Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
What the Bank Won't Tell You About Mortgage Refinancing
So you have a mortgage, and you need to refinance to get your interest rates low. Most people simply walk into their bank, ask to refinance, and then end up paying more money long term than they would have otherwise. Some banks would like everyone who is refinancing to remain ignorant, but I am here to tell you what banks don't want you to know. Refinancing can be very beneficial, but one has to understand the terms of the deal, and be very careful when choosing a bank.
One mistake many people make is going to the bank and deciding to refinance before actually looking at the home loan. Some think that their interest rates are too high, and they have too many debts, so refinancing is the only option. Be sure to look at the numbers, and then go over those exact same numbers with your financial advisor. After discussing it, you can then decide to refinance. It is always a good idea, even after you go over the numbers, to ask your bank, "Do I need to refinance?" They cannot lie to you, but they can withhold information. Banks do not want you to understand that fact. Asking questions is one of the best things you can do. Banks love to let customers make bad decisions. As a financial advisor, banks are obligated to tell you the best possible course of action, but not required. Unfortunately, some banks simply want profit, and so the customer's financial situation is not of the utmost importance.
It is up to you then to be informed about all aspects of your financial situation before you walk into the bank. It is advisable to know just as much, if not more than the bank does. Banks take advantage of the uninformed. Some want their customers to be uninformed, because the uninformed individual poses no threat and can be manipulated easily. An uninformed person may accept the banks offer simply because the interest rates are lower. However, some banks try to give lower interest rates for refinancing, but let the consumer end up paying more over the lifetime of the loan. Additionally, banks can expose you, as a borrower, to greater risks than you had with your previous mortgage with a higher risk loan.
Along with understanding your own financial situation, understand the terms being offered by the bank. The bank does not want you to "read the fine print" because you might find something that you don't like, and they would have to change it, or get a new customer. All aspects of the new loan have to be made available to you. Again, all the information about your loan is made available. You, as the customer, just have to seek it. Most customers simply look over the terms of a new loan briefly, merely focusing on the interest rate. They then sign on the dotted line. Simply "skimming" the terms of a loan is never a good idea. Banks won't tell you, but it is always a good idea to understand the loan more intricately than even the bank itself.
Refinancing a mortgage is a large financial commitment. It is important to be as informed as possible on all aspects of your own finances and the deal offered in the loan. Banks do not what you to know that they are required to provide all the information to you. Also, as your financial advisor, they are obligated to offer information, but not required. However, when asked directly, if they lie to you, they can be in a whole world of trouble. Knowledge is the single most important thing to have when refinancing. If you know what to watch out for when refinancing, and what banks have to tell you, then you will have the upper hand. Having the upper hand will allow you to refinance your mortgage in a way that is best for you financially.
Paul Ashter enjoys giving advice on personal finance. Learn more at Mortgage Lowdown ( http://www.mortgagelowdown.com ).
MORE RESOURCES updated Sun. August / 09 / 2020
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
How often can you refinance your house? It depends on your finances Business Insider
How much does it cost to refinance? Bankrate.com
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
Current Refinance Rates, July 15, 2020 | Rates slide Bankrate.com
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
What is the cheapest way to borrow money? Fox Business
How to Refinance a Jumbo Loan Credible News
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
What Is A No-Closing-Cost Mortgage? Bankrate.com
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Your Money: The 30-year gorilla in the room TwinCities.com-Pioneer Press
2 On Your Side: Interest Rates Are At Historic Lows, But Can People Whose Home Loans Have Been Put In Forbearance Refinance? - CBS Los Angeles
2 On Your Side: Interest Rates Are At Historic Lows, But Can People Whose Home Loans Have Been Put In Forbearance Refinance? CBS Los Angeles
The Tax Breaks for Homes That Help You Now The Wall Street Journal
Wells Fargo expands nonconforming jumbo refi loan criteria American Banker
Mortgage refinance: Everything you need to know Fox Business
SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - Massachusetts Newswire
SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans Massachusetts Newswire
Compare mortgage, refinance, insurance, CD rates Bankrate.com
How to refinance your mortgage Fox Business
How to get the best mortgage refinance rates Fox Business
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
SimpleNexus' New eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - eNewsChannels
SimpleNexus' New eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans eNewsChannels
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
The impact of the coronavirus on mortgage refinancings Brookings Institution
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes