TopConsumerReviews.com Best Mortgage Refinance Programs
      August 7, 2020

Home  >  Mortgage Refinance  >  Articles

Best Mortgage

Refinance Programs

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

Your Information Is Secure
Mortgages: The Complete Guide Newsletter

Compare Products

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

Latest Reviews

Auto Loans

Babysitters

Christmas Cards

Credit Counseling

DUI Lawyers

Fruit Clubs

Home Brew Beer Supplies

Homeschool Supplies

Music Publishing

Senior Care

 

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.

U.S. Mortgage Rates Plunge to Record Low 2.88% for 30-Year Loans

Mortgages rates have found another record low, potentially boosting a housing market that has been a bright spot for a shaky U.S. economy.

Published:  Thu, 06 Aug 2020 07:45:00 GMT



Today's 30-Year Mortgage Rates

Here's what today's 30-year mortgage rates look like. Compare current interest rates to determine if a 30-year home loan is right for you.

Published:  Thu, 06 Aug 2020 15:42:00 GMT



You Might Be Paying Too Much for Mortgage Refinance Closing Costs

As low mortgage rates continue to break records, you may be feeling the pressure to refinance. This week, the average rate for a 30-year fixed-rate mortgage is 2.88%-which doesn't include origination ...

Published:  Thu, 06 Aug 2020 09:37:00 GMT



Mortgage Refinance Rates Today, August 6, 2020 | Rates fall

Several key refinance rates trended down today. See what that means for your chances of getting a better mortgage rate.

Published:  Thu, 06 Aug 2020 04:40:00 GMT



Mortgage Rates Hit New Low, Keeping Rising Home Prices In Check

Mortgage rates reached another low this week, helping to keep rising interest rates in check. getty. Mortgage rates have hit yet another record-breaking low, this time falling to ...

Published:  Thu, 06 Aug 2020 09:46:00 GMT



Mortgage rates fall to a record low for the eighth time this year, making buying a home more affordable for many Americans

While home buyers may have plenty of options for cheap financing, they won't have much choice about what properties they can purchase.

Published:  Thu, 06 Aug 2020 07:23:00 GMT



Mortgage Interest Rates Decrease, Setting New Lowest Rate On Record For 8th Time This Year

Mortgage interest rates have dropped even lower. getty. As the weeks go by, the rates get lower. A few weeks ago mortgage interest rates dipped below the 3% barrier-which was a ...

Published:  Thu, 06 Aug 2020 09:11:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure