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The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

The Latest News in Home Mortgage Refinancing

 

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The Basics of Refinancing Your Home Mortgage

Your home is your largest, most valuable financial asset. It can take years to pay off the mortgage on that asset. To reduce your monthly payment or the amount of interest you pay over the long run, you may want to consider refinancing that loan. Home loan interest rates are at record levels so this is a great time to look into refinancing your mortgage.

When refinancing, you essentially pay off your existing mortgage and create a new one. Since you are creating a new loan when you refinance, you get a new loan with new terms. There's a variety of mortgage terms you can negotiate. These include interest rates, duration of the loan and the amount of the loan.

Interest rates: Many people choose to refinance their mortgages when interest rates have dropped significantly to make it financially beneficial to refinance the mortgage. By refinancing at a lower interest rate, you can lower your monthly mortgage payments.

Another term which can be negotiated on your home loan is the term or duration of the loan. If you previously had a 10-year loan, it's possible to get a new mortgage with a 30-year duration. This is a good option if you're consolidating debt into the new mortgage amount. Beware that on a mortgage with a shorter duration that you may be paying a higher monthly mortgage rate. Contrarily, a longer term mortgage will most likely have a lower monthly payment.

Finally, you may also be able to negotiate the amount of the loan. If your home has held its value or increased in value, you can roll another loan or other debt into your home mortgage amount. That way, you pay off both loans with one low monthly payment. With interest rates as low as they are, this is a very desirable strategy. Credit card debts, car and student loans are debt items that can be rolled into a new mortgage.

Also, don't forget to shop interest rates before starting the paperwork. Banks vary on their interest rates, closing costs and fees. Some banks are actually raising these rates and costs in an effort to increase their profits and hold down the amount of loans they are processing. Go online and research rates among lenders. Not only can you look for the best deal, but you can use this information to negotiate lowers costs.

Be careful not to get addicted to refinancing. Some people refinance every time interest rates take a dip. While it may seem like you are saving money, you are also racking up closing costs every time you create a new loan. Over the long run, refinancing multiple times may actually cost you money.

The 7 Things You Need to Know Before Refinancing Your Mortgage

Mortgage rates remain historically low. In fact, rates are so low that a mortgage consumer with decent credit can land a 30-year-fixed mortgage with a rate of 4.0%, or even lower for consumers with excellent credit. Consequently, it's a good time for a ...

Published:  Wed, 13 Sep 2017 18:19:00 GMT



What You Should Know Before Refinancing a Mortgage

There are many good reasons to refinance a mortgage, but it's not right for everyone. Several key factors need to be considered to determine if refinancing is a viable way to meet financial goals. First, you need to determine your goals for refinancing ...

Published:  Wed, 13 Sep 2017 13:50:00 GMT



With Uber and Lyft in Philly, taxi loans are underwater, like mortgages in 2008

Jane M. Von Bergen writes about the workplace - employment, unemployment, management, unions, legal issues, labor economics, benefits, work-life balance, workforce development, trends and profiles. Not long ago, Viresh Ahuja, 40, counted himself a ...

Published:  Fri, 22 Sep 2017 11:53:00 GMT



Fixed mortgage rates halt their downward march

The refinance index jumped 9 percent, while the purchase index grew 11 percent. The refinance share of mortgage activity accounted for 51 percent of all applications. "To illustrate the impact of the two major hurricanes, over the past two weeks ...

Published:  Wed, 13 Sep 2017 21:00:00 GMT



Buying a house just got more expensive: Mortgage rates rise for first time in 7 weeks

What's more, the central bank plans to slowly reduce the its huge holdings of mortgage-related loans and that could put some upward pressure on rates over time. Read: Yellen says low inflation a "śmystery,' but not mysterious enough to keep rates low

Published:  Thu, 21 Sep 2017 08:17:00 GMT



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