The Remortgage rate is the lowest it has been in hundreds of years.
With the housing market crash a few years ago.
The failed policies of our government.
We have the lowest home prices and lowest remortgage rate we have ever seen.
The question is, should you take advantage of the low remortgage rate?
The short answer is, Yes.
But there are many things to consider.
Remortgage Rate considerations
Many things happened during this bad economy.
Many people are not in the position to take advantage of the low remortgage rate.
Lets take a look at your situation to see if you should consider a remortgage.
Is your home loan current?
Have you ever been late on payments?
Do you still have your job?
Do you still have good credit?
Is your house worth more than you owe?
Do you have mortgage insurance on your current loan?
Do you currently have a adjustable rate loan?
Have you done any remodeling to your home lately?
If you answered yes to most of these questions, you may be in a good position to take advantage of the low remortgage rate.
The first thing I would do is contact my current lender and ask about a streamline remortgage.
A streamline is when your current lender just gives you a new low fixed remortgage rate without jumping through a bunch of hoops.
If you have been current and they want to give good customer service they may do this for you.
If your lender wont do a streamline, then you will have to shop around for a new remortgage.
Read my other post about should you remortgage your home.
And I have other posts about the remortgage process and remortgage companies.
Get as much info as you can before going after that new remortgage rate.