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National Mortgage Rates 13 February 2012

Loan Type Today +/- Last Week
15 yr fixed 3.10 3.07
30 yr fixed 3.80 3.77
5/1 ARM 2.73 2.66

Rates may contain points

Refinancing without stress

Boy Scouts, with their motto "Be Prepared," should grow up to be whizzes at refinancing their mortgages. That's because a little preparation goes a long way when it comes to a mortgage refinance. In addition to preparing the right kind of documentation for a lender, you'll need to prepare yourself for a turbulent marketplace by setting realistic goals. Here's a simple low-stress checklist that you can follow to assure a low-stress mortgage refinance.

A refinance guide

Pick a rate and stick to it. Many borrowers get greedy when it comes to a mortgage refinance. They play the market and hope rates will dip lower and lower. The problem with that mentality is that there's always a chance rates could spike. A word to the wise: Pick a rate that you can live with and lock it in. That way, you'll limit what could be a roller-coaster mortgage ride.

Research your loan options. Credit cards, personal loans from family, even consumer loans are all viable sources of cash. Make sure you research them all. Then, if you decide that a mortgage refinance makes the most sense in terms of tax deductibility and repayment schedule, choose the loan knowing that you've made the right decision.

Paperwork prep. The loan process can be a rather cumbersome, detail-oriented ordeal when it comes to paperwork. Ask your lender for a complete list of what you'll be expected to provide during the loan process. You'll save yourself a lot of frantic searching if you take care of this legwork early on.

This checklist may not guarantee you the best loan in the world, but it will make for a less frenzied process. Follow it, and hopefully you'll wind up with a mortgage refinance high on savings and low on stress.

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National Rates

Loan Type Today +/-
30 yr fixed 3.80
15 yr fixed 3.10
5/1 ARM 2.73

Rates may contain points

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