Illustrator: Andy Rementer for Bloomberg
A Guide to Refinancing Your Mortgage When the Time Is Right
Buying a house usually means years of monthly payments to a bank. But the terms are surprisingly negotiable — and trading your existing rate for a lower one can save you thousands of dollars.
An old real estate adage “date the mortgage rate and marry the house” likely rings true to anyone taking out loans this spring.
Since the golden era of cheap sub-3% rates ended in 2022, borrowing costs have soared. The whiplash sidelined many would-be buyers at first, but the possibility of lower interest rates in the future — made even more tantalizing by the current administration calling on the Federal Reserve to cut its benchmark rate — and the dream of homeownership could push some hopefuls off the bench and back into the market.