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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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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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.

Weekly mortgage applications rise as rates briefly fall back

according to the Mortgage Bankers Association's seasonally adjusted report. Volume remains 8.5 percent below a year ago, when rates were lower. Refinance volume jumped 6 percent for the week, marking the highest level in a month. Homeowners took advantage ...

Published:  Mon, 20 Nov 2017 05:27:00 GMT



Mortgage rates rise but haven't moved much in the past year

according to the latest data from the Mortgage Bankers Association. The market composite index - a measure of total loan application volume - increased 3.1 percent. The refinance index rose 6 percent, while the purchase index was flat, inching up 0.4 ...

Published:  Thu, 16 Nov 2017 06:34:00 GMT



Holden Lewis: 5 ways and reasons to refinance your mortgage

Though mortgage rates have rebounded some from the lows seen in 2016, they remain very attractive. Many homeowners are refinancing before rates go higher. Yes, you can save money by doing a simple refinance in which you swap a lower rate for your existing ...

Published:  Sat, 18 Nov 2017 19:10:00 GMT



Some mortgage, business loans may need updating with looming bank rate phaseout

A: The London Interbank Offered Rate (LIBOR) is the daily calculation of an average of estimated interest rates that a panel of around 20 banks calculate they'd be charged to borrow from other banks. LIBOR serves as the primary reference interest rate that ...

Published:  Thu, 16 Nov 2017 02:00:00 GMT



MBA: Mortgage applications inch higher as refinance demand grows

Mortgage applications ticked up 3.1% from one week earlier, as refinance demand increased, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending Nov. 10. The MBA noted that this week's results ...

Published:  Wed, 15 Nov 2017 04:24:00 GMT



Mortgage Insurance Fund Circling the Drain - Better Loans to Blame

FHA's Mortgage Insurance Fund (MIF) lost ground this past year, which is bad news for those hoping for a cut in its fees. The Department of Housing and Urban Development (HUD) released results of the statutorily required independent actuarial analysis of ...

Published:  Wed, 15 Nov 2017 10:16:00 GMT



Peer-To-Peer Loans Remind The Cleveland Fed Of An Obscure Historical Episode Known As "˜The Subprime Mortgage Crisis'

Remember when everyone was wondering what JPMorgan and Citi would do to defend their market share against the rising tide of peer-to-peer lenders, whose big-data credit metrics and cost-saving disintermediation would prove an existential challenge to ...

Published:  Thu, 09 Nov 2017 16:13:00 GMT



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