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Home Mortgage Refinancing - should I refinance?
from: C MwapeWhy should I refinance and when does it pay to do so?
Refinancing can be worthwhile, but it does not make good financial sense for everyone. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate.
There are several reasons to refinance your home:
1. To lower the interest rate on your mortgage, reducing your monthly payments and overall cost;
2. To reduce the term or length of your loan, doing so can save you thousands of dollars in interest;
3. To provide a means of consolidating your debt;
4. To draw on the equity built up in the house to get cash for a major purchase or for children's education;
5. Have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.
It is better to refinance if you can get an interest rate at least two percentage points lower than what you are currently paying. However, every situation is different. Some lenders are offering reduced fees or no points. Asking yourself a few questions may help you determine if you can save money:
1. How much can I lower my current monthly payment?
2. How much will I pay in refinancing costs?
3. How much will I still owe on the house?
4. How much am I currently paying each month?
5. How much did I initially pay for the house?
There are other considerations, too, such as how long you plan to stay in the house. Most sources say that it takes at least three years to realize fully the savings from a lower interest rate, given the costs of the refinancing. Itemize all the expenses of the refinance and estimate your new monthly payments. Answering these questions can help you to decide if you should refinance.
Talk with mortgage lenders, real estate agents, attorneys, and other advisors about lending practices, mortgage instruments, and your own interests before you commit to any specific loan.
About the Author
Copyright © 2005. Chileshe Mwape writes for the Mortgage Lenders website at http://banks.lending-guide.org/ and he's also a regular contributor to the Auto Loans website at http://www.motor-car-loans.org.uk/
California Home Mortgage Refinance Loan News
When Does It Make Sense to Refinance? - MarketWatch (press release)
 Eastern Morning Herald | When Does It Make Sense to Refinance? MarketWatch (press release) By Peter Miller SANTA ANA, CA, May 21, 2012 (MARKETWIRE via COMTEX) -- While most people usually think of real estate "affordability" in terms of buying a home, the concept also applies to refinancing. Rate reductions may cut monthly costs and the ... HARP 2.0: California Refinancing Expert Explains New Home Affordable Refinance ... Mortgage Rates: Low Mortgage Rates Remain In Place Ahead of Heavy Week of ... 3 Reasons Why You Might Not Get Freddie Mac's 3.79% Mortgage Rate |
The Homeowners Consumer Center Urges Any Homeowner in California Paying More ... - Virtual-Strategy Magazine
The Homeowners Consumer Center Urges Any Homeowner in California Paying More ... Virtual-Strategy Magazine However there is a catch, the caveat being the homeowner, or home buyer must have excellent credit, and verifiable income. American Interbanc also offers unsurpassed mortgage lending refinancing, or home loan mortgage services in New Jersey, ... The Homeowners Consumer Center Now Urges Any Homeowner in New Jersey Paying ... |
The Homeowners Consumer Center Now Urges Any Homeowner in New Jersey Paying ... - Virtual-Strategy Magazine
The Homeowners Consumer Center Now Urges Any Homeowner in New Jersey Paying ... Virtual-Strategy Magazine American Interbanc also offers unsurpassed mortgage lending refinancing, or home loan mortgage services in Massachusetts, Pennsylvania, California, Washington and Utah, for homeowners, or home buyers with excellent credit, and verifiable income. |
FHA's streamlined refinance program can save borrowers thousands - San Francisco Chronicle
FHA's streamlined refinance program can save borrowers thousands San Francisco Chronicle Mortgage broker: David Cary, California Mortgage Advisors, Sausalito, (800) 400-2772, davidcary.com. Property type: An owner-occupied single-family residence in Benicia. Appraised value: No appraisal required. Borrowing amount: $539000. Loan type: FHA ... |
California Refinancing Expert Explains New Home Affordable Refinance Program - SBWire (press release)
 eNewsChannels | California Refinancing Expert Explains New Home Affordable Refinance Program SBWire (press release) California Refinancing Expert Ralph Easterling explains all about the revamped government program that provides refinancing options to homeowners who owe more on their mortgage than their house it worth called HARP 2.0. Bills.com Top 2012 Consumer Money Questions Shift From Recession to Recovery A strategically missed mortgage payment Menendez, Boxer Introduce Bill To Help Responsible Homeowners Refinance |
12 REITS Could Leap On Increased Refinancing - Seeking Alpha
12 REITS Could Leap On Increased Refinancing Seeking Alpha In contrast, the demand for new mortgages is actually falling -- the number of people seeking finance for home purchases actually fell by 2.4% in the last survey. The number of refinancing applications is growing on the other hand; it increased by 2.8% ... |