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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.

Refinance mortgage rates mixed for Saturday

Refinance rates were mixed today. The national average for a 30-year fixed-rate refinance was flat, but the average rate on a 15-year fixed refinance saw an increase. Meanwhile, the average rate on 10 ...

Published:  Sat, 20 Oct 2018 03:48:00 GMT



Mortgage rates retreat, but housing supply crunch won't let up

Rates for home loans fell in tandem with the bond market, a welcome respite for the housing market after a recent run-up in home financing costs. The 30-year fixed-rate mortgage averaged 4.85% in the ...

Published:  Sat, 20 Oct 2018 06:14:00 GMT



U.S. mortgage industry faces job losses as refinancing dries up

NEW YORK (Reuters) - With mortgage applications falling to their lowest since late-2014, the U.S. home lending industry is facing a major overhaul in how it works and manages staffing levels. Call-cen...

Published:  Thu, 18 Oct 2018 05:16:00 GMT



Mortgage rates pull back after last week's sharp increase

The refinance index fell 9 percent from the previous week, while the purchase index dropped 6 percent. The refinance share of mortgage activity accounted for 38.1 percent of all applications. "The jum...

Published:  Thu, 18 Oct 2018 07:08:00 GMT



Refinance mortgage rate drops for Friday

Refinance rates were mixed, but one key rate receded. The national average for a 30-year fixed-rate refinance tapered off, but the average rate on a 15-year fixed climbed higher. The average rate on 1...

Published:  Fri, 19 Oct 2018 03:38:00 GMT



Lawsuit alleged False Claims Act violations on FHA loans

A whistleblower will receive nearly $2 million for her role in a lawsuit alleging Universal American Mortgage Company LLC approved loans for government insurance that didn't qualify. As a mortgagee wi...

Published:  Fri, 19 Oct 2018 16:29:00 GMT



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