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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.

Mortgage rates tumble as housing starts to drag down the economy

Rates for home loans tumbled in line with the broader bond market, even as the housing market's woes threatened to become a headwind for the entire U.S. economy. The 30-year fixed-rate mortgage averag...

Published:  Sat, 18 Aug 2018 08:12:00 GMT



Mortgage rates move lower for second week in a row

The refinance index was unchanged from the previous week, while the purchase index fell 4 percent. The refinance share of mortgage activity accounted for 37.6 percent of all applications. "The drop [i...

Published:  Thu, 16 Aug 2018 07:19:00 GMT



Buyer's guide to the mortgage loan process

When you're ready to purchase your next home, you'll usually have a mortgage loan. Here are several types of home mortgage loans and their descriptions: FHA financing means the Federal Housing Adminis...

Published:  Sat, 18 Aug 2018 13:55:00 GMT



Tips for smart mortgage refinancing

The landscape of mortgage refinancing is shifting, but that shouldn't necessarily scare homeowners away from considering this financial move. According to the Ohio Credit Union League's 2018 Mid-Year ...

Published:  Sat, 21 Jul 2018 02:25:00 GMT



Mortgage Applications: Decline in Purchases Offset by Refinance Gains.

Refinancing made a tiny bit of a comeback during the week ended July 13. Both the Refinancing Index, a component of the Mortgage Bankers Associations (MBAs) Market Composite Index, and the share of ap...

Published:  Wed, 18 Jul 2018 05:26:00 GMT



Bush Wealth Management: Refinancing your mortgage

When you refinance your mortgage, you take out a new home loan and use some or all of the proceeds to pay off the existing one. Why refinance your mortgage There are a variety of reasons why you may ...

Published:  Sun, 01 Jul 2018 07:05:00 GMT



Average US mortgage rates fall; 30-year at 4.53 percent

By contrast, the rate stood at 3.89 percent a year ago. The average rate on 15-year, fixed-rate loans fell to 4.01 percent this week from 4.05 percent last week. Mortgage rates have remained mostly st...

Published:  Thu, 16 Aug 2018 17:21:00 GMT



The Mortgage Professor: Refinancing in a time of rising rates, property values

With interest rates no longer at rock-bottom levels, few borrowers still have an opportunity to profit by refinancing into a lower interest rate. However, the escalation of house prices in many areas ...

Published:  Thu, 14 Jun 2018 17:00:00 GMT



Unmet promises of mortgage loans to Native Hawaiians by Bank of America lead to dispute

A dispute over promises made 20 years ago by Bank of America to provide $150 million in mortgage loans to Native Hawaiians on Department of Hawaiian Home Lands land prompted Gov. David Ige to invite B...

Published:  Fri, 29 Jun 2018 13:43:00 GMT



Ashford Trust refinances 34 hotels with $1.27B of new mortgage loans

Ashford Hospitality Trust (NYSE:AHT) refinances seven mortgage loans with existing outstanding balances totaling $1.07B. The new financing consists of six separate mortgage loans with an average size ...

Published:  Fri, 15 Jun 2018 06:01:00 GMT



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