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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.

VA loans: Lower rates & you'll never pay mortgage insurance

Looking for a 100% loan. The VA loan may be your answer. Many VA borrowers say that buying a home with no money down is the VA program's biggest advantage. But there are other characteristics of a VA mortgage that provide huge benefits as well ...

Published:  Mon, 22 Jan 2018 09:32:00 GMT



Gold Star Mortgage Services| Home Financing | Halifax, VA

professional expertise and integrity to make your next Danville real estate transaction stress-free.Our mortgage specialists have the experience to find you the best home loan, refinancing options, and achieve all of your financial mortgage goals.

Published:  Mon, 22 Jan 2018 10:26:00 GMT



Mortgage applications rise 4.1% as borrowers see last chance to get lowest rates

especially to refinance their current loans, worried that the long run of record low rates is over. The rise in mortgage applications last week doesn't make sense - unless you factor in fear. Interest rates rose, but borrowers may have jumped in ...

Published:  Thu, 18 Jan 2018 03:04:00 GMT



Borrowers Get Ahead of Tax Changes, Refinance Activity Up in December

Both increases were possibly due in part to borrowers trying to lock in the existing mortgage interest deduction limit ($1 million) before the new $750,000 limit kicked in on January 1. The closing rates on all loans increased from 70.9 percent to 71.2 ...

Published:  Thu, 18 Jan 2018 06:07:00 GMT



Long-term mortgage rates rise: 30-year hits 4.04 percent

WASHINGTON - Interest rates on long-term home loans rose this week. The rate on the benchmark 30-year, fixed-rate mortgage hit the highest level since May 2017. Mortgage giant Freddie Mac says the 30-year rate rose to 4.04 percent this week from 3.99 ...

Published:  Wed, 17 Jan 2018 20:00:00 GMT



Discover the global mortgage & loans software market

A brief overview of the Global Mortgage & Loans Software Market is provided in the report based on product scope and market status & outlook. The market is segmented on the basis of type, end-users/application, and geography. Mortgage & Loans Software ...

Published:  Thu, 18 Jan 2018 01:41:00 GMT



Mortgage rates spike to 8-month high as inflation heats up

Rates for home loans cruised higher along with the broader bond market, as investors focused on inflation and a humming economy. The 30-year fixed-rate mortgage averaged 4.04% during the week ending Jan. 18, Freddie Mac said Thursday, up from 3.99% in the ...

Published:  Thu, 18 Jan 2018 07:00:00 GMT



Government to fund low-interest mortgage scheme

The allocation for this year is expected to cover about 1,000 mortgages. The loans can be used to purchase new and second-hand properties, or to finance the building of a home. The scheme is to be targeted at people who have been turned down for mortgage ...

Published:  Mon, 22 Jan 2018 04:01:00 GMT



Government Shutdown Could Impact Mortgage Loans

A government shutdown would mean parts of major federal agencies, like the Internal Revenue Service, would shut down, and that could have a huge impact on home buyers. After months and months of searching, Elena Snyder, finally found the perfect home.

Published:  Fri, 19 Jan 2018 20:51:00 GMT



How to Get a SunTrust Mortgage

SunTrust Bank offers a variety of mortgage programs you can use to refinance existing home loans or purchase a home for the first time. You can also use SunTrust home loans for a cash-out refinance, which enables you to use your home's equity for a major ...

Published:  Tue, 16 Jan 2018 12:08:00 GMT



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