OTYC Blog

Loan refinance rates are at their lowest in years. While the economic crisis has decreased the value of homes and made getting first mortgages more difficult, it’s actually created a great opportunity for homeowners who want to refinance. In fact, loan refinance requests made up nearly 80 percent of the mortgage applications during April.

To find the best deals from refinance mortgage lenders in Sioux Falls, you can start by exploring Internet sites that offer an overview of rates and requirements. The latest interest rates in the area are available at various Web sites, some of which will also provide a mortgage calculator so you can figure out the loan amount you can carry and the payment schedule you’ll have to handle once you refinance.

In mid-April, the average national rate for a loan refinance on a 30-year fixed rate mortgage was 4.89%. For a 15-year fixed, it was 4.62%. Looking up the rates available at the same time in Sioux Falls, you’ll find that a 30-year fixed was 4.97%, while a 15-year fixed was 4.78%.

To find refinance mortgage lenders in the city, you can also check the yellow pages or check banks in your area. Once you have an idea of the latest rates, you may want to check with a mortgage broker, who will have a good overview of all the rates in your area and may be able to get you a good deal by steering you to the best opportunity for your financial situation.

Loans are based on your credit score and other information, so if you have credit problems, you may not be able to qualify for the best rate. Or, you may have to pay more upfront in points and fees if you want to keep the rate as low as possible. Start with a review of your credit score to make sure your record is correct and ready to go before you start your refinancing search.