Falling interest rates are causing a flurry of mortgage refinancing applications. What you should know to lock in these new rates.
By Katy McLaughlin March 18, 2020 8:00 am ET In these tough times, a rare silver lining has come in the form of mortgage refinancings—an effect of the stock market sell off and flight to safety, which has pulled interest rates lower. Refi applications were up 79% the week ending March 6 compared with a week prior, according to the Mortgage Bankers Association. Average jumbo loan rates dropped to their lowest levels since 2011, 3.58%, while average conforming loans hit their all-time low of 3.
1. Unfreeze Credit Once a huge generator of fees for the credit bureaus, a Federal law made freezes free—both to activate and lift—for consumers in 2018. If you took advantage of this service to protect your credit file from potential fraud, you need to now lift the freeze for the refi. Lenders pull credit files from the big bureaus— Equifax, Experian and TransUnion —at the beginning of the process and sometimes again at the end.
3. Call Your Accountant “Self-employed people will need a year-to-date profit-and-loss statement prepared by their certified public accountant,” said Alan Rosenbaum, chief executive at GuardHill Financial, an independent mortgage lender in New York. “This is one of the most time-consuming parts of the process, because it is out of the client’s own control,” he said.
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