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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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What to Know Before Refinancing Your Home Mortgage

Information is power. Before refinancing your home, make sure you are armed with enough information to make good decisions and get the best deal.

Know what banks are requiring from you. Before starting the paperwork, go online and determine what information a lender is going to need from you in order to refinance your mortgage and start making a file and a list. That way, you're prepared and don't waste time or money.

Find out how much your home is worth. Home property values have plummeted across the nation. If you haven't had your home assessed in the past couple of years, do so early in the process so you know whether you have any equity in the home or whether you are “under water,” meaning you owe more on the loan than the home is worth. Knowing this information will keep you from being taken by surprise later and help you make the right decision in regards to your mortgage.

Check your credit. Request a copy of your credit report and credit history before beginning the refinancing process. This will prevent you from being surprised and give you a chance to clear up any problems. While you may not think you have a credit problem because you have little debt and pay all your bills on time, frequently borrowers with little debt can wind up with a lower score because they have less of a record of credit.

Research the rates and the costs associated with refinancing. While interest rates on home mortgages are now at record lows, the closing costs on the mortgage can be high enough to dissuade you. Some banks are actually raising their closing costs in order to control the number of people wanting to refinance and reduce the number of loans they have to process. Refinancing costs such as closing costs, inspection fees, application fees and other costs can equal 4-6 percent of the principal on the loan.

Allow plenty of time. With interest rates this low, the number of people wanting to refinance has increased greatly. Consequently, the amount of time it takes for the lenders to process mortgage applications has increased greatly. It used to take 30 days. In some parts of the country, it has increased up to 45-90 days.

If you're interested in refinancing, be sure to go online and research all of your options. Not only should you research interests, fees and costs but be sure to also review what other consumers said about doing business with the lenders. Armed with information from a variety of lenders, you will be in a position to negotiate to get the best possible terms.

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 "˜mystery,' but not mysterious enough to keep rates low

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



Starkey Mortgage rebrands as Certainty Home Loans

Plano, Texas-based Starkey Mortgage announced it is rebranding the company and changing its name to Certainty Home Loans, effective Oct. 2. The company opened its doors in 2000 and now offers home purchase, refinance, renovation and reverse mortgage loans ...

Published:  Fri, 15 Sep 2017 16:35:00 GMT



Leading Financial Website Refinance Mortgage Rates Launches Consumer Guides

Wilmington, DE - Leading online finance website www.refinancemortgagerates.org is delighted to announce the launch of their exclusive mortgage refinance consumer guides. The guides have been created to provide anyone considering refinancing their home a ...

Published:  Mon, 18 Sep 2017 20:04:00 GMT



MBA: Mortgage Applications Drop 9.7%

The refinance share of mortgage activity rose to 52.1% of total applications, up from 51.0% the previous week. The adjustable-rate mortgage share of activity rose to 6.8% of total applications. The FHA share remained unchanged at 9.9%, the VA share fell to ...

Published:  Wed, 20 Sep 2017 08:46:00 GMT



LIBOR and the Future of Floating Rate Mortgage Loans

Your article was successfully shared with the contacts you provided. In light of the fact that many real estate lenders rely upon the London Interbank Offered Rate (LIBOR) as a principal index rate, there has been a great deal of concern throughout the ...

Published:  Tue, 19 Sep 2017 23:09:00 GMT



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