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Refinancing Your Home Mortgage Loan
You're considering refinancing your home mortgage loan to save money. Interest rates are the lowest they have been in decades. But, you're asking yourself, "Is refinancing worth my time and effort. Can I really save thousands of dollars on my home mortgage loan?" The answer is yes. There has never been a better time to refinance your home mortgage.
Before you find a lender to refinance your current mortgage, there are a few key factors to know. It's a good idea to decide how long you're going to stay in your home, your current interest rate, credit rating and the value of your home. These are all very important things to consider before you refinance your home.
Refinancing your home is a great way to save thousands of dollars over the length of your mortgage loan. You could lower your monthly payments considerably. This will depend upon your current interest rate.
With today's online mortgage companies, it's easy for them to give you all the information you need. This can help you to get a lower interest rate, because these mortgage companies are very competitive to earn your business. You don't have to run all over the place pulling credit reports and talking to multiple lenders. Online mortgage companies can give you quotes from many different lenders.
Refinancing your home with a lower interest rate can help reduce the term of your current mortgage. Your payments may stay the same, but the length of the loan and interest you save, can make it worth your time. You would have to lower your rate considerably for this to make sense. Good mortgage brokers can give you different ideas on what is best for your situation.
Taking the time to look into refinancing your home can pay off. If your current mortgage payment is $1,890 and refinancing reduces it to $1,790, the difference of $100 can add up. It's a good idea to plan on staying in your home for at least 5 years for refinancing to make sense. This is because of the fees. If the fees are $2,000 and you plan on moving in 2 years, what would be the point? On the other hand, if you stay in your home for 5 years, in this example you could save $5,200 after the fees of $2,000.
With interest rates so low, it is a great time to refinance your home. Online mortgage lenders are now more competitive than ever for your business. Even if your credit is not perfect, you can still refinance your home mortgage. Now is the time to take advantage of the lowest interest rates in decades and save yourself thousands of dollars on your home mortgage loan.
Dean Shainin is a consultant specializing in refinancing your home mortgage loan, strategies for financing, home equity loans and home mortgage loan information. To see a list of recommended mortgage refinance companies, advice and information, visit this site: http://www.homemortgageloantips.com
MORE RESOURCES updated Tue. August / 11 / 2020
How to get a low-cost mortgage refinance Bankrate.com
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
Mortgage Rates Hit Yet Another Record Low The Motley Fool
Mortgage rates are at historic lows: Is it time to refinance? Burlington Times News
How much does it cost to refinance? Bankrate.com
Mortgage Rates Today, August 11, 2020 | Rates climb Bankrate.com
Should You Wait For Lower Rates? Mortgage News Daily
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
How the right questions yield smart mortgage... Kent Reporter
How to Refinance a Jumbo Loan Credible News
Smart Money Podcast: Lower Mortgage Rates, and Moving During a Pandemic StarNewsOnline.com
Bots Help Meet Mortgage Demand Credit Union Times
How Does Mortgage Repossession Work? The Motley Fool
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
How to save through refinancing KTAR.com
Just Approved: Run, don't walk to refinance Beaumont Enterprise
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida - South Florida Business Journal
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida South Florida Business Journal
Should a homeowner in their 70s with an underwater mortgage let the property go into foreclosure? - Washington Post
Should a homeowner in their 70s with an underwater mortgage let the property go into foreclosure? Washington Post
Sell Rocket Companies: It Is REKT Seeking Alpha
Refinancing boom hits Central Coast Pacific Coast Business Times
'The Market is On Fire': Coronavirus Heats Up Real Estate Market Alongside Record-Low Mortgage Rates - Spectrum News 1
'The Market is On Fire': Coronavirus Heats Up Real Estate Market Alongside Record-Low Mortgage Rates Spectrum News 1
Washington Post: Reverse Mortgage a Possible Option for 'Underwater' Homeowner - Reverse Mortgage Daily
Washington Post: Reverse Mortgage a Possible Option for 'Underwater' Homeowner Reverse Mortgage Daily
Is Now the Right Time to Purchase a Home? The Motley Fool
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
What Is A No-Closing-Cost Mortgage? Bankrate.com
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
Is Your Mortgage Forbearance Ending Soon? What To Do Next Realtor.com News
Compare mortgage, refinance, insurance, CD rates Bankrate.com
Mortgage refinance: Everything you need to know Fox Business
How to refinance your mortgage Fox Business
How to get the best mortgage refinance rates Fox Business
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
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
When should you refinance your mortgage? Fox Business
How does mortgage refinancing work? Bankrate.com
The Mortgage Refinance Question Seeking Alpha
How to Get the Best Deal on Your Mortgage Refinance HowStuffWorks
Should You Refinance Your Mortgage Right Now? Clark.com - Clark Howard
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
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