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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.

U.S. banks push mortgage apps as home lending slows

Quicken Loans was the first to gain traction with digital home loans following its 2016 Rocket Mortgage launch. The app is now key to its mortgage sales with more than 98 percent of the $20 billion in first-quarter lending volume accessing Rocket Mortgage ...

Published:  Fri, 20 Apr 2018 12:41:00 GMT



Mortgage rates roar to a fresh 2018 high

Rates for home loans surged on strong economic data, taking the benchmark rate to its highest point so far this year. The 30-year fixed-rate mortgage averaged 4.47%, according to Freddie Mac's weekly survey, out Thursday. That was five basis points ...

Published:  Sat, 21 Apr 2018 05:23:00 GMT



Embrace Home Loans' Senior Loan Officer Recognized Among Industry's Elite by Mortgage Executive Magazine

MIDDLETOWN, R.I.--(Business Wire)--Embrace Home Loans, a prominent leader in the mortgage industry, today announced that senior loan officer, Frank Virga, has been recognized by Mortgage Executive Magazine in its "Top 1% of Mortgage Originators in ...

Published:  Mon, 23 Apr 2018 07:00:00 GMT



FSCO takes further step to protect syndicated mortgage investors

and four licensed individuals involved with syndicated mortgage loans. At that time, BDMC voluntarily agreed that FAAN Mortgage, an arms-length licenced mortgage administrator, would take over management of BDMC's mortgage administration business for the ...

Published:  Fri, 20 Apr 2018 15:39:00 GMT



Get Support From Arizona Mortgage Refinance Specialists

Anyone interested in taking out a new loan with new terms is obviously interested in Arizona mortgage refinance information. This is the main reason why ABLEnding, Inc exists. This company dedicates its time and resources to the provision of useful ...

Published:  Fri, 06 Apr 2018 17:07:00 GMT



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