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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 Tue. June / 25 / 2019
Buying or refinancing? The mortgage rate frenzy is back STLtoday.com
Average rates are around 3.82% nationally for 30-year-fixed mortgages, after peaking near 5% in November.
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Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.
Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing Forbes
Mortgage rates are continuing their downward spiral. According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down ...
As mortgage rates plunge, should you refinance? Fox Business
Nearly 6 million people can now cut their mortgage payments with refinancing.
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Your money: Buying or refinancing? The mortgage rate frenzy is back Reuters
Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy a home - or refinance.
Mortgage rates predicted to fall to "the lowest they've ever been" | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
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Mortgage rates fell to 3.84% in mid-June according to Freddie Mac, but could they go lower? A lot lower? Even the lowest they've been in 50 years? Mortgage ...
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Several closely watched refinance rates fell today. See what that means for your chances of getting a better mortgage rate.
Mortgage rates are falling—here's how to tell if you could save money by refinancing CNBC
As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.
U.S Mortgage Rates – Rates Rise for the 1st Time in 7-Weeks Yahoo Finance
30-year fixed mortgage rates rose for the 1st time in 7-weeks. The latest FOMC projections and rising geopolitical risk could reverse that with interest…
Nearly 6 million people can now cut their mortgage payments with refinancing Bankrate.com
The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate -- two ...
Applications for mortgages, refinancing spike amid low interest rates Fox Business
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Several key refinance rates sunk lower today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down. The average rate on ...
Does refinancing your mortgage make sense as interest rates fall and why these couples say they’ll never move in together - MarketWatch
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Mortgage rates today, June 21, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage rates today, June 21, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Average mortgage rates tumbled yesterday. It's been a while since we saw a fall this big and a long time since we saw rates this low. This happy situation may ...
Refinance mortgage rate moves higher for Friday Bankrate.com
Refinance rates were mixed, but one key rate were higher. If you haven't locked a refi yet, see how your future mortgage payments could be affected.
Interest rates are down, so is it time to refinance? WTOP
Interest rates for mortgages are low __ really low. As of the first week of June, long-term mortgage rates were down for the sixth consecutive week. The 30-year ...
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Last week, our friends at the MBA released their latest predictions on home sales, home prices, mortgage rates, and mortgage volumes. Rates dropping this year ...
When Mortgage Refinancing Makes Sense Seeking Alpha
There are many misconceptions about what happens with refinancing a mortgage and the effect on interest payments. The important factors are rate, time and ...
Guild Mortgage launches refi option for Airbnb hosts HousingWire
Guild Mortgage has partnered with Airbnb to launch a refinance program for property owners who host guests through the Airbnb platform. The program allows ...
Mortgage rates lower for Tuesday Bankrate.com
Several benchmark mortgage rates declined today. If you're shopping for a mortgage, see what that means for you.
Nearly 6 Million People Can Now Cut Their Mortgage Payments With Refinancing | RisMedia.com
With interest on the low side, there is a potential to refinance and save.
Low mortgage interest rates stimulate homeowners to refinance Chicago Daily Herald
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Airbnb adds another mortgage refinancing partner Inman.com
Guild Mortgage has become the latest home loan provider to treat short-term rental revenue from Airbnb as income for homeowners applying to refinance their ...
Refinance rates retreat for Monday Bankrate.com
Several closely watched refinance rates fell today. If you're in the market for a home loan, see how your payments might be affected.
Mortgage rates decrease for Thursday Bankrate.com
Multiple benchmark mortgage rates trended down today. See how that could affect your home loan payments.
Mortgage rates fall as the Fed hints at future rate cuts | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage rates fall as the Fed hints at future rate cuts | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
The Federal Open Market Committee (FOMC) meeting ended Wednesday with a no-hike decision, but that didn't dissuade markets from believing a July rate cut ...
When Should Homeowners Refinance? WCCO | CBS Minnesota
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Mortgage rates extend decline, sinking to 16-month lows The Washington Post
After five weeks of declines, mortgage rates are at their lowest levels in 16 months. According to the latest data released Thursday by Freddie Mac, the 30-year ...
Refinance rates tick lower for Thursday Bankrate.com
Several closely watched refinance rates sunk lower today. If you're in the market for a home loan, see what that means for you.
Mortgage investors' refinance concerns rise with rate rally National Mortgage News
Mortgage prepayment speeds may rise with the strong U.S. rate rally, and that may be cause for alarm for mortgage investors.
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Homebuyers sitting on the sidelines, waiting for housing prices to backslide, might be waiting longer than expected, according to experts. Although the high price ...
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Freddie Mac is now offering renovation loans Washington Post
Freddie Mac is joining the renovation loan space. While the Federal Housing Administration and Fannie Mae have had programs that allow borrowers to wrap ...
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It seems Millennial homeowners are taking advantage of lower mortgage rates. According to new data, Millennial refinances have officially hit their highest point ...
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According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending June 14, 2019, U.S. mortgage applications ...
Mortgage rates move down for Wednesday Bankrate.com
Multiple closely watched mortgage rates receded today. If you're in the market for a mortgage, see how your payments might be affected.
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Whether it's a job loss, unexpected medical bills, or something else, financial hardships can happen to anyone. If you've hit hard times and fallen behind on your ...
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Guild Mortgage's new initiative allows Airbnb hosts to refinance their primary residence and apply rental income toward qualification requirements.
The Refinancing Factor The MReport
The volume of mortgage applications rose 1.5% due to those looking to refinance, but the news wasn't positive for those looking to purchase a home.
When does refinancing a home not make sense? Knoxville News Sentinel
Enjoy expensive collectibles like watches and cars, just don't make them part of your investment strategy.
Mortgage Closing Rate Rises to Highest Level in at Least 16 Months Mortgageorb
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(Bloomberg) -- The mortgage market was supposed to be quiet this year, but suddenly it's moving the biggest bond markets. When Treasury yields started falling ...
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KENYA : Kenya Mortgage Refinance Company already attracting international funding - Africa Intelligence
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Freddie Mac is launching a new mortgage product that allows borrowers to buy a fixer-upper and finance the renovation all with one loan. Existing homeowners ...
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If you're retired and applying for a home loan, you're more likely to submit information about your pension and your 401(K) than a W-2.
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After more than a month of declines, mortgage rates paused their descent ahead of next week's Federal Reserve meeting. According to the latest data released ...
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Freddie Mac has introduced the CHOICERenovation loan, which is designed for homebuyers seeking to purchase a home and finance the cost of renovations ...
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... from the previous week, according to the Mortgage Bankers Association, which was perhaps unsurprising considering the earlier report's record-high levels.
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Freddie Mac has launched a new home renovation loan program that allows home buyers to also finance the cost of renovations with a single-close mortgage.
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More people are pursuing refinances as mortgage rates have dropped.
Refinance mortgage rate ticks higher for Monday Bankrate.com
Refinance rates were mixed, but one key rate notched higher. See what that means for you if you're in the market for a home loan.
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A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
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Refinance rates were mixed, but one key rate floated higher. If you're shopping for a home loan, see what that means for you.
Guaranteed Rate Rolls Out VA Renovation Loans Yahoo Finance
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House price growth may be slowing down, but American homeowners still have something to celebrate. According to new data, they've gained more than $485 ...
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Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...
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Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...
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Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.
Refinance mortgage rates mixed for Monday Bankrate.com
Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.
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Refinance mortgage rate dips for Saturday Bankrate.com
Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan.
The 'after' picture of student loans: Credit card debt, smelly cars, pawn shops to make ends meet - USA TODAY
The 'after' picture of student loans: Credit card debt, smelly cars, pawn shops to make ends meet USA TODAY
This story is part of a series about Americans' financial health, based on a survey provided by the FINRA Investor Education Foundation, a nonprofit dedicated to ...
Refinance mortgage rates mixed for Thursday Bankrate.com
Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.
Refinance mortgage rate drops for Friday Bankrate.com
Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.
Refinance mortgage rate slides for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.
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Refinance mortgage rates mixed for Saturday Bankrate.com
Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.
Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News
Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.
Refinance mortgage rate drops for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you.
Refinance mortgage rate slides for Friday Bankrate.com
Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate.
Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...
Refinance mortgage rate ratchets higher for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a home loan.
Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions - MarketWatch
Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions MarketWatch
f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.
Mortgage refinance applications hit 18-year low CNBC
Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...
Refinance mortgage rate eases for Monday Bankrate.com
Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan.
Refinance mortgage rate ticks higher for Saturday Bankrate.com
Refinance rates were mixed, but one key rate increased. If you're shopping for a mortgage, see how your payments might be affected.
Refinance mortgage rate moves higher for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate were higher. See what that means for you if you're in the market for a mortgage.
Mortgage application increase led by higher refinance volume National Mortgage News
Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...
Refinance rates tick lower for Monday Bankrate.com
Several closely watched refinance rates dropped today. If you're shopping for a home loan, see what that means for you.
Refinance mortgage rate moves lower for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate fell. The average for a 30-year fixed-rate refinance trended down, but the average rate on a 15-year fixed refinance ...