August 5th, 2024 3:58 PM by Ken Morley
While predicting exact future rates is challenging, the current economic indicators suggest that lower rates may be on the horizon. If you're considering making a financial move now—be it buying a home, refinancing, or even taking out a second mortgage or Home Equity Loan (HELOC) take steps to prepare for these potentially lower rates and ensure you're positioned to benefit when they arrive. While securing a favorable rate is important, don't overlook the significance of keeping closing costs to a minimum. High closing costs can negate the benefits of refinancing when rates drop. When securing a mortgage, opt for terms that do not include prepayment penalties. This will allow you to refinance easily when rates drop, without incurring extra costs. Look for lenders such as A Home's Best Mortgage that offer low or no closing cost loans. This can help to ensure that you're ready to capitalize on future rate decreases.