To those looking to get a new mortgage this year or have their current one refinanced, the best mortgage rate may just be in your rear view mirror. Rates are expected to slightly go up each month this year according to experts. This means that if you purchase a house this year, it will cost you higher than if you would have purchased the same property in 2012.
So if you trust those experts, it is best to act now whether you are getting a new mortgage or applying for a loan modification. In addition, in order to further take advantage of the low rates, it is best to start with your paperwork at least three months before you submit your application.
This is because given the new rules and regulations oin the mortgage industry this year,. the loan application process is expected to take even longer. Also, for those buying a house, be ready to strike a deal right away oif you find a good rate. For more mortgage rate predictions 2013, check out the link now.