More homeowners shorten mortgage terms USA Today
Spurred by low interest rates and a desire to pay off their debts, homeowners are shortening the terms of their loans. In the first quarter, 34% of refinancers switched to a 20- or 15-year loan, the highest level in seven years, according to mortgage giant Freddie Mac . At LendingTree, an online mortgage broker, requests for 15-year mortgages are up 30% from a year ago, says Mona Marimow, vice president of marketing.
Quicken Loans recently launched Yourgage, a customized product that allows borrowers to select the term of their mortgage. The most popular term for Quicken borrowers? Eight years. The second most popular is 13 years.
STORY: Mortgage rates reach record lows, sparking refinancings STORY: Economists see 30% chance of recession"Mortgage-burning parties are back," says Bob Walters, chief economist for Quicken Loans.
In one sense, this trend bucks conventional wisdom. The average rate for a 30-year, fixed-rate mortgage was 4.32% last week, close to a record low, according to Freddie Mac. That's cheap money, especially when you factor in the tax deduction for mortgage interest. Some financial planners might argue that you're better off keeping your payments as low as possible — which usually means sticking with a 30-year mortgage — and investing the balance.
Guidelines to Refinance a Home Loan
With the current economic meltdown and the prolonged slump in the housing market, millions of consumers across the country are refinancing their mortgage each year. If you are also looking forward to refinance a home loan at a substantially lower interest rate, you must consider a few crucial factors first. Remember, if you have stellar [...]
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Mortgage Rates--Refinance?
I live in Virginia and recently purchased a home. This is my second mortgage. I had no idea how much mortgage rates had increased. I am paying 6.75 as compared to 6.125. Are mortgage rates expected to climb or is it possible for me to refinance and get back to less than 6.5? My credit is still the same and both mortgages were 30 years fixed interest.
It is hard to say the rates have risen siginficantly lately, if they follow the same trend as last year the rates will go down in the beginning fall. This is exactly what happened last year the rates went up at the beginning of the summer. You may want to look at getting a good deal now and not refinance later on. If you are going to be in the house for over 5 years then you may want to look at buying the rate down it may be cheaper then actually refinancing in a year for .25% where you will not save any money because of the cost to refinance.
For the record, your current rate is too high. I believe your loan officer made a lot of $$$$ on your deal. On May 1st the 30-yr fixed was at 5.875% - again for loans of $100K and more. That said, refinancing now would be foolish. Wait for rates to drop or refi into a shorter term (20 or 15 year fixed).
They are cutting the life of repayable interest DRASTICALLY and getting a fixed rate. If you have equity in your home, maybe you want to entertain this option. Talk to a mortgage broker or banker.
I just bought down a few of my clients fixed rates under 6% fixed for 30 years.
Good luck!
Just try:
http://www.proloanz.com/Mortgage_Refinancing.htm
http://www.mortgagerefinancingatlowrate.com/Mortgage-Refinancing.asp
http://www.topamericanmortgage.com/debt-consolidation-loans.asp
http://www.apply4less.com/mortgage_refinance.htm
these website links will definetly help you in solving your mortgage refinancing problems.
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