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.
Thinking About Refinancing Your Loan?
Refinancing your home or property is a big decision that could drastically affect your financial future, for the good or the bad, depending on how smart you go about the process. Take the time to explore all of the different refinancing options you have available to you. Many loan agents offer you refinancing deals that seem too good to be true, and while most of them seem to have your best interests at heart, do try to keep in mind that they are not paid unless they approve you for a loan--and you take it. Refinancing your mortgage can lower your monthly payments, lower the amount of interest you pay on your loan, or even shorten the term of your mortgage without having to pay a penalty for early mortgage pay off.
Refinancing a mortgage usually involves allowing a loan company to pay off your original home loan in return for you signing a loan contract with them. Most times, the second loan is more beneficial to the mortgagee, especially for that present time.
There are a couple of things you want to consider when trying to decide whether or not to refinance your home loan. First off, a lender usually charges fees on a point system; the points on your mortgage can range anywhere from zero points to four, depending on the credit worthiness of the borrower, and the type of lender you are using. Some lenders may offer a much lower interest rate with a higher number of points, while others may offer a higher interest rate and only zero to one point involved. Points are fees that are equal to one percent of the face value of the loan. A $200,000 loan with three points would cost the borrower $6,000 up front. A lower number of discount points may cause the loan to have a higher interest rate than the loan you are thinking of refinancing, perhaps causing your loan to cost you more in the end.
Of course, when thinking of refinancing, you are going to want to make sure that it will be in your benefit! The penalty costs of paying off your loan or mortgage early, the cost of appraising your home, related attorney costs, settlement fees, and closing costs are all amounts that should be taken into consideration when one is refinancing. As far as your current loan is concerned, these are all costs that, more often than not, have already been taken care of and you could be making things worse for yourself by taking these things on again, especially if your reason for refinancing is a rather tight financial situation.
The mistake not to make is to refinance to save your mortgage, to keep a bank or lender from foreclosing on your property. While sometimes situations like this are inescapable, borrowers who attempt to refinance their properties and homes under conditions such as this often end up essentially paying more than they were, saving their property and possibly harming their credit in the process.
Copyright 2005 http://www.2nd-mortgage-tips.com This article may be used as long as the links remain live and the resource box stays with this article.
Tracy Price is a staff writer at http://www.2nd-mortgage-tips.com Please visit for more useful tips on mortgages and refinancing a mortgage.
MORE RESOURCES updated Fri. August / 07 / 2020
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
How to Refinance a Jumbo Loan Credible News
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
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings - CNBC
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC
Experts offer tips on buying new home, refinancing amid record-low rates WBAL TV Baltimore
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
The Tax Breaks for Homes That Help You Now The Wall Street Journal
What is the cheapest way to borrow money? Fox Business
What Is A No-Closing-Cost Mortgage? Bankrate.com
Compare mortgage, refinance, insurance, CD rates Bankrate.com
Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
New SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - Send2Press Newswire
New SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans Send2Press Newswire
Mortgage refinance: Everything you need to know Fox Business
7 ways to make extra income in retirement Bankrate.com
Available mortgage credit sees first increase after 8-month low Mortgage Professional America
How to get a jumbo mortgage when lenders are scarce Bankrate.com
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
There Has Never Been a Better Time for Co-ops to Refinance Habitat magazine
Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance - Business Wire
Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance Business Wire
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Student Loan Refinancing Rates Fall to New Lows Credible News
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 will these housing trends play out for the rest of 2020? Mortgage Professional America
How does mortgage refinancing work? Bankrate.com
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
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
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
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