You have to decide whether your current loan has much time left on it. In some cases, people with low-balance mortgages and an above market interest rate are better off keeping their loans than incurring the cost of getting a new loan, even if they do get a lower interest rate.
Homeowners who are not risk averse can get an adjustable rate mortgage and save money in the front years, and hope that interest rates don’t move much higher when their loan terms adjust down the line.
Talk to representatives from one of the biggest loan companies, an online company, a local mortgage broker and a regional bank. If you have access to a credit union, you might give it a try, since credit unions often offer great rates on auto loans and mortgages.
Make sure you get enough information to compare loans on an apples-to-apples basis. And be sure to get your quote in writing, including whether the loan allows you to float down your interest rate once without charge.
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