ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, asked readers to participate in a new survey by answering this question, "Do you consider interest rate trends before refinancing?" The majority of participants agree that it is smart to look at mortgage rate trends in order to take advantage of lower interest rates. President Bill Cooper of ChristiaNet says, "To refinance when interest rates are lower could result in a significant savings to homeowners and mean paying off a mortgage years earlier." (http://www.christianet.com/refinancing/)
Out of 238 participants, 145 answered "yes" to the survey question. An informed reader wrote, "If they have been going down for so long I would try to find out how low they might go and then refinance. If they are going on an upward trend, I would like to know how far up they are going to go as well." Most homeowners hoping to save on their loans will consider mortgage rate trends to judge the best time for refinancing. It doesn't make sense to do so unless there is going to be a significant savings because of the fees and costs associated with a new loan.
Forty-four readers answered "no" to the survey question. One Believer made a good point when considering mortgage rate trends by sharing, "When purchasing a home however, I think it's important to just keep your credit score high so that you can qualify for the best rate. Right now rates are still considerably low so a person with a good credit score could still obtain a favorable rate." Having a high credit score will usually guarantee the borrower the lowest possible interest rate whether buying new or refinancing a home.
Forty-nine participants were unsure about the survey question. Some readers have never tried to refinance a mortgage in order to take advantage of lower interest rates. One Believer wrote, "Thank God, I have never had to refinance anything and I hope I never have to." This is a blessing, however some homeowners don't do so because they have to but do it instead to take advantage of the savings in interest and the privilege of being able to pay off their home years earlier. For more information, visit: http://www.christianet.com/articles/
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