- For the past seven years, the U.S. has seen interest rates for home loans consistently below 5 percent. These rates are unparalleled in our history.
- If the Fed starts increasing rates by the end of the year, it will eventually trickle to mortgage rates, so this might be the last chance your clients have to refinance.
- Make sure your clients know to avoid mistakes such as not disclosing all information on their applications, overestimating their current home's worth and accepting long escrow with a non-adjustable rate.
For the past seven years, the U.S. has seen interest rates for home loans consistently below 5 percent. These rates are unparalleled in our history.
But in the past months, we’ve heard rumblings that the Federal Reserve Bank will start increasing rates sometime before the end of the year, which will likely hit the mortgage rates shortly after.
This might be the last best time to refinance before these historic rates are gone. Here are 10 mortgage refinancing mistakes to tell your clients to avoid:
