Shark Tank’s Barbara Corcoran On The Biggest Mistake A Homeowner Can Make
Photocredit: Jacqueline Zacor
In a Today Show interview1, Shark Tank’s real estate mogul, Barbara Corcoran, warned homeowners that they could be making a huge mistake with their mortgages. She urged them to shop around to refinance their home loans. She says, “not shopping the market right now…is like giving money away.”
With interest rates set to increase, this advice couldn’t come at a better time. Corcoran says “some people might even realize that now are the good old days that we’ve all been dreaming about.” That’s why shopping now and locking in your rate is so important.
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Where To Begin
Corcoran recommends that homeowners begin their search online. “It’s a great place to start” she says, and getting a rate quote is the first step. Sites like MyMortgageInsider.com can quickly connect you with the best resource for your specific refinance situation.
What You Need To Start Saving Money
Think it’s a lot of work to get started? Corcoran assures homeowners that they only need three key pieces of information to start shopping:
- Credit score
- Proof of employment
- Value of your home
“Those are the three key pieces of information…A lot of people bring a ton of stuff,” Corcoran says. But to start the process, she says, “ You simply need those three documents.”
And, with certain mortgage programs, like HARP, and some FHA and VA refinances, your home’s value doesn’t matter.
Are you one of the millions of homeowners who could benefit from Barbara Corcoran’s advice? Find out if taking advantage of today’s low interest rates could help you make the good old days last a while longer.
Sources:
1. “Today Show” Interest Rates and Mortgages. NBCNews.com, retrieved 17 Jan. 2017. http://www.nbcnews.com/id/21134540/vp/22931159#22931159.
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