Time to refinance? How low can mortgage rates go? Reuters Blogs (blog)
Mark Sass and his wife Jan decided to refinance the mortgage on their Cincinnati, Ohio, home on Friday, just days before the Federal Reserve pledged to keep rates near historic lows through the first half of 2013.
“I knew the Fed statement was coming out and rates had dropped to historically low levels, and it just seemed like an opportune time. I hadn’t even thought about it until then,” says Sass, who owns his own marketing research company.
Their original mortgage had a 20-year amortization period — at a 4.875 percent rate — with 12 years remaining. They are rolling it over into a 10-year mortgage with a 3.5 percent rate. “I was able to knock a couple of years off the term with a very modest increase in the monthly payment,” Sass says. “It seemed like a no-brainer to me.”
Sass and his wife are both 55, so retirement is on the horizon. “The opportunity to look 10 years out and know that – unless things change – we won’t have a mortgage when we retire looked like a smart decision,” Sass says, adding the overall savings on interest by reducing his term will be in the neighborhood of $20,000.
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No closing Cost Loans, Refinance. Orange County, CA. Fred Solomon's mortgage ...
Interest rates are down at least one full percentage point just in the last week. If you are on an adjustable and you are lucky enough to still ...
What is considered a closing cost in a mortgage refinance?
2% to 4 % of loan...the only out of pocket might be the appraisal fee and an assignment cost, if you're using a broker. Could be higher if you are buying points. get a "good faith estimate" before doing anything.
origination fee
title insurance fee
underwriters fee
processing fee
fee from your closing company
also you have to remember they will more than likely be setting up a new escrow account for you, so that will show up on your fee's as well (years worth of taxes and half a years worth of insurance usually)
if you need any more help let me know.
Longview,Tx mortgage brokers that offer "no closing costs" refinance mortgages?
They advertised on the radio a few months ago.
Deborah,
Be careful. There is really no such thing as a true "no cost" loan. You are going to pay for it in rate. Because this is a refinance they can roll closing costs into the loan amount, or they charge a higher interest rate to make more money from the lender. At that point they can pay your closing costs. Please fell free to call me to discuss. I am a mortgage lender in Maryland that can do loans all over the country. Thanks 888-475-0700 x204 Scott Rubin
http://www.savingslife.com/loans/step1.php
You can get up to 4 refinance quotes from local lenders in your area. They are competing so you can play them off each other to get the best deal. Everything is negotiable!
Good Luck.
Are there always closing costs when you Refinance a mortgage?
I'd like to know when it makes sense to refinance a 1st mortgage? What interest rate difference is worthwhile? And if you refi with same bank, can you negotiate the closing costs? Maybe say you will take your mortgage elsewhere?
There are always costs associated with a mortgage, whether it be a refi or a new purchase. These costs are sometimes negotiable (depends on the lender). You can also have the closing costs rolled into the amount of the mortgage, or you can choose to take a slightly higher interest rate in return for lower costs (essentially "paying points").
Just shop around... call at least 4 or 5 lenders and look online. Talk to them and see what they can do for you... it never hurts to ask if there's anyway to lower the closing costs.
If you can get an interest rate as low as a point, the difference could mean $50.00 to a few hundred dollars a month in your mortgage payment depending on what your balance of your home is.
Closing costs are always negotiable. If your bank is not co-operating, get two other opinions from two other banks.
The best way to do this is to go through a Mortgage broker. They will pull your credit only once and shop the rate for you preserving your credit rating. They will also shop your loan with wholesale lenders which may save you money. According to the National Credit Bureau, a credit pull twice in a month for something such as a mortgage will only register as one pull.
If your try to do this yourself, and let each bank you visit do this, each bank WILL pull your credit and your credit score will go down as a result. Do NOT shop for a loan online. These mortgage companies will throw your SS# at 20 different lenders and they will ALL pull your credit at the same time destroying your credit in the process.
Always get a second or third opinion on such a major financial decision such as this.
The market is so tough right now banks and Mortgage Brokers are competing hard for any business.
Need the Ing Direct 0 closing cost certificate/code for mortgage refinance.?
I called Ing Direct to refinance my home. Their rate is excellent but they have a closing cost of $695, but they said if I have a certificate or deal code, then they can waive it off. Pl send me either the certificate or its code. I can provide u my mailing address if needed. thnx.
Um, no...
How much are closing costs for a mortgage refinance?
Closing cost depend on many things. First how difficult the loan is to close. Brokers often times are paid mostly on commission, and these cosing cost represent how much time and effort they had to put in. If your situation includes low credit scores, low income or bad credit history it makes a loan more difficult to close and may result in higher closing cost. But closing cost also represent other unavoidable fees such as fees from the title company, state fees, lender fees, and a host of others. You should be leary of companies offering no closing cost or a fixed amount for closing cost. These companys will have hidden fees to make up for the "no closing cost" they offer. Remember nobody does anything for free. If you have any questions feel free to ask, I am a loan advisor, not a broker or loan officer. I am here to help!
I used "Credit Solutions" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
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Who and where i can find the lowest closing costs on refinancing a mortgage?
Where can I obtain the lowest fees on closing cost when refinancing a mortgage? Also, why does conventional bank around the corner usually has one of the highest closing costs than a smaller mortgage company? Which mortgage company has the best deal and what is reasonable amount to pay on closing costs for an mortgage amount of $360K?
Look up Atlantic Bancorp of CA..or Atlantic Bancorp of America..they may have changed their name. But I've been closing deals with them for 3 years. They're pretty great. You can look at www.atlanticloan.com
Is there any way I can refinance my mortgage without paying /rolling over the closing cost?
Other than admitting to defaulting, what other ways can I work with my lender without looking at competitors?
Ask your lender about a loan modification. The closing costs are very minimal.
If you are talking about modifying an existing loan due to hardship; they can charge no closing costs and just give you the new loan..
Can a veteran get help with closing costs to refinance a home mortgage loan?
Try this, Its good
http://mortgagerefinancingatlowrate.blogspot.com/
Are these closing costs excessive for an FHA mortgage refinance?
OK, are these numbers too high, or am I just being overly cautious. My current loan is at 6.375% and has a balance of $97,5000. My mortgage company is offering me a new 30 year loan at 5.5% (or lower), but the new loan would be for $103K. They are telling me the closing costs are going to be around $3,900 with and additional $1800 in FHA fees. Is this right?
Are you able to do an FHA Streamline Refi? Please look into that. Fees will be much lower. You do not need an appraisal, income is not verified, assets not verified. Depending on when you bought you may be eligible for a refund of your UFMIP which should show up as a credit to you on your closing statement. (And be on your GFE) You will be setting up a new escrow account but you will get your current one refunded about a month after closing. I just closed 4 of these last week & closing costs were no where near what you are talking about. Get a re-issue rate on Title Insurance. You may try to talk to another lender just to be sure you are getting a good deal.
Getting ready to refinance an ARM mortgage. Are closing costs for a refinance the same as a purchase?
The closing costs are different depending on the loan and the bank/lender giving the loan. Lenders settheir own closing costs. The only cost that generally stays the same is the County Record Filing fee. The filing fee is set by the local government, so it should stay the same if you are refinancing the same home that you are comparing the original mortgage costs to.
A good way to see the total cost of the loan is to look at the APR. The APR is the total cost of having the loan annually (displayed as a percentage). You'll notice that the Rate and the APR are different, this is because the rate is the actual interest you are being charged and the APR is the interest plus all the closing costs and fees.
Read the fine print or ask your lender to explain the closing costs to you. Generally there will be the filing fee and an appraisal fee plus other fees.
Good Luck!
closing cost mortgage no refinance - News
Mortgage Q&A: Financing strategy in new times - Washington Times
Washington TimesMortgage Q&A: Financing strategy in new times My argument has been that in most cases, taking the higher tax-deductible rate with no closing costs is better. As of this writing, I see that I would be Housing Crisis: You Asked, She Answered
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When is it time to refinance your mortgage? - St. George Daily Spectrum When is it time to refinance your mortgage? Points on refinancing are deductible over the life of the new loan. The total closing costs when refinancing can easily run 4 to 5 percent of the loan |
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Deals of the Day: Sirius XM Saved From Bankruptcy - Wall Street Journal Blogs Deals of the Day: Sirius XM Saved From Bankruptcy [WSJ] No Treasurys for you!: Middle Eastern nations are feeling a little sketchy about Treasurys. [Financial News] Maybe you can have some mortgages, |
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10-Q: AMERICAN AFFORDABLE HOUSING II LIMITED PARTNERSHIP The anticipated sales price is $1208004, which includes the outstanding mortgage balance of approximately $1004000 and cash proceeds to the investment |
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Wake Up Money: Should You Refinance? - MyFox Houston Wake Up Money: Should You Refinance? There are a lot of risks associated with refinancing, but with mortgage rates at a record low, how do you know if it's right for you? |