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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 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.

Fannie Mae predicts surge in mortgage refinancing following Fed rate cut

It is expected that 35% of all new mortgages in 2019 will be made up of refinanced mortgages, according to a report from Fannie Mae (FNMA) out on Thursday. This is up from 29% in 2018 and suggests ...

Published:  Thu, 15 Aug 2019 05:36:00 GMT



Mortgage-Refinancing Rush Is On as 35% of Mortgages Now Eligible for Lower Rates

President Donald Trump's trade war with China is hurting U.S. manufacturers and casting a pall over the stock market, but there's a silver lining for households: mortgage rates at their lowest in ...

Published:  Thu, 15 Aug 2019 09:40:00 GMT



Drop in mortgage rates is a boon for homebuyers and refinancing

Worries about the world economy and the shaky stock market have given homebuyers a windfall. Home mortgage rates have plunged to near historic lows, making it much cheaper to finance a property ...

Published:  Fri, 16 Aug 2019 04:00:00 GMT



Mortgage rates rest near historic lows as the specter of a recession roils markets

The last time mortgage rates were lower was in early November 2016. Throughout 2019, rates for 30-year home loans have only increased on eight occasions - otherwise, they have dropped or remained even ...

Published:  Thu, 15 Aug 2019 08:07:00 GMT



Mortgage rates level off at multiyear lows as investors stay away from mortgage-backed securities

According to the latest data from the Mortgage Bankers Association, the market composite index - a measure of total loan application volume - increased 21.7 percent from a week earlier. The refinance ...

Published:  Thu, 15 Aug 2019 08:23:00 GMT



Falling rates touch off a boom in mortgage refinancing

The global economy's pain has become the Jones family's gain. Worries about trade tensions and slower growth have caused long-term bond yields to plummet this year, and mortgage rates have followed ...

Published:  Sat, 17 Aug 2019 22:19:00 GMT



Real-Estate Matters | Divorce decree supports ex-spouse, so refinance house

You also stated that the decree requires you to refinance the loan and take his name off the loan ... then his credit score will take a hit and possibly prevent him from securing a mortgage. And, just ...

Published:  Sun, 18 Aug 2019 01:49:00 GMT



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