March 23, 2018

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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


Top Consumer Reviews Articles 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.

UBS pays $230M for faulty mortgage loans

Big banks continue to fork over fines for gambling on mortgage-backed securities in the years leading up to the 2008 financial crisis. UBS is the latest financial firm to reach a settlement with New York. To make up for the company's packaging and selling ...

Published:  Thu, 22 Mar 2018 11:27:00 GMT

Mortgage rates recommence their upward trajectory

The refinance index fell 5 percent, while the purchase index ticked up 1 percent. The refinance share of mortgage activity accounted for 38.5 percent of all applications. "The refinance share of applications decreased to 38.5 percent, its lowest level ...

Published:  Thu, 22 Mar 2018 07:38:00 GMT

Mortgage rates edge up even as trade war worries loom ahead

Rates for home loans ticked up as global trade concerns countered investors' belief that the Federal Reserve was likely to raise short-term interest rates. The 30-year fixed-rate mortgage averaged 4.45% during the week ending March 22, according to ...

Published:  Thu, 22 Mar 2018 07:51:00 GMT

Mortgage refinances fall even further despite first rate drop of 2018

The refinance share of mortgage applications fell to just 38.5 percent, the lowest since September 2008. Mortgage applications to purchase a home increased 1 percent for the week and were 6 percent higher than a year ago. Purchase volume is less reactive ...

Published:  Wed, 21 Mar 2018 04:03:00 GMT

FHA Updates Reverse Mortgage Calculator to Reflect Refinance Changes

The Federal Housing Administration this week released a new version of its reverse mortgage software to account for recent changes to the way it handles loan refinances. Version 2.5 of the Home Equity Conversion Mortgage Calculation Software (Calculator ...

Published:  Thu, 22 Mar 2018 12:45:00 GMT

Should this reverse mortgage borrower modify or refinance

Jane took out a HECM reverse mortgage on her house five years ago when she became 62. Because she was still employed at the time, she elected to take a credit line, which she has used sparingly ever since. She has now quit her job and wants to receive the ...

Published:  Fri, 09 Mar 2018 22:00:00 GMT

Blackstone Mortgage Trust Announces Pricing Of Public Offering Of Convertible Senior Notes

The Company intends to use the net proceeds from the offering to originate and purchase additional commercial mortgage loans and other target assets and investments consistent with its investment strategies and investment guidelines, and for working ...

Published:  Thu, 22 Mar 2018 19:15:00 GMT

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