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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.

Thousands of mortgage prisoners trapped in home loans can move to cheaper deals

Around 150,000 mortgage borrowers became trapped when the city watchdog tightened lending rules after the financial crash The city watchdog has announced plans to loosen its often restrictive lending ...

Published:  Tue, 26 Mar 2019 01:56:00 GMT



Refinance your car loan Arlington's MotoRefi can do that

Homeowners refinance their mortgages all the time, but refinancing an auto loan isn't something most borrowers consider. Arlington, Virginia-based startup MotoRefi thinks it has found a way to ...

Published:  Tue, 26 Mar 2019 03:03:00 GMT



Digital Mortgage Disruptor Better.com Now Offering Government-Backed FHA Loans

With Low Down Payments and Flexibility in Mortgage Approval Requirements, FHA Loans Are Ideal for First-Time Home Buyers and The 45 Million Americans with Student Loan Debt Better.com, a digital ...

Published:  Mon, 25 Mar 2019 10:07:00 GMT



U.K. Mortgage Approvals Hit Lowest Since 2013 Amid Brexit Chaos

U.K. mortgage approvals slumped to their lowest level in almost six years, a sign of the Brexit malaise gripping the housing market. Lenders approved 35,299 home loans in February, 11 percent fewer ...

Published:  Tue, 26 Mar 2019 02:31:00 GMT



Falling U.S. mortgage rates expected to help home sales

A year ago, mortgage rates stood at 4.45 percent. Low mortgage rates help propel U.S. home sales and the refinance market. "Mortgage rates have dipped quite dramatically since the start of the year ...

Published:  Mon, 25 Mar 2019 04:00:00 GMT



UK watchdog intervenes to help mortgage 'prisoners'

There are 10,000 mortgage prisoners with lenders that are still actively offering home loans on the market, with another 20,000 at firms authorized to lend but are not longer offering new home loans. ...

Published:  Tue, 26 Mar 2019 01:12:00 GMT



Canadian mortgage rates are falling as bond yields slide lower

Fixed mortgage rates have been falling precipitously in recent weeks, as the cost of financing those loans has gotten cheaper. Banks and other lenders get the money that they loan out in mortgages by ...

Published:  Tue, 26 Mar 2019 03:06:00 GMT



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