find mortgage and refinancing information Akron Ohio

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.
 Please check back frequently as new topics are added and current topics are updated daily.

 

Total Cost Of Credit vs. Monthly Payments

I read a press release the other day which points to the fact we need to be very careful with our finances. The subject of the release was home mortgages. A company was announcing the availability of 40 year mortgages for its customers. The stated purpose was to lower the monthly payments to make buying a home more affordable.

Whenever I hear the phrase "more affordable", I put my hand on my wallet because the attempt to empty it will begin any moment. Almost never is that phrase used in relation to the total cost of financing. It is always used in reference to the size of the monthly payment, as in this example.

Let's see what it really means. I did the math. A mortgage for a $100,000 home at 6% for 30 years would have a monthly payment of about $600 for principal and interest. You would pay about $216,000 over the life of the loan of which $116,000 would be interest..

A mortgage on that same home for 40 years would be at 6.25%, with a monthly payment of $565. The payments over the life of the loan would total about $271,200 and $171,200 of the total would be interest.

The forty year mortgage has a higher interest rate (usually between.25 and .50 percent) because the lender has his money at risk for a longer time (Lenders are well aware that time is money. You should be as aware).

This higher rate coupled with the extra ten years of the loan, has the borrower paying 47% more interest, or $55,000 more over the life of the loan. Even with a lower payment that supposedly makes it more affordable to purchase that home. Sounds like a pretty good deal for the lender.

Another problem the borrower faces is building equity much more slowly in the beginning of the loan. The extra interest expense paid for the extended length of the loan prevents equity from building up quickly. All of this for a monthly payment that is only $35 less.

You need to think in terms of overall cost and not just monthly payments. The total cost is what you will give back to your creditors. The focus on the monthly payment takes attention away from the total amount to be repaid. You need to look at this with any indebtedness, car payments, personal loans, credit cards: figure the total cost, not just what you pay each month.

You'll begin to hear more about these loans I'm sure. Think long and hard before you lengthen your indebtedness. The goal is to become debt free and to do it as fast as possible. Advise your families and friends to do the same.


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Sun. January / 20 / 2019

Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Unpaid federal workers can sidestep rules to apply for cash-out mortgage refinance  Bankrate.com

As the partial government shutdown drags on with no end in sight, furloughed federal workers are faced with mounting financial obligations and a variety of relief ...


Cash-out mortgage refinancing: Here’s where homeowners are using it most  Bankrate.com

Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


Refinance Programs: Best 30 Year Mortgage Rates  INQUIRER.net

Information and background on the 30 year mortgage rate and an outline of what a refinance program may involve: Pros, cons, and steps to refinancing a home.


Prepayment activity hits 10-year low as mortgage refinancing decreases  National Mortgage News

Continual declines in the refinance share of mortgage originations led to prepay rates dropping to their lowest levels since 2009, according to Black Knight.


Deborah Kearns: The 4 most common mortgage and real estate scams and how to stop them  Tribune-Review

The last thing consumers should have to worry about is being scammed when they buy or rent a home, or consider refinancing options. Unfortunately, criminals ...


Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected.


Refinance mortgage rate dips for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate decreased. If you're in the market for a home loan, see how your payments might be affected.


Refinance mortgage rate slides for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you haven't locked a refi yet, see how your payments might be affected.


Refinance mortgage rate moves up for Friday  Bankrate.com

Refinance rates were mixed, but one key rate advanced. If you're in the market for a home loan, see what that means for you.


Refinance mortgage rate moves higher for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate climbed. If you haven't locked a refinance yet, see what that means for you.


Mortgage applications surge 13.5% as borrowers rush to take advantage of lower rates  CNBC

That is its highest level since February and came after a 23 percent jump the previous week. Volume was just 0.5 percent lower than a year ago.


Mortgage applications plummet nearly 10% to end 2018, despite lower rates  CNBC

The numbers are surprising, given that homebuyers and homeowners looking to refinance could have taken advantage of lower interest rates.


Thanks to lower mortgage rates, 550K homeowners could save by refinancing | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you already own a home, it might be time to think about refinancing. According to new data, more than half a million homeowners could lower the mortgage ...


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Refinance rates drop off for Monday  Bankrate.com

Multiple benchmark refinance rates sunk lower today. If you're shopping for a refi, see how that could affect you.


Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ...


Refinance rates fall for Wednesday  Bankrate.com

Multiple closely watched refinance rates receded today. If you're shopping for a home loan, see what that means for you.


U.S Mortgages – Rates Hold Steady, While Applications Rise Further  Yahoo Finance

Mortgage rates hold and is that the new bottom? The government shutdown and U.S – China trade talks will likely decide…


Dropping mortgage rates near levels that could lead to more refis  National Mortgage News

Falling mortgage rates have reached the point where they are spurring speculation about a possible resurgence in refinancing, according to an FTN Financial ...


Better Mortgage Launches Emergency Refinance Program to Help Government Workers Currently Furloughed or Working without Pay  PRNewswire

NEW YORK, Jan. 17, 2019 /PRNewswire/ -- Better Mortgage, one of the leading digital mortgage lenders in the U.S., today announced that it has launched a...


Plunge in rates sparks 23.5% spike in mortgage applications after unusually weak holidays  CNBC

Homebuyers returning to the market after the holidays may have been inspired by the drop in rates, but stock market volatility and the government shutdown ...


Mortgage rates stand pat as federal shutdown creates uncertainty about economy  The Washington Post

Without access to the usual economic data because of the federal government shutdown, mortgage lenders are left with a murky picture of where the economy is ...


Why mortgage lending at Wells Fargo, Chase and Citi plunged  MarketWatch

Mortgage lending at three of the country's biggest banks has fallen off a cliff as customers pivot to online-only options and stop refinancing.


Mortgage Rates Fall as Government Shutdown Rolls On – Market Update  Zing! Blog by Quicken Loans

It's Day 24 of the partial government shutdown, but inflation is low, as are jobless claims and mortgage rates. All that and more in Market Update!


Fears of housing downturn may have been overblown  The Albany Herald

The housing market is flashing signs of a bounce-back in 2019. Home sales slowed last year as interest rates rose, and home values, which had risen for years, ...


Mortgage Applications See Slight Uptick as Rates Remain Unchanged  Yahoo Finance

Mortgage applications saw a slight uptick last week, increasing by 13.5 percent–its highest level since February 2018–according to data provided by the ...


Deutsche Lends $68M to Refi UES Condo Building  Commercial Observer

Wonder Works Construction has landed a $68 million Deutsche Bank mortgage to refinance a condo tower on the Upper East Side of Manhattan.


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 ...


Mortgage rates increase for Friday  Bankrate.com

Multiple closely watched mortgage rates ticked up today. If you're shopping for a mortgage, see what that means for you.


Advisors Asset Management Inc. Has $597,000 Stake in TFS Financial Co. (NASDAQ:TFSL)  Fairfield Current

Advisors Asset Management Inc. raised its stake in shares of TFS Financial Co. (NASDAQ:TFSL) by 22.1% during the third quarter, according to its most recent ...


SAVE NOW: Simple ways to cut the cost of your mortgage  STLtoday.com

(Metro) Monthly mortgage payments are the biggest single expense for many homeowners. So it's understandable why plenty of homeowners would love to trim ...


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.


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 ...


Weekly refinance demand plummets as mortgage rates hit a 5-week high  CNBC

A sharp rise in mortgage interest rates took its toll on the lending business last week. Mortgage application volume fell 1.8 percent for the week, according to the ...


Mortgage applications fall, as refinancing hits 20-year low  CNBC

A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week.


U.S. Bank steps up with low-interest loans for furloughed federal workers  Bankrate.com

Customers of U.S. Bank who are affected by the partial government shutdown are getting offered some relief. On Friday, the bank announced that it would be ...


Refinancing activity in the US just plunged to the lowest level in over a decade  Business Insider

Refinancing activity plunged to the lowest level since 2000 as interest rates rise.


Factors to weigh when considering whether to refinance your home  Washington Post

REAL ESTATE MATTERS | If you can lower your interest rate, that's good. But you also have to look at your monthly payment. Will your new monthly payment be ...


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 ...


How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


How To Survive The Federal Government Shutdown  Forbes

Here's the best financial advice for the federal government shutdown.


Businesses offer furlough freebies, shutdown specials and assistance to federal workers  USA TODAY

Wireless providers including AT&T, Verizon and Sprint are willing to work with furloughed federal government workers on payment programs.


Business Briefs  Times Record

Arvest's 2018 mortgages pass $2BArvest Bank announced this week its mortgage division originated more than $2 billion in loans in 2018, the third time it has ...


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 mortgage rate ratchets higher for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected.


Home mortgage rates are down but you'd better hurry  Dallas News

Small changes in mortgage rates can have a big impact on the housing market.North Texas home sales fell about 6 percent in the fourth quarter of...


Refinance mortgage rates mixed for Friday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you.


3 Signs You Should Refinance Your Mortgage  The Motley Fool

Refinancing at the right time can save you thousands of dollars a year.


Refinance mortgage rate falls for Friday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected.


Credible Expands Their Marketplace Into Mortgage Refinancing  Lend Academy

Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ...


How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


When to refinance: I need to lower my mortgage rate or payment | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you're wondering when to refinance, consider your objectives and see if you'll pay less interest, reduce your payment, or lower your overall costs.


With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.


When Is a Cash-Out Refinance Loan a Good Idea?  U.S News & World Report Money

In a cash-out refinance mortgage, you take a loan against your home in excess of what you owe, leaving you with cash available to spend. Adding to the debt ...


Refinance mortgage rate falls for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. The nationwide average for a 30-year fixed-rate refinance tapered off, but the average rate on a 15-year ...


New York Mortgage Trust - Bigger Cushion For The Fat Yield  Seeking Alpha

New York Mortgage Trust just did another equity raise. More capital is good for the company and good for shareholders, but great for preferred. My thoughts on t.


5 Terrible Reasons to Refinance Your Mortgage  MoneyWise.com

Mortgage rates have been going up, so time may be running out if you're looking to refinance your home at an attractive rate, to lower your mortgage costs or...


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Mortgage application activity rises on uptick in refinance volume  National Mortgage News

An increase in refinance activity in the period after Columbus Day drove mortgage applications 4.9% higher from one week earlier, according to the Mortgage ...


Best cash-out refinance lenders 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you want to pull equity out of your home in 2019, check out this list of best cash-out refinance lenders. Because mortgage rates and costs for cash-out ...


Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First  Forbes

Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ...


Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


Texas cash-out refinance: new laws you need to know | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Cash-out refinance Texas rules for homeowners in Texas. Texas cash-out refinancing is different from other states and you'd better know the rules before taking ...


Mortgage rates are on the rise. Here are some tips for getting the lowest rate.  The Washington Post

The 30-year fixed-rate average hit a seven-year high last week. But that doesn't mean you still can't get a low rate when buying a home or refinancing a loan.


Rates Are Rising, But Is It Time To Refinance? Five Scenarios To Consider  Forbes

If any of these scenarios apply to you, you may want to look into refinancing.


Do I need an appraisal to refinance my home? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Do you need a home appraisal to refinance your mortgage? Not necessarily. Here's what you need to know about conforming, USDA, FHA and VA refinances ...


RBI’s revised ECB norms to curb refinancing options for corporates, says Fitch; here is the reason  The Financial Express

The changes in external commercial borrowings guidelines by Reserve Bank of India (RBI) will narrow refinancing options for Indian corporations, as masala ...


Do mortgage lenders have minimum mortgage amounts? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Are there minimum mortgage amounts to buy or refinance a home? Not according to most official program guidelines, but most lenders do set minimum amounts ...


Refinance rates trend higher for Tuesday  Bankrate.com

Multiple key refinance rates notched higher today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


Refinance mortgage rate ratchets higher for Friday  Bankrate.com

Refinance rates were mixed, but one key rate increased. The average rate for a 30-year fixed-rate refinance advanced, but the average rate on a 15-year fixed ...


How Long Does It Take to Refinance a Mortgage?  Realtor.com News

How long does it take to refinance a mortgage? Refinancing should take anywhere from 30 to 45 days on average, although that can stretch to 60 days if you hit ...


Refinance mortgage share falls back to 2018 low  National Mortgage News

As mortgage rates recently hit their highest point in seven years, closed refinances fell back to their low point of 2018, according to Ellie Mae.


Best Mortgage Lenders  Bankrate.com

The best mortgage lender isn't the same for everyone.That's why we compiled a list of best mortgage lenders for first time home buys to those looking for their ...


Refinance mortgage rate eases for Saturday  bankrate.com

Refinance rates were mixed, but one key rate slid lower. If you're shopping for a refi, see how your payments might be affected.


What the government shutdown means for New Jersey agencies  NorthJersey.com

Travelers could face long lines at Newark Airport because of TSA employees calling out sick, and the Paterson Great Falls visitor center is closed.


How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Can or should you use a cash-out refinance to buy another home? Maybe, if that's the most cost-effective source of a down payment or even the whole purchase ...


Refinance mortgage rate trends higher for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate advanced. If you're shopping for a home loan, see what that means for you.


Refinance mortgage rate slides for Monday  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.


Refinance mortgage rates mixed for Thursday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a home loan, see how your payments might be affected.


Refinance mortgage rate rises for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you.


Mortgage Refinancing Sinks Near a One-Decade Low on Rising Rates  Bloomberg

Years of low interest rates have let homeowners refinance their mortgages on more favorable terms, or even cash out some of their equity to send a kid to ...


Refinance rates retreat for Wednesday  Bankrate.com

Multiple benchmark refinance rates were down today. If you're in the market for a refinance, see how your future mortgage payments could be affected.


How To Win A Slice Of $1 Million To Pay Off Your Student Loans  Forbes

Natty Light is stepping up its commitment to help reduce student loan debt - including potentially yours. Natty Light (a light beer also known as Natural Light and ...


Refinance mortgage rate ticks higher for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate floated higher. See what that means for your chances of getting a better mortgage rate.


Refinance rates drop off for Saturday  Bankrate.com

Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you.


Mortgage rates forecast for 2019: Experts agree that rates will rise | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

2019 mortgage rates forecast: What do the experts say we can expect in terms of real estate financing costs?


Cheapest home loans: 4 in 5 borrowers loan from CBA, ANZ, NAB, Westpac  NEWS.com.au

Almost 80 per cent of new loans went to the big banks last year, despite their products being some of the most expensive available, data shows. And borrowers ...


Mortgage applications drop as refi volume falls to an 18-year low  National Mortgage News

Mortgage application activity decreased 3.2% from one week earlier as interest rates rose to eight-year highs and refinancings fell to an 18-year low, according ...


Why refinance now? Because your home equity, credit scores are higher than you think | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Even if you were turned down for a mortgage refinance when rates were at their lowest, you may still be able to benefit. Credit scores and home equity are on the ...


Mortgage refinance candidates cut by half in the past four months  National Mortgage News

The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November ...


What It Takes to Refinance a Jumbo Loan  NerdWallet

Refinancing a jumbo loan, a mortgage over $484350, in most cases, and up to $726525 and even higher in some high-cost areas, can result in big savings and ...


Rocket Mortgage Review  Bankrate.com

Rocket Mortgage from Quicken Loans lets you apply for a mortgage in minutes using nothing more than a smartphone app.


Cash-out refinance to buy a car (or pay one off) | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Is taking out a cash-out refinance to buy a car or a cash-ut refinance to pay off your car a good idea? Only in very specific cases. Here are some better ...


Cash-Out Refinance Calculator  NerdWallet

A cash-out refinance can be a great financing option depending on your use of the cash and your financial profile. This calculator will help you determine how ...


Mesa businessman accused of not paying $405K in taxes  East Valley Tribune

A Mesa-based construction professional and bar owner is facing major trouble with the Internal Revenue *Service* over more than $400000 in back taxes.


5 Tips for Finding the Best Refinance Mortgage Lenders  NerdWallet

Finding the best mortgage refinance lender for your situation requires knowing your credit score, shopping more than one lender, negotiating lender fees, ...


Refinance rates move lower for Saturday  Bankrate.com

Multiple benchmark refinance rates trended down today. If you're shopping for a refinance, see what that means for you.


More than 2 million homeowners just missed their chance to save money by refinancing  CNBC

Sometimes procrastination can cost you a lot of money. Mortgage rates are nearly a full percentage point higher than they were at the start of this year.


Refinance rates decline for Thursday  Bankrate.com

Multiple benchmark refinance rates receded today. See what that means for your chances of getting a better mortgage rate.


 

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

Click here to
OfficeJax free ad space available here

Find used office equipment in Ohio at www.OfficeJax.Has.It

Find the best fleamarkets at www.FleaMarketWorld.Has.It

www.Akron.Has.It

Find electric powered vehicles at www.NoGas.Drives.It

Akron City directory

Free Automatic Link Exchange

Flea Market World

Find homes for rent
in Akron Ohio
www.homes4rent.has.it

iphone-4-less below wholesale prices

 

Place your AD here. Click here for more details.

Click above to place your AD here

[Back to Top]

Ohio RealEstate

auction news and listings for Akron, Ohio

Akron crafts and hobby news center

best home remedies and do it yourself tips

Akron currency trading

Akron Ohio pet news

Advertising and promotions Akron, Ohio

The Akron blogging news center

Akron Ohio web site design news

Akron Mortgaging and refinancing

Web site design tips

 

HOME | SITE MAP

© 2012 - 2019 All Rights Reserved
Increase pagerank with HitsSurfer

free page rank checker and seo evaluation tools 

first second ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers quotes florida houston gmac washington interest only 2nd software debt consolidation reverse senior equity texas maryland options lending bad credit  option one ameriquest chase first banks emc residential california miami dallas est branch marketing home company commercial yahoo online bad credit low credit no credit