How Do You Refinance The Interest Rate On A 30-Year Fixed Rate Mortgage?
The interest rates on 30-year fixed-rate mortgages sank to record lows throughout much of 2009 and remained low as 2010 began. It’s little surprise, then, that many homeowners have sought to refinance their 30-year mortgage loans to take advantage of these lower rates. By dropping the interest rate on a 30-year loan from 6 percent to 5 percent, you can reduce your monthly mortgage payment by more than $100 (depending on the size of your loan). Gather the financial paperwork that your lender will use to verify your income and debts. Lenders are more likely to approve a refinance on your 30-year mortgage loan if you have a high income and a low amount of debt. You’ll need copies of your two most recent federal income tax statements, your savings and checking account statements and your credit-card and other loan statements. You’ll also need a current copy of your mortgage statement so that you can tell your lender how much you owe on your 30-year loan. Call your mortgage lender. It’s bes
