According to a recent article from Realtor.com, American homeowners are missing out on more than $13 billion annually, simply because they do not go to the trouble of refinancing their mortgage loans. Though the process of shopping for a mortgage can seem daunting—and going through the process again for a refinance can seem gluttonous for punishment—the simple fact is that refinancing can be a huge money-save, especially now, with rates so incredibly low. In a new statement to the press, Paul Hirschauer reveals some strategies for homeowners who are looking to refinance.
“If you are going to refinance—something that many borrowers really should consider—then you should take some time to shop around for different lenders and find the best deal,” comments Hirschauer, who is a Senior Vice President with Guaranteed Rate.
The first step is simply ensuring that refinancing makes sense. “It may not be for everyone, but you can use an online calculator or simply meet with a mortgage banker to discover whether it would really save you money,” notes Hirschauer.
From there, homeowners must decide whether they want to stay with their current lender or seek out a new one. “When you shift to a different lender, you run the risk of needing better credit than you really have, or of jumping through more due diligence hoops,” Hirschauer says. “Start the conversation with your current lender, which may allow you to save even more money and streamline the application process a little.”
Though Hirschauer recommends starting the search with the current lender, it’s possible that homeowners will ultimately find better rates elsewhere. “By all means shop around, and if another lender has significantly lower rates, that may be reason enough to make the jump.”
As for finding specific lenders, Hirschauer recommends asking a trusted Realtor for advice. “Of course I also encourage homeowners to look into Guaranteed Rate, as our rates really are competitive, our service is renowned, and our digital mortgage app makes the whole process easy,” he affirms.
Regardless of the lender homeowners ultimately choose, Hirschauer says the time to act is now. “Get it done now, with rates still so low, because they probably won’t stay this low forever,” he urges.
More information about Paul Hirschauer and his services can be found online at https://www.guaranteedrate.com/loan-expert/PaulHirschauer.
Paul Hirschauer is a Senior Vice President of Mortgage Lending with Guaranteed Rate; based in Connecticut, Hirschauer is passionate about making his clients’ dreams of homeownership come true. He is one of the top 1 percent of loan originators in the country. More information about Hirschauer and his services is available online at https://www.guaranteedrate.com/loan-expert/PaulHirschauer.
Company Name: Guaranteed Rate
Contact Person: Paul Hirschauer
Country: United States