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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.

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Published:  Thu, 18 Jul 2019 23:53:00 GMT



US average long-term mortgage rates rise; 30-year at 3.81%

Mortgage buyer Freddie Mac said Thursday the average rate on ... which a year ago stood at 4.52% The average rate for 15-year, fixed-rate home loans ticked up to 3.23% from 3.22% last week. ...

Published:  Thu, 18 Jul 2019 18:29:00 GMT



Mortgage Rates Rise, but They Remain a Great Deal

If you spot a good rate and are shopping for a house or are open to a refinance, you may want to lock that rate now. The average rate on 30-year fixed-rate mortgages has risen this week to 3.81% ...

Published:  Thu, 18 Jul 2019 17:15:00 GMT



U.S. mortgage applications drop in latest week: MBA

For example, interest rates on 30-year fixed-rate "conforming" mortgages, or loans whose balances are $484,350 or less, averaged 4.12% last week, higher than last week's 4.04% but still below this ...

Published:  Wed, 17 Jul 2019 11:34:00 GMT



Mortgage Rates Head Up

Sam Khater, Freddie Mac's chief economist, says, "Mortgage rates moved higher after remaining at ... which is evident in the consistently higher refinance and purchase application volumes. The ...

Published:  Thu, 18 Jul 2019 08:00:00 GMT



Weekly mortgage applications drop as rates rise and homebuyers pull back

according to the Mortgage Bankers Association. Volume was 36% higher compared than a year earlier, thanks to stronger refinance activity. Mortgage applications to purchase a home fell 4% for the week ...

Published:  Wed, 17 Jul 2019 09:01:00 GMT



Irish Banks Pay Out Close to $770 Million in Mortgage Scandal

"We continue to pursue lenders through our enforcement investigations." Tracker mortgage loans were closely tied to the European Central Bank's key interest rate, and came into vogue before the crash ...

Published:  Tue, 16 Jul 2019 03:00:00 GMT



State Farm Announces Alliance Bringing Rocket Mortgage's Award-Winning Mortgage Process to its Customers

BLOOMINGTON, Ill. and DETROIT, July 17, 2019 /PRNewswire/ -- State FarmĀ® and Rocket Mortgage by Quicken LoansĀ® today announced an alliance which will allow State Farm agents to help more clients in ...

Published:  Wed, 17 Jul 2019 10:00:00 GMT



Maryland makes headway in helping people with student loans purchase homes

To qualify, buyers must be in good standing on their student loans, purchasing their first home and have at least $1,000 in debt. The purchase also must be financed through the Maryland Mortgage ...

Published:  Tue, 16 Jul 2019 15:45:00 GMT



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