Star of the hit TV show Shark Tank, real estate expert Barbara Corcoran shares 3 crucial rules on how homeowners could save thousands of dollars and pay off their mortgage faster -- just by taking advantage of today’s “ridiculously low interest rate.”


From: One Smart Penny

1. "Not shopping the market...is like giving money away"

Did you know 77% of borrowers only apply with a single lender or broker?  Big mistake. If you don’t shop around, you won’t know if you’re getting the best rate — and you won’t know if you qualify for a brilliant government program called the Home Affordable Refinance Plan (HARP).
 
Even though 3.38 million mortgages have been refinanced through HARP, hundreds of thousands of homeowners are still eligible for this free government program, which could help you save as much as $3,500 in the first year alone.

2. “If you don’t take advantage of the market now, when will you?”

Even though The Fed raised rates in late 2015, rates are just as low if not lower than they were one year ago. What does this mean for people like you? According to Corcoran, it means that now is the time for homeowners to “take advantage of today's cheap money.”

3. “The sooner is always the better”

These rates are still at near historic lows for now, but no one knows when the rates will rise - or by how much. So while it’s estimated that millions of homeowners can still save by refinancing, they should act fast. HARP is due to expire this year, so you can’t afford to wait. If you want to get the “ridiculous low interest rate” that Corcoran talks about, you have to act now.