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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.

Compare Top Mortgage Rates for December 2018

Secure and compare current mortgage rates from multiple lenders near you. Bankrate provides real-time interest rates with APR for various loans including: 30-year fixed and 15-year fixed loans. To lea...

Published:  Sat, 08 Dec 2018 01:17:00 GMT



Mortgage rates are down significantly over the past three weeks

The refinance index jumped 6 percent from the previous week, while the purchase index edged up 1 percent. The refinance share of mortgage activity accounted for 40.4 percent of all applications. "Appl...

Published:  Thu, 06 Dec 2018 07:24:00 GMT



Mortgage rates hit a 2-month low, offering house-hunters the only reprieve from market turmoil

A sign advertising a lower price sits next to a real estate sign in Westerville, Ohio Rates for home loans tumbled for a third week, making real estate one of the only places to hide - at least for no...

Published:  Fri, 07 Dec 2018 05:36:00 GMT



4 Ways to Save on a Mortgage

Most people in the market to buy a home rely on mortgage loans to provide the financing they need to make their purchase. With real estate prices on the upswing in many real estate markets and mortgag...

Published:  Thu, 06 Dec 2018 03:35:00 GMT



CFPB sues mortgage company for allegedly deceiving veterans about refinance benefits

On December 6, the CFPB announced the filing of a complaint and proposed final judgment in the U.S. District Court for the District of Nevada against a non-bank mortgage company for allegedly deceivin...

Published:  Sat, 08 Dec 2018 16:12:00 GMT



Mortgage rates drop to 2-month low-an unexpected holiday gift to housing

Mortgage rates are falling sharply, as investors head to the relative safe haven of the bond market. Mortgage rates follow loosely the yield on the 10-year U.S. Treasury. The average rate on the popul...

Published:  Thu, 06 Dec 2018 10:32:00 GMT



Mortgage Applications: Refis at Lowest Levels Since 2000

The share of refinancing applications ticked up from 39.1 percent of the total to 39.4 percent. "Recent volatility in the financial markets and increasing rates continue to adversely impact mortgage a...

Published:  Wed, 14 Nov 2018 05:12:00 GMT



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