TopConsumerReviews.com Best Mortgage Refinance Programs
      October 20, 2018

Home  >  Mortgage Refinance  >  Articles

Best Mortgage

Refinance Programs

  1. Quicken Loans
  2. The Easy Loan Site
  3. Rate Marketplace
  4. Mortgage Srch 123
  5. Lower My Bills

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Mortgages: The Complete Guide Newsletter

Latest Reviews

Acne Products

Coffee Clubs

Company Incorporation

CPA Exam Reviews

Credit Repair Companies

Dog DNA Testing

LLC Formation

Meal Delivery Programs

People Search

Pet Insurance

Wholesale Dropshippers

 

Related Articles

The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

The Latest News in Home Mortgage Refinancing

 

Top Consumer Reviews Articles

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.

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.

Refinance mortgage rates mixed for Saturday

Refinance rates were mixed today. The national average for a 30-year fixed-rate refinance was flat, but the average rate on a 15-year fixed refinance saw an increase. Meanwhile, the average rate on 10 ...

Published:  Sat, 20 Oct 2018 03:48:00 GMT



Mortgage rates retreat, but housing supply crunch won't let up

Rates for home loans fell in tandem with the bond market, a welcome respite for the housing market after a recent run-up in home financing costs. The 30-year fixed-rate mortgage averaged 4.85% in the ...

Published:  Sat, 20 Oct 2018 06:14:00 GMT



U.S. mortgage industry faces job losses as refinancing dries up

NEW YORK (Reuters) - With mortgage applications falling to their lowest since late-2014, the U.S. home lending industry is facing a major overhaul in how it works and manages staffing levels. Call-cen...

Published:  Thu, 18 Oct 2018 05:16:00 GMT



Mortgage rates pull back after last week's sharp increase

The refinance index fell 9 percent from the previous week, while the purchase index dropped 6 percent. The refinance share of mortgage activity accounted for 38.1 percent of all applications. "The jum...

Published:  Thu, 18 Oct 2018 07:08:00 GMT



Refinance mortgage rate drops for Friday

Refinance rates were mixed, but one key rate receded. The national average for a 30-year fixed-rate refinance tapered off, but the average rate on a 15-year fixed climbed higher. The average rate on 1...

Published:  Fri, 19 Oct 2018 03:38:00 GMT



Lawsuit alleged False Claims Act violations on FHA loans

A whistleblower will receive nearly $2 million for her role in a lawsuit alleging Universal American Mortgage Company LLC approved loans for government insurance that didn't qualify. As a mortgagee wi...

Published:  Fri, 19 Oct 2018 16:29:00 GMT



Universal American Mortgage Company LLC (UAMC) Agrees to Pay $13.2 Million to Resolve False Claims Act Allegations Related to Loan Guarantees

mortgage insurance requirements in connection with certain loans, the Department of Justice announced today. UAMC is a mortgage lender headquartered in Miami, Florida. "Mortgage lenders may not ...

Published:  Fri, 19 Oct 2018 20:14:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure