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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 move lower for the third time in a month

The refinance index rose 6 percent, while the purchase index grew 4 percent. The refinance share of mortgage activity accounted for 36.8 percent of all applications. "It was a mixed week for rates in MBA's survey," said Joel Kan, an MBA economist.

Published:  Thu, 21 Jun 2018 07:35:00 GMT



Mortgage rates retreat, capping a grim spring selling season

Rates for home loans pulled back in line with bond yields as trade war fears sent investors piling into safe assets. The 30-year fixed-rate mortgage averaged 4.57% during the June 21 week, down from 4.62%, mortgage provider Freddie Mac said Thursday.

Published:  Fri, 22 Jun 2018 05:02:00 GMT



Weekly mortgage applications jump 5.1% as interest rates settle

The gain was driven by applications to refinance a home loan. Interest rate volatility has dissuaded borrowers for months, but some returned to the mortgage market last week. Mortgage application volume increased 5.1 percent from the previous week ...

Published:  Wed, 20 Jun 2018 04:02:00 GMT



Why High Home Prices And Rising Mortgage Rates Aren't Stopping Sales

And though student loans have long been holding this cohort back from buying, Brendan McKay, owner of McKay Mortgage Company, said improving jobs and income have helped alleviate some of the financial pressure. "The job market has improved ...

Published:  Thu, 21 Jun 2018 12:56:00 GMT



Quicken Loans makes it mortgages 'kosher'

Orthodox Jews can continue to take out mortgages and other loans from Quicken Loans after the company resolved a Jewish legal problem. Agudath Israel of America, a major haredi Orthodox organization, issued a Jewish legal ruling in April prohibiting Jews ...

Published:  Mon, 11 Jun 2018 21:42:00 GMT



US long-term mortgage rates fall; 30-year at 4.57 percent

fixed-rate mortgages was 4.57 percent, down from 4.62 percent last week. By contrast, the 30-year rate averaged 3.90 percent a year ago. The average rate on 15-year, fixed-rate loans eased to 4.04 percent from 4.07 percent last week. Putting the recent ...

Published:  Thu, 21 Jun 2018 08:38:00 GMT



Quicken Loans Makes It Kosher For Orthodox Jews To Take Out A Mortgage

(JTA) - Orthodox Jews can continue to take out mortgages and other loans from Quicken Loans after the company resolved a Jewish legal problem. Agudath Israel of America, a major haredi Orthodox organization, issued a Jewish legal ruling in April ...

Published:  Mon, 11 Jun 2018 13:29:00 GMT



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