During the pandemic, mortgage rates plummeted to historic lows, a period Wall Street investors called “The COVID refinance boom.” Fully one-third of all outstanding mortgage balances were refinanced during the first two years of the pandemic.

Most homeowners with exceedingly low mortgage rates are “happy campers” with no intention of moving, says Eric Tyson, the coauthor of “Mortgages for Dummies." Indeed, they’re so pleased with their low rates that they plan to stay put indefinitely -- what real estate specialists term the “lock-in effect.”

Obviously, not all homeowners with mortgages managed to refinance during the opportune pandemic period. They’re still in the market for a lower-rate mortgage, as are those who bought property after the pandemic ended.

Take the case of a couple in their 30s -- a lawyer married to an event planner. Last year the pair spent $600,000 on a fully renovated Cape Cod they financed with a 30-year mortgage bearing a 7.1% interest rate.

“We’re really jealous of our neighbors who have rock-bottom rates. So we’re hopeful of lowering our rate now that they’re coming down again,” the lawyer says.

In hankering for a lower-rate mortgage, this couple is hardly alone. As reported by the Mortgage Bankers Association, more than half of all new mortgages originated in the United States now involve refinances. While few owners can obtain home loan rates as low as those available during the pandemic, many can do better than what they have now.

Are you interested in a refi? If so, here are a few pointers to help you qualify:

-- Think through your long-term plans for your property.

Way back in the 1980s, a futurist named Faith Popcorn coined the term “cocooning” to refer to those who wished to nest in the comfort of their property rather than venturing outside any more than necessary. Many retreated from the less commodious and sometimes crime-ridden outside world.

During the pandemic, when lockdowns were prevalent, some homeowners adapted so fully to the restrictions that after COVID-19 that they were reluctant to go back to their former lives.

Are you so at ease as a nester that you plan to hold on to your current property rather than move in the near future? Then you could be a good candidate to bear the up-front costs and time needed to refinance your mortgage to a somewhat lower rate. On the other hand, think twice about refinancing now if you plan to sell in a few years.

“Remember that there’s more to refinancing than simply bagging a lower rate. Crunch the numbers about costs and try to avoid lengthening the term of your mortgage,” says Keith Gumbinger, a vice president at HSH Associates (hsh.com), which tracks mortgage rates throughout the country.

-- Familiarize yourself with your credit standing.

Before they settle on the right lender to refinance their property, savvy consumers, Tyson says, should review their credit picture to see if flaws or mistakes crop up.

Under federal law, you’re entitled every year to one free credit report from each of the three large credit bureaus: Equifax, Experian and TransUnion. To obtain these, just go to this website: annualcreditreport.com.

You’ll probably also want to access your credit scores. Such scores, which draw on data from the credit bureaus, provide lenders with a quantitative measure of a person’s credit risk. Most lenders use FICO scores, pioneered by the Fair Isaac Corp.

Generally, you must pay a fee to obtain your credit scores directly. One approach is to buy these through the Fair Isaac website, myfico.com. You can also receive credit scores through the credit bureaus directly or potentially free through a bank or credit union where you have an account.

There are multiple reasons to examine your credit before shopping for a mortgage lender. Most important is the fact that self-knowledge will gain you the respect of any lender with whom you choose to make your loan.

-- Question the claims of online lenders.

No one who uses the internet can miss the many colorful ads promising low mortgage rates to homeowners who want to refinance. But should you take these offers seriously?

Tyson says it’s conceivable you could find an online lender who offers both excellent service and low rates. However, he urges you to exercise caution in dealing with any online lender who promises much lower rates than are available through traditional lenders in your local market.

“Bait-and-switch tactics are a real possibility,” Tyson says.

In addition, there can be servicing problems available with online lenders.

“Some online lenders refuse to take phone calls. They’ll only communicate through email, which could be problematic if complications develop,” Tyson says.

Another possible issue, he says, is that any out-of-town lender might undervalue the property you’re seeking to refinance.

-- Consider an array of potential lenders.

Veteran real estate agents in your community could be helpful in suggesting the names of solid mortgage lenders. But Tyson urges you to look beyond the real estate community for referrals.

“Ask for referrals from any business adviser whom you trust, whether that be a lawyer, tax preparer or financial planner. Also, ask your friends, neighbors or work associates,” Tyson says.

Once you’ve come up with a short list of potential refinance lenders, Tyson says it’s better to have a face-to-face meeting with them than to evaluate them through phone conversations alone.

“Because refinancing your mortgage can be time-consuming, you might wish to take a vacation day from work to do it right,” Tyson says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

The nation’s housing market had a quiet summer, with many sellers and buyers waiting on the sidelines for mortgage rate drops. But the mood changed dramatically on Sept. 18 after the Federal Reserve lowered its benchmark interest rate a full half-point, encouraging mortgage markdowns.

“Lower mortgage rates are creating inflated hopes among some sellers. Naturally sellers want top price. But don’t rely on wishful thinking when pricing. Never forget that it’s the market that determines value, not you,” says Stacy Berman, who’s sold homes in the Washington, D.C. suburbs for 22 years.

“Buyers look at many more homes, so they’re more price-aware than sellers. Price too high, and your house could get a stigma and just sit there unsold. It’s better to list just 10% or 15% below market value. That could cause an escalation in bidding, yielding a better result so you can move on with your life,” Berman says.

She cites the case of a federal contractor in her 50s who’s learning the hard way the impact of overpricing her small one-bedroom condo.

“This woman really needs a two-bedroom apartment because her 14-year-old daughter is now staying in a small alcove off the living room. But the owner is insisting on a list price $50,000 over what the condo is worth, which she’ll never get. Meanwhile, the place is languishing unsold,” Berman says.

One issue for sellers is that they vividly recall how at the height of market demand, some neighbors could command stellar prices through bidding wars. That was especially true during the pandemic.

But even in some popular neighborhoods these days, the bargaining power of sellers is weakening a tad as buyers gain more sway and negotiate more intensively.

Jeb Smith, who sells homes in Orange County, California, says that many owners are unsure how to price properly in the midst of a rapidly evolving economy. That’s particularly true in neighborhoods with widely divergent property types.

As always, pricing your home for sale can prove stressful.

“Make no mistake, there’s a huge emotional factor when it comes to pricing. Due to the pride of ownership, people always think their place is worth more than the one down the street that sold last year after a big bidding war. That’s just human nature,” Smith says.

Here are a few pointers for sellers:

-- Consider a list price just one notch below prevailing market values.

Surprisingly, sellers on a tight deadline can often receive more for their property if they price it just a few percentage points below its apparent market value, Smith says.

“Given the internet, buyers are alert to fair market pricing. That’s why pricing slightly under market can generate lots of interest among buyers,” he says.

-- Examine recent sales in your area before setting your price.

Even before your home is listed and open for showings, your agent will likely recommend an asking price. But before accepting any pricing recommendation, all sellers should do at least a nominal amount of research.

“Tell your agent to give you a list of nearby properties still under contract -- the more current the better. Then ask the agent to look into details about the properties that sold --including whether they’ve been updated. Also drive by the sold houses for comparison purposes,” says Ashley Richardson, who sells properties through Sotheby’s International Realty.

“Remember, it’s always the owners who have the final say on price,” Richardson says.

-- Find a seasoned listing agent.

Some sellers find the anxiety associated with home-selling decisions distressing. In that case, it’s often wise to hire an experienced agent who’s worked through many transitional markets, says Eric Tyson, coauthor of “House Selling for Dummies.”

“Seek an agent with a history of recommending correct pricing from the outset, not after a series of price cuts,” Tyson says.

Contacting the managing broker of a local real estate office is one way to identify a skillful agent. But make sure you find one with an impressive track record selling your type of property in your price range.

“Also, it’s an excellent idea to contact references who’ve previously worked with the agent you have in mind. Ask these references how well the agent did on pricing recommendations,” Tyson says.

-- Hasten your home sale through delegation.

Many owners devote several months to prepping their place for sale. They clean, sort through their clutter, clip outdoor shrubbery and paint wherever needed.

But if you’re struggling to sell quickly -- perhaps due to a mandatory move -- you may have no more than a few weeks to get the home ready for showings.

One obvious way to reduce your prep time is to hire contractors for work you might normally do yourself.

“If you can afford it, hire pros for both cosmetic work and repairs. Resist the urge to save money with do-it-yourself work such as painting and carpet cleaning,” Tyson says.

Don’t ignore the need for decluttering and in-depth cleaning.

“The winter holiday season is soon approaching. So always keep in mind that time is money -- particularly if you have to move quickly and hate the idea of your house going unsold for a lengthy time with all the carrying costs that entails,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A Los Angeles couple in their early 70s are on the threshold of retirement. The wife will soon exit her career in social work, and her husband, a pediatrician, will soon leave medicine. But unlike many of their friends, they have no intention of downsizing.

“We actually want more square footage rather than less. We’re keeping our house in L.A. but also building one in Honolulu. The Hawaii place is our retirement passion,” the doctor says.

On paper at least, the couple’s dual-house strategy makes sense for their blended family. Together, they have four grown children who are all married. They also have two grandkids. The problem is geographic dispersion. Family members are spread all over North America.

“We’re hoping our Hawaiian place, walking distance to beautiful beaches, will prove a magnet for big family gatherings,” the doctor says.

Obviously, few retirees can afford a second home in Hawaii, not to mention frequent jet travel. But for those who can swing it, upscaling can be rewarding if it means more interaction with family. Still, real estate experts caution upsizers to keep expectations in check.

“Just because you acquire a bigger place in a fancy setting doesn’t mean you’ll attract all your family. It all depends on peoples’ schedules and the quality of your relationships,” says Michael Crowley, an independent real estate broker in Spokane, Washington.

Crowley also urges those wishing to upsize in retirement to think through the financial implications, especially if they’d have to take out a new mortgage -- something the L.A. couple must do to fund their dream.

Though, traditionally, most seniors have aspired to enter retirement free of mortgage debt, an increasing number are taking on home loans late in life, according to a study by the Brookings Institution, a Washington, D.C.- based think tank.

Financial planners say retiring with debt is a risky proposition for some seniors, especially if they rely heavily on Social Security. Heavy dependence on fixed benefit payments can make seniors more vulnerable to financial reversals if serious health problems develop. Even so, many older homeowners have enjoyed increases in their net worth that justify upscaling.

Due to prudent investments, the L.A. couple are comfortable adding mortgage debt. For them, a second home makes more sense than buying a bigger place in California. But other upsizers choose to buy larger in a community closer to family.

Here are a few pointers for seniors who want more square footage:

-- Aim for the kind of home your family would like.

If the vision of a family magnet appeals to you, Sid Davis, a Utah real estate broker, says you’ll want the larger property or second home in an area convenient to as many family members as possible.

“Take stock of your family and their future work plans,” he says.

But what if your children have careers in the military or foreign service and might even be moving overseas? Then you may want to delay a move until they settle down more permanently.

“You can’t chase your adult children all around America and the world. Better to pick a spot that’s easily accessible for them to travel to you,” says Davis, author of “A Survival Guide for Buying a Home.”

-- Think about the geographic setting.

Perhaps you and your partner would like to move to an age-restricted community with lots of amenities. Yet you’d also like to see your kids and grandkids as frequently as possible. If so, you should give a second thought to this plan.

“Rather than moving in with other seniors, pick a multi-generational area with more recreational attractions for the kids,” Davis says.

Consider buying a house near a neighborhood swimming pool in an area where lots of young families live. You might also look for an area well suited to fishing, horseback riding or hiking.

“Quiz the kids on the kinds of activities they really enjoy. Also, don’t forget to ask the teenagers what they think,” Davis says.

-- Consider properties with the right features for overnight family visits.

Do you intend to upsize to a location that will draw family members for extended stays? If so, you’ll want the right home features to accommodate everyone who comes to visit.

“Look for a house with at least three bedrooms and ... as many bathrooms as possible. The kids can always double up in the bedrooms. But if you have only one bathroom, you’re bound to have bottlenecks,” Davis says.

Also, he recommends that those seeking to create a family mecca look for large common areas in their upsized property.

“People love to hang out in a big kitchen with places to sit and talk. That’s why upsizers often go for a large eat-in kitchen connected to an even larger 'great room,'" Davis says.

-- Remember the realistic need for good airport access.

Do you yearn to retire to a faraway place and yet still wish to see extended family as often as possible? If so, Davis says you’d be well advised to upsize to an area with good transportation access.

“[L]ook for an area served by an excellent airport. Search for an airport that serves as a hub for at least one airline with lots of service and decent fares,” he says.

Granted, you won’t want to live so close to an airport that you’ll be tormented by the noise of planes flying overhead. Yet you’ll want to be close enough to the airport that family visits aren’t too taxing.

“If you’re counting on air travel for family get-togethers, try to live within a 90-minute drive from a good airport,” Davis says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)