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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.

Refinance rates hold steady for Friday

A month ago, the average rate on a 30-year fixed refinance was higher, at 4.52 percent. At the current average rate, you'll pay $497.81 per month in principal and interest for every $100,000 you borro...

Published:  Fri, 15 Feb 2019 03:36:00 GMT



Mortgage rates dip to their lowest levels in more than a year

The purchase index fell 6 percent. The refinance share of mortgage activity accounted for 43.2 percent of all applications. "Lower borrowing costs are not translating into increased application activi...

Published:  Thu, 14 Feb 2019 07:13:00 GMT



Why you can be denied a mortgage, and what to do if it happens

It may take time, but you may still be able to buy a home. The reason for a mortgage loan denial isn't always something as simple as being overextended on your current loans or having several accounts ...

Published:  Fri, 15 Feb 2019 01:59:00 GMT



5 Things to Know About Mortgage Loans and Bad Credit

Believe it or not, your credit doesn't have to be stellar to get a mortgage. Many banks and mortgage lenders only extend mortgage loans to applicants with at least a 640 credit score. However ...

Published:  Wed, 13 Feb 2019 11:01:00 GMT



How to Invest in Mortgage REITs in 2019

which changes the cash flows to holders of mortgage-backed securities," Johnson says. They don't pay off the notes and refinance at lower rates like they do when interest rates are lower.

Published:  Fri, 15 Feb 2019 09:07:00 GMT



Despite falling rates, U.S. mortgage applications fall again

MBA's seasonally-adjusted barometer on mortgage refinancing dipped 0.1 percent to 1,052.4 in the latest week. The refinance share of total mortgage applications grew to 43.2 percent from 41.6 percent ...

Published:  Wed, 13 Feb 2019 18:33:00 GMT



HomeStreet Bank seeks to pare mortgage business

... pressure on mortgage origination volumes as higher interest rates reduce demand for mortgage refinancing and higher home prices decrease the affordability of home purchases. Hires KBW to seek ...

Published:  Fri, 15 Feb 2019 06:45:00 GMT



Bryn Mawr Trust commits to $25M in low-to-moderate-income mortgage loans

Bryn Mawr Bank Corp. announced a new $25 million pledge to help advance homeownership in local low- and moderate-income neighborhoods. The Neighborhood Opportunity Program, which extends through the b...

Published:  Wed, 13 Feb 2019 04:36:00 GMT



Mortgage applications drop 3.7% as homebuyers pull back

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.65 percent from 4.69 percent, with points decreasing to 0.43 from 0. ...

Published:  Wed, 13 Feb 2019 04:00:00 GMT



Sierra Pacific Mortgage fined $3.67 million for FHA lending violations

According to the U.S. Attorney's Office, Sierra Pacific was accused of violating the False Claims Act by falsely certifying that it complied with FHA mortgage insurance requirements in connection with ...

Published:  Wed, 13 Feb 2019 15:44:00 GMT



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