Shop around for a mortgage: Check the latest mortgage rates online through Credible. They’ve got one of the largest networks of lenders that compete for your business. Your goal should be to get as many written offers as possible and then use the offers as leverage to get the lowest interest rate possible from them or your existing bank. When banks compete, you win.
Explore real estate crowdsourcing opportunities: If you don’t have the down payment to buy a property, don’t want to deal with the hassle of managing real estate, or don’t want to tie up your liquidity in physical real estate, take a look at some top real estate crowdfunding platforms.
Real estate is a key component of a diversified portfolio. Real estate crowdsourcing allows you to be more flexible in your real estate investments by investing beyond just where you live for the best returns possible. For example, cap rates are around 3% in San Francisco and New York City, but over 10% in the Midwest if you’re looking for strictly investing income returns, here as some ways to passively invest in real estate.
Before you dive headfirst into refinancing, sit down with a lender and do the math to see if you’d break even in a period of time that makes sense. Take a thorough inventory of your financial goals and think about how your current home will fulfill future space and location needs.
Don’t forget that if you’re struggling to pay your mortgage each month and you don’t qualify for a conventional refinance loan, Fannie Mae and Freddie Mac refinance programs can lessen your financial burden.
Saving money on your mortgage helps you build wealth, and who doesn’t love doing that? If now isn’t the ideal time to refinance, keep plugging away on your current mortgage payments and keep your credit in good order so you’ll be ready to strike when the time is right.