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Homeowners are in luck as Barbara Corcoran, real estate guru and Shark Tank star, is giving her advice on how they can make the best use of what she calls “cheap money.” By simply following Barbara’s advice and doing a little leg work, homeowners can find themselves pocketing thousands of dollars that would otherwise be spent on their mortgage payments as well as possibly paying off their mortgages sooner. Her secret? Taking advantage of incredibly low interest rates.
Do Your Homework
When looking for a lender, nearly 77% of home buyers choose to only work with one lender from the start without doing their homework. Barbara states, “Not shopping the market…is like giving money away.” It’s best to look around and scope out lenders in your area to make sure you are truly getting the best interest rate available at the time you apply. You also want to ask your lender if you are eligible for the Home Affordable Refinance Plan or HARP as it is oftentimes called. Many homeowners are eligible but are unaware the program exists and therefore fail to take advantage of the benefits of this government program. Those who have used the program have saved an average of $3,500 in their first year. Definitely worth looking into.
You’ve Got to Make Your Move Now
Given the nature of interest rates, you’ve got to be prepared to move quickly when the rates are low. Many would argue that today’s interest rates have risen since late 2015, however, they are still lower than they were at this point last year. Corcoran suggests homeowners seize this opportunity to “take advantage of today’s cheap money” and strike while the iron is hot. If you wait even a month or two, there is no telling where interest rates will be and you may be kicking yourself for not moving to action sooner.
No Better Time Than The Present
As we mentioned earlier, when you’re dealing with interest rates, there is no better time than the present to claim your stake. Today’s rates are some of the lowest we’ve seen in quite some time but again, no one can predict how long homeowners will have access to such rates. Thousands have chosen to take advantage of these rates by refinancing their mortgages and have saved a considerable amount of money in the process. One thing you definitely want to keep in mind, HARP is scheduled to expire on December 31, 2016. You have got to make your move now if you intend to take advantage of the incredible savings HARP participants have seen in the past.
Where Do You Go From Here
Your first step from this point is to start researching. Barbara suggests making use of The Easy Loan Site and seeing what options are available for you there. Be sure to keep your options open and know what you are looking for in order to meet your needs and stay within your budget. The Easy Loan Site works with a large group of lenders including those who offer HARP options. It’s a great way to do your “one stop shopping” and the best news yet is it’s free to use to research lenders and apply for loans.
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