Wells Fargo Refinance Mortgage Rates – Best Home Loans Today?
Posted on | February 7, 2010 | No Comments
Wells Fargo refinance mortgage rates have been extremely low for much of 2010. Some people are wondering what the best home loan rates are today. To find the best home loan rate you must understand that every individual situation will be different. At the present time the conventional 30 year fixed mortgage rate is around 4.8%.
As stated earlier, each situation is going to produce a different mortgage interest rate. Many mortgage lenders, including Wells Fargo, are advertising mortgage rates below 5% but you must be a well qualified borrower to get an interest rate this low. If you do not have a credit score above 740 and equity in your home then you will not get an interest rate below 5%.
The only way you will get a 100% accurate rate quote from any mortgage lender is to go through the mortgage application process. Once you get through this process you will be able to determine if refinancing is right for you. Even if you get the best home loan rate possible for your current situation it still might not be worth it to refinance.
The general rule of thumb is that you must save one full percentage point on your current home loan rate to benefit from going through the refinance process. If you do not save this one full percentage point you will end up paying more in closing costs and will not see the significance of a mortgage refinance.
Author: Mike Garner
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