if homeownership or refinancing is right for them, Centier Bank provides calculators on its website at Centier.com.