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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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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

What to Know Before Refinancing Your Home Mortgage

Information is power. Before refinancing your home, make sure you are armed with enough information to make good decisions and get the best deal.

Know what banks are requiring from you. Before starting the paperwork, go online and determine what information a lender is going to need from you in order to refinance your mortgage and start making a file and a list. That way, you're prepared and don't waste time or money.

Find out how much your home is worth. Home property values have plummeted across the nation. If you haven't had your home assessed in the past couple of years, do so early in the process so you know whether you have any equity in the home or whether you are “under water,” meaning you owe more on the loan than the home is worth. Knowing this information will keep you from being taken by surprise later and help you make the right decision in regards to your mortgage.

Check your credit. Request a copy of your credit report and credit history before beginning the refinancing process. This will prevent you from being surprised and give you a chance to clear up any problems. While you may not think you have a credit problem because you have little debt and pay all your bills on time, frequently borrowers with little debt can wind up with a lower score because they have less of a record of credit.

Research the rates and the costs associated with refinancing. While interest rates on home mortgages are now at record lows, the closing costs on the mortgage can be high enough to dissuade you. Some banks are actually raising their closing costs in order to control the number of people wanting to refinance and reduce the number of loans they have to process. Refinancing costs such as closing costs, inspection fees, application fees and other costs can equal 4-6 percent of the principal on the loan.

Allow plenty of time. With interest rates this low, the number of people wanting to refinance has increased greatly. Consequently, the amount of time it takes for the lenders to process mortgage applications has increased greatly. It used to take 30 days. In some parts of the country, it has increased up to 45-90 days.

If you're interested in refinancing, be sure to go online and research all of your options. Not only should you research interests, fees and costs but be sure to also review what other consumers said about doing business with the lenders. Armed with information from a variety of lenders, you will be in a position to negotiate to get the best possible terms.

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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