Mortgage and Refinancing Information Channel:
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Home Mortgages: Up, Up and Away!
Refinance NOW-before it's too late
If you haven't found the time to refinance your existing home mortgage, it's time to take action-like yesterday! Every time Alan Greenspan, Federal Reserve Board Chairman, opens his mouth, you can bet that the federal funds rates will rise by at least a quarter of a point, or by 25 basis points in investorese. What that means to you is that home mortgages will rocket as well.
A quarter of a percentage point may not seem like much, given that the federal funds rate currently stands at 2 ¾ per cent, but a reality check quickly reveals that you, personally, have probably never seen 2 ¾ per cent interest on anything in your lifetime. Take a look at your credit card statements. Are you paying 2 ¾ per cent on your credit? What about your home mortgage? Without getting technical, there's little correlation between the federal funds rate and home mortgage rates except the direction in which they travel, and right now that direction is headed to the sky.
You've already missed the opportunity of a lifetime to lock in the lowest rates you'll see for the foreseeable future, but you have a little more time to get your hands on relatively cheap money. The window of opportunity is rapidly closing, so if you're going to refinance, you must do it as soon as possible.
Things you may not know about refinancing:
A small rate cut can pay off handsomely in smaller monthly mortgage payments.
Smaller monthly mortgage payments will decrease your tax deduction, because you will no longer be paying as much interest as you've been paying. Factor this in, because it's the total savings that matters.
You can and should ask to have fees waived or reduced: application fees, origination fees, appraisal fees, legal fees, points, and closing costs.
If you don't have cash on hand to pay fees, you can get them tacked on to the mortgage, paying nothing out of pocket for your refinanced home mortgage.
If you refinance and shorten the term of a home mortgage, you will pay a higher monthly payment, but you'll save a significant amount of money over the term of the mortgage in addition to paying off your home and building equity faster.
Standard mortgage terms run 15 years or 30 years. If you'd prefer a term somewhere in between the standard terms, ask for a custom loan and designate a term that works better for you. Find a term that strikes a balance between a term shorter than 30 years and monthly payments lower than those of a 15-year mortgage.
If you cannot get a custom term, settle for a 30-year mortgage and pay more than the monthly payment to pay off the loan sooner. You must also negotiate no pre-payment penalty.
Where to go from here
1. Review your credit record with each of the three credit bureaus: Equifax, TransUnion and Experian. Mistakes are common in credit reports, and you may be surprised at what you find: accounts that do not belong to you, balances that do not match your statements, an identity mistake or worse. Correct any bad information.
2. Compare mortgage rates and fees online among several finance companies.
3. Use a good mortgage calculator. Using refinance calculators is the only way to determine which loan is the better all-around deal.
Work fast, but negotiate hard to make a deal that works for you. The loan company wants your business as badly as you want a better rate.
M J Plaster is a successful author who provides information on home loans and home equity loans. M J Plaster has been a commercial freelance writer for almost two decades, most recently specializing in home and garden, the low-carb lifestyle, investing, and anything that defines la dolce vita.
MORE RESOURCES updated Fri. September / 25 / 2020
Mortgage and refinance rates today, September 25, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Sovereign Lending Group, Mortgage Refinance Company, Hires Curt Rosequist As They Expand To Texas. - GlobeNewswire
Sovereign Lending Group, Mortgage Refinance Company, Hires Curt Rosequist As They Expand To Texas. GlobeNewswire
Refinancing Your Mortgage Is About to Get More Expensive The Wall Street Journal
The best mortgage and refinance rates today: Thurs, Sept 24, 2020 | Rates increase - Business Insider
How to refinance your mortgage FOX 29 News Philadelphia
Mortgage Refinancing Boom Is Too Automated Financial Advisor Magazine
How to refinance your mortgage without closing costs Fox Business
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
How often can you refinance your mortgage? Fox Business
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Mortgage Refinance Calculator Clark.com
How and Why to Refinance Your Mortgage: A Step-By-Step Guide Clark.com - Clark Howard
Should I refinance my mortgage? A financial planner explains Business Insider
When Should I Refinance With a No Closing Cost Mortgage? Clark.com - Clark Howard
Jump in U.S. Mortgage Refinancing Point2 Homes
Clark Howard’s Special Rule for Refinancing Your Mortgage Clark.com - Clark Howard
Today's best mortgage and refinance rates: Thursday, August 27, 2020 | Rates Fall - Business Insider
15-year mortgage rate hits new record low Bankrate.com
The Uncommonly Strong Case For Locking a Mortgage Rate Mortgage News Daily
What to consider when retiring and refinancing your home Washington Post
The 5 Best VA Loan Rates of 2020 Investopedia
Stellar Housing Data; Rates Inching Lower Mortgage News Daily
Warren Buffett Has This Advice for Homebuyers The Motley Fool
Dwight Capital Provides $36M HUD Loan on Seattle Suburb Rental Asset Commercial Observer
Record number of banks offering cashback of up to $4000 for moving your mortgage, but is it worth it? - 9News
Record number of banks offering cashback of up to $4000 for moving your mortgage, but is it worth it? 9News
Coronavirus is driving a home renovation boom: Most popular projects, plus financing tips - Bankrate.com
Coronavirus is driving a home renovation boom: Most popular projects, plus financing tips Bankrate.com
United Shore seeks to outpace Rocket in mortgage war The Detroit News
A great time to refinance your mortgage Yahoo News
Santander Adopts Digital Mortgage Solution From Roostify National Mortgage Professional Magazine
RED Mortgage Capital Provides $39 Million FHA Loan for Luxury Mixed-Income Multifamily Housing in Salt Lake City - PRNewswire
RED Mortgage Capital Provides $39 Million FHA Loan for Luxury Mixed-Income Multifamily Housing in Salt Lake City PRNewswire
Mortgage refinance: Everything you need to know Fox Business
Rates Heading Back to All-Time Lows, But it Won't Last Mortgage News Daily
Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service - Mortgage News Daily
Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service Mortgage News Daily
When should you refinance your mortgage? Fox Business
How to get the best mortgage refinance rates Fox Business
10 things to know before refinancing your mortgage Fox Business
Compare Today's Mortgage Refinance Rates: Sep 24 Credible News
How to get a low-cost mortgage refinance Bankrate.com
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
Mortgage refinancing will be 0.5% more expensive, Fannie Mae and Freddie Mac to raise fees - USA TODAY
Mortgage refinancing will be 0.5% more expensive, Fannie Mae and Freddie Mac to raise fees USA TODAY
How does mortgage refinancing work? Bankrate.com
Should you refinance your mortgage? Tennessean
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal