Loans4Less.com (LFLS)

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LFLS Tracks Your Rate for You

Home mortgage rates have been at historic lows, which is good news for prospective home buyers as well as homeowners considering refinancing. Contemplate this: Even a one point drop in mortgage rate on a 30-year loan for an average home could easily result in a total savings of nearly $40,000 over the full course of the loan. But many variables go into making a refinance decision, and it’s not right for everyone. Nor is it wise to refinance too many times, since hefty up-front charges may eliminate the benefit from lower rates.

There are many reasons people may consider a refinance beyond securing a lower interest rate. They may want to consolidate multiple existing loans, including paying off high-interest short term loans. They may want a longer term loan that will reduce monthly payments, even if the interest rate isn’t that much lower. They may want to replace a variable rate loan with the security of a fixed rate loan.

If considering a refinance, you will want to consider other variables, such as how long you expect to stay in the house. The longer you hold a loan, the greater its potential effect, and you want to be sure that you hold it long enough for any savings to offset the closing costs. You will also want to verify your credit situation, which may have changed over time.

On top of all this is the fact that mortgage interest rates will continue to change. You may decide that the available rates today are not good enough, but that may not be the case in the future. And you may not want to spend time every day seeking out the lowest rates to determine when they’re finally suitable.

Loans4Less, a trusted online national mortgage broker, has a wide range of online tools to help buyers decide if it’s time to refinance, but one of the most useful is their Rate Tracker notification system. Once you’ve used their free mortgage calculator to determine the type of loans and rates you want, you can use their Rate Tracker to automatically track interest rates on different loan types and notify you when a rate comes up that fits your specified needs. It’s one of the many services the company offers that continues to draw traffic and boost their business.

For more information, visit www.Loans4Less.com