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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.

Low Mortgage Rates Spark a Refinance Wave. Should You Refi?

As mortgage rates have slid in the direction of record lows, refinancing has become a top priority for U.S. homeowners. Refinances have been making up the majority of applications for new mortgages, ...

Published:  Sat, 25 Jan 2020 16:12:00 GMT



Over 6.8 million homeowners can cut their mortgage payments with refinancing

In an uncertain environment, seize upon certainty where you can find it." Why your credit score, income and debt matter Before you spend the time applying for a mortgage refinance, be sure you check ...

Published:  Sat, 25 Jan 2020 10:01:00 GMT



4 key questions to ask now before you decide to refinance your mortgage

With interest rates at near historic lows (again), refinancing might be on your radar, which means you may be able to swap out your old, higher interest rate for a new one with lower rates. But will ...

Published:  Tue, 21 Jan 2020 08:44:00 GMT



FICO Launches New Credit Scoring Model: Your Score Might Change, But Your Mortgage Prospects? Probably Not

A whopping 110 million Americans will likely see their credit scores change this summer, thanks to a newly announced credit scoring model from Fair Isaac Corp.-the company behind FICO scores.

Published:  Thu, 23 Jan 2020 16:05:00 GMT



Czech new mortgage volume drops 9.8% in 2019 on tougher rules -central bank

The Czech central bank said on Friday the volume of new mortgage loans including refixings and refinancing dropped 9.8% year-on-year in 2019, in line with its expectations after tighter lending ...

Published:  Fri, 24 Jan 2020 06:39:00 GMT



Better.com Awarded NerdWallet's Best Mortgage Lender for Refinance 2020

Better.com, one of the fastest-growing homeownership companies in the country, was today awarded NerdWallet's 2020 Best-of Award winner within the Best Mortgage Lender for Refinance category. This ...

Published:  Wed, 15 Jan 2020 06:26:00 GMT



Mortgage Rates Drop To Three-Month Low

(RTTNews) - Mortgage rates, or interest rates on home loans, drop to lowest level in three months, according to mortgage provider Freddie Mac (FMCC.OB). Releasing the results of its primary mortgage ...

Published:  Thu, 23 Jan 2020 08:10:00 GMT



Why This Mortgage REIT's No-Debt Rule Changes the Game

The new homeowner agrees to pay back the loan, with interest, over time. The bank (or other company that originates the mortgage) often puts together a whole bunch of loans that it owns and sells them ...

Published:  Thu, 23 Jan 2020 08:55:00 GMT



Mortgage refinancing applications surge thanks to low interest rates

The 30-year fixed interest rate is down almost one percentage point compared to a year ago, which can result in some big savings. NBC's Jo Ling Kent crunches the numbers and has expert advice on what ...

Published:  Fri, 17 Jan 2020 16:25:00 GMT



U.S Mortgage Rates Hit Reverse as the Coronavirus Spreads

Points decreased from 0.24 to 0.21 (incl. origination fee) for 80% LTV loans. Weekly figures released by the Mortgage Bankers Association showed that the Market Composite Index, which is a measure of ...

Published:  Sat, 25 Jan 2020 18:15:00 GMT



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