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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.

How to Refinance a Mortgage

When you refinance a mortgage, you take out a new loan to pay off the old one. This time, you aim for a lower interest rate and better terms. However, refinancing a mortgage can be a risky process.

Published:  Wed, 24 Apr 2019 11:04:00 GMT



Mortgage rates are low. Here's how to figure out if you should refinance

The recent drop in mortgage rates may have you dreaming of buying a new home or refinancing your current house. You're not alone. Housing sentiment has surged thanks to those low rates, according to ...

Published:  Tue, 23 Apr 2019 01:36:00 GMT



Weekly mortgage applications fall as the highest rates in a month are spooking spring buyers

Overall mortgage application volume fell 7.3% last week from the previous week but was 6.6% higher than a year ago, thanks to stronger refinance volume, according to the Mortgage Bankers Association. ...

Published:  Wed, 24 Apr 2019 05:00:00 GMT



UPDATE 1-U.S. mortgage applications post biggest fall in four months - MBA

NEW YORK, April 24 (Reuters) - U.S. mortgage applications to buy a home and to refinance one recorded their steepest weekly decline in four months as some mortgage rates increased to one-month highs, ...

Published:  Wed, 24 Apr 2019 07:22:00 GMT



Quicken Loans parent company Rock Holdings acquires Canadian fintech company Lendesk

Rock Holdings, the parent company of Quicken Loans, has acquired a majority stake in Canadian ... Lendesk hopes the acquisition will accelerate the development of its mortgage origination network. "At ...

Published:  Wed, 24 Apr 2019 11:44:00 GMT



Refinance mortgage rates mixed for Monday

The nationwide average for a 30-year fixed-rate refinance was flat, but the nationwide average on a 15-year fixed refinance was higher. The average rate on 10-year fixed refis, meanwhile, advanced. ...

Published:  Mon, 22 Apr 2019 03:32:56 GMT



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