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Home Mortgages: Up, Up and Away!
Refinance NOW-before it's too late
If you haven't found the time to refinance your existing home mortgage, it's time to take action-like yesterday! Every time Alan Greenspan, Federal Reserve Board Chairman, opens his mouth, you can bet that the federal funds rates will rise by at least a quarter of a point, or by 25 basis points in investorese. What that means to you is that home mortgages will rocket as well.
A quarter of a percentage point may not seem like much, given that the federal funds rate currently stands at 2 ¾ per cent, but a reality check quickly reveals that you, personally, have probably never seen 2 ¾ per cent interest on anything in your lifetime. Take a look at your credit card statements. Are you paying 2 ¾ per cent on your credit? What about your home mortgage? Without getting technical, there's little correlation between the federal funds rate and home mortgage rates except the direction in which they travel, and right now that direction is headed to the sky.
You've already missed the opportunity of a lifetime to lock in the lowest rates you'll see for the foreseeable future, but you have a little more time to get your hands on relatively cheap money. The window of opportunity is rapidly closing, so if you're going to refinance, you must do it as soon as possible.
Things you may not know about refinancing:
A small rate cut can pay off handsomely in smaller monthly mortgage payments.
Smaller monthly mortgage payments will decrease your tax deduction, because you will no longer be paying as much interest as you've been paying. Factor this in, because it's the total savings that matters.
You can and should ask to have fees waived or reduced: application fees, origination fees, appraisal fees, legal fees, points, and closing costs.
If you don't have cash on hand to pay fees, you can get them tacked on to the mortgage, paying nothing out of pocket for your refinanced home mortgage.
If you refinance and shorten the term of a home mortgage, you will pay a higher monthly payment, but you'll save a significant amount of money over the term of the mortgage in addition to paying off your home and building equity faster.
Standard mortgage terms run 15 years or 30 years. If you'd prefer a term somewhere in between the standard terms, ask for a custom loan and designate a term that works better for you. Find a term that strikes a balance between a term shorter than 30 years and monthly payments lower than those of a 15-year mortgage.
If you cannot get a custom term, settle for a 30-year mortgage and pay more than the monthly payment to pay off the loan sooner. You must also negotiate no pre-payment penalty.
Where to go from here
1. Review your credit record with each of the three credit bureaus: Equifax, TransUnion and Experian. Mistakes are common in credit reports, and you may be surprised at what you find: accounts that do not belong to you, balances that do not match your statements, an identity mistake or worse. Correct any bad information.
2. Compare mortgage rates and fees online among several finance companies.
3. Use a good mortgage calculator. Using refinance calculators is the only way to determine which loan is the better all-around deal.
Work fast, but negotiate hard to make a deal that works for you. The loan company wants your business as badly as you want a better rate.
M J Plaster is a successful author who provides information on home loans and home equity loans. M J Plaster has been a commercial freelance writer for almost two decades, most recently specializing in home and garden, the low-carb lifestyle, investing, and anything that defines la dolce vita.
MORE RESOURCES updated Fri. December / 08 / 2023
Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting - Business Insider
Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting Business Insider
'Buy Now, Refinance Later' Mortgage Deals Luring New Homebuyers | Florida Realtors
Can You Get A Mortgage Without A Job? A Complete Guide Zing! Blog by Quicken Loans
Current Mortgage Rates Money
What is a cash out refinance? How to get money from your mortgage Business Insider India
How soon can you refinance a mortgage? CNN Underscored
Mortgage refinance demand spikes as rates fall Greater Baton Rouge Business Report
Today's FHA refinance rates Business Insider India
Mortgage Loan Originators: What Do They Do? Zing! Blog by Quicken Loans
Current VA refinance rates today Business Insider India
Mortgage refinancing: What is it, and how does it work? CNN Underscored
How much does it cost to refinance a mortgage? CNN Underscored
Top Auto Loan Refinancing Lenders NerdWallet
Current FHA interest rates Business Insider India
US Mortgage Refinance Demand Surges 14% as Interest Rates Hit Lowest Point since August - Coinspeaker
Mortgage Interest Rates Today, December 3, 2023 | Rates Remain Low After Dropping Last Week - Business Insider
Mortgage Interest Rates Today, December 3, 2023 | Rates Remain Low After Dropping Last Week Business Insider
Refinance Appraisal: How It Works And What To Expect Bankrate.com
Is Now a Good Time for a Mortgage Refinance? NerdWallet
Mortgage Rate Forecast for 2024 USA TODAY
Refinance mortgage applications hit two-month high Mortgage Professional
Mortgage Interest Rates Today, December 7, 2023 | Rates Low So Far This Month - Business Insider India
Mortgage Interest Rates Today, December 7, 2023 | Rates Low So Far This Month Business Insider India
Current Student Loan Interest Rates in December 2023 Business Insider
Auto Loan Refinancing: Pros, Cons & Next Steps Bankrate.com
VA loan refinance: What is it and how does it work? Yahoo Finance
Mortgage rates are falling at fastest pace since the 2008 crash Business Insider
Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise - Bankrate.com
Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise Bankrate.com
MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk
Mortgage refinance: What is it and how does it work? Yahoo Finance
15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider
Home Loans For Single Moms | 2023 Programs And Assistance The Mortgage Reports
When Should You Refinance Your Mortgage? Bankrate.com
Mortgage Interest Rates Today, December 2, 2023 | Rates Are Down, and They Should Drop More in 2024 - Business Insider
Mortgage Interest Rates Today, December 2, 2023 | Rates Are Down, and They Should Drop More in 2024 Business Insider
The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
What Credit Score Do I Need To Refinance? Bankrate.com
The best mortgage lenders for refinancing in December 2023 CNN Underscored
How To Choose The Right Kind Of Refinance For You Bankrate.com
Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider
7 Ways To Refinance A Mortgage With Bad Credit Bankrate.com
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability - Business Insider
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability Business Insider
Exclusive: S.F.'s Stonestown mall owner closes on refinancing $180M mortgage - San Francisco Chronicle
Exclusive: S.F.'s Stonestown mall owner closes on refinancing $180M mortgage San Francisco Chronicle
Cash-out refinance: How does it work? CNN Underscored
Compare today's mortgage and refinance rates, November 24, 2023 - Majority of rates increase - Bankrate.com
Compare today's mortgage and refinance rates, November 24, 2023 - Majority of rates increase Bankrate.com
Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts - Business Insider
Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts Business Insider
How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot - CNBC
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot CNBC
Seven Hills Realty Trust Closes $29.0 Million Bridge Loan to Refinance a Hospitality Property in Anaheim, California - Business Wire
Seven Hills Realty Trust Closes $29.0 Million Bridge Loan to Refinance a Hospitality Property in Anaheim, California Business Wire
How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News - U.S News & World Report Money
How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News U.S News & World Report Money