10 Home Refinance Tips Patch.com
The bad news is that we are currently living through a frightening economy. The good news is that mortgage rates have never been this low in the last half of a century. The mortgage process, for buyers as well as home owners is a challenge at best but if you are prepared you can save money and get through the process with your sanity in tact!
Why should you refinance? There are costs involved with the process, but if you plan to stay in your home long term (five – 15 years) then with current low rates you should consider it! What are some potential benefits from a refinance?
1.) If you are in an adjustable rate mortgage, then now is the time to check and see if you can convert into a more stable fixed rate mortgage .
2.) If you are in an interest rate on a 30 year that is more than 5 percent and you have good credit then you might realize substantial
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Refinance Mortgage Rates
www.refiadvisor.com Refinance Mortgage Rates - How to get the lowest possible rate when refinancing your home without paying junk fees.
Are the interest rates the same between people who take a new mortgage and those who refinance?
I want to take advantage of the decline in intest rates by refinancing my mortgage. When I search online I find a lot of rates quoted for new loans but not much for refinancing. Is it safe to assume the refinancing rates will be similar to the new buyer's rates (with the same terms and credit rating of course)? Thanks.
I would go to a reputable, bricks and mortar (physical location) of a known bank to refi. Part of the mortgage debacle was using anyone and everyone (including the big banks, though) and it is critical to be sure you know who you are dealing with and what you are dealing with! Get a referral and go with someone with a good track record. Also, start with the bank you deal with. They want to keep your business and may not charge closing costs like another lender would. The credit score will determine the "good rate" that sounds low but still depends on credit score.
If you have paid your mortgage on time. Your present
lender will gladly refinance to a lower rate.
There are a lot of loan officers that are solely doing refi's
if you are in California I can refer you to several
people that I deal with.
Times are tight and the loan officers are gun shy.
Good Luck!
Good luck!
As a retired Mortgage Banker who has taught thousands of loan officers how to earn incredible incomes, I would love to answer it. There are SO many people hungry for answers to such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess.
It bothers me greatly that so many people, young AND old, have been taken advantage of and NEED answers to prosper financially and not become a mortgage victim. If you DON'T get educated BEFORE making a decision, you're next in line to be ripped off. Count on it.
I've been posting answers under numerous aliases on Yahoo! because I have to keep creating new accounts to do so. It seems the "establishment" prefers to keep the public in the dark when it comes to exposing the truth about anything which could actually help them avoid catastrophe. When faced with a serious choice about something in your past think about what you should have been made aware of by someone in "authority", but weren't. If you knew what "they" knew, wouldn't you have made a better decision?
Whether you're a first time buyer, moving up, refinancing, buying a foreclosure, short sale or trustee sale or auction, you're going to need financing in place. First. Doing it ANY other way is wasting your time and a professional real estate broker won't even LOOK at you or your offer unless your financing is in place. Don't believe me? Try it.
If you want to learn the industry from the inside, visit my website. I can't type the internet address here or I'll be creating yet another Yahoo! account. I'll spell it for you. MortgageSelfDefense[dot]com. Type that into your web browser as you would a regular internet address and you'll get there.
In addition to the information you'll receive on the site, if you decide to be a free subscriber, you'll receive tips, techniques and advice on regular intervals along with my personal contact information to ask questions.
I look forward to helping you.
P.S. I'm also a Real Estate Broker in two states (CA & NV) and have been since 1981. Having been so gives me a unique perspective on the industry.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
Where can I find the lowest mortgage rates and refinance rates in the USA on the internet?
Do you think the rates have hit bottom?
We like to use a local mortgage broker but the last time they did not over us the lowest rate out there. We knew the lowest rate from bankrate.com so we got it. Bankrate.com no longer lists the lowest rates in the US. Need another source
It's not just the rates you want to compare, look at the total loan package.
I just had a client go to an internet lender for a quote and the GFE was $5,000 more than the local lender, and if the refinanced in less than 5 years, there was a big penalty.
you can get all financial news.
I know, as I have had customers come back to me and tell their horror stories, and some never got their loan, coming back to me to do it.
This is a process best left to an expert in your area, and price should be a consideration, but the rock-bottom price, is NOT always the best "deal"... Trust me , I know...
Shop for knoweldge, and then rates, and then cost. In that order. Cost will be very close as I am in the business, and have to be competative, and still my conscience and integrity, keeps me doing a good job for my customers.
Second, the lowest rate may not always be the best way to go. How much does it cost for the rate? How long will it take you to recoup the costs? HOw long do you plan on staying there. Your best bet is to find a local lender who maintains their client database who will look out for you when rates drop. Also, when you are calling around for rates, be sure they know are you going full document or stated, purchase, or refinance, loan to value, cash out, rate and term, etc. If you call around and they give you a rate without asking you the right questions then they are just throwing numbers out there and be prepared for bait and switch later. Your home is most likely the largest purchase you'll ever make, so you should find a true, knowledgable professional. AFter all, if you have to have a life saving surgery would you go onto the internet to find the cheapest surgeon? ASk your friends who they use and if their lender keeps in contact with them.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
How long should I wait after the Feds drop interest rates to refinance my home?
I highly doubt feds will drop rates again, so how long should I wait to refinance after this last drop?
The rate that the FEDS are dropping does not affect mortgage rates unless you have an ARM. If you look at rates for mortgages they are the rise. If you are thinking of refinancing, make sure that it is cost effective for you to do so and do it now! Have fun!
Get a real mortgage broker and get some real good advice - but, what are you really waiting for right now - rates are GOOD NOW!!
With the Federal Interest rates so low can I refinance into a lower fixed rate with not so good credit?
I bought my first home from my parents about 2 years ago. The loan at the time was 8%. With the federal interest rates so low is it possible to refinance my fixed rate loan to a lower interest rate with not so good credit. I have a few lates on my mortgage along with an apartment eviction this year and collection accounts. Am I doomed to fail?
No you will not be able to refinance in this market most banks are only lending to those with stellar credit and some are not lending at all with a credit history like yours you aren't gonna get anything better than the 8 percent you have now
Looking to find lowest refinance home mortgage rates?
I’m looking for a better home loan mortgage rate than I currently have with my bank. So I am seriously considering refinancing. Does anyone know where I can currently check for the lowest refinance home mortgage rates?
You can actually get a better mortgage rate – without refinancing. There is a website which allows you to check for free if there is a better rate available with your current lender.
You can avoid the costs and all the paperwork and hassle associated with refinancing. Your bank won’t tell you that there is a better rate available with them, but there usually is.
Check for a lower rate here free:
http://www.checkmyrate.com.au
What happens when you start the refinance proecss (lock), but find lower rates later?
I locked with lender 20days ago but rates have significantly dropped. Can i exit the exisiting rate (i am willing to pay penalty) and refinance elsewhere? or will the existing refi lender work with me? I don't have a float down option
Typically you had to pay a fee to lock in a rate, and you lose that fee if you renegotiate the rate lower or finance elsewhere.
should I refinance with rates this low?
I have excellent credit and a 6.625% mortgage rate on $160K mortgage. Would I benefit to refinance right now?
well, that would depend on what rate you can get (so what your credit score is).
it would also depend on how your current mortgage is set up (closing costs and various fees can mean that refinancing wouldn't pay off for a few years).
but generally, it's never a bad thing to look into - if you can save some money in interest, you might as well. it can also let you pay the loan off early, if your new payment is a couple hundred dollars less, you can shave years off of the life of your loan.
if you're in the top credit score range, the national average for a 30 year loan is about 4.85%.
The payments on a 160k 30-year loan at 6.625% is $1,024.50. You would pay $213,050.60 in interest over the life of the loan.
The payments on that same loan at 4.85% is $844.31. You would pay 145,903.66 in interest over the life of the loan.
In this scenario, refinancing would save you $67,146.94 in total, or more than 31.5% of total interest payments. You would also be saving $2,162.28 per year.
So like I said, it's probably at least worth looking into. But it may not pay for itself for a while.
After you refinance to a lower rate, you can continue to pay the same amount which you were paying, this will help bring your principal down and help you pay off your home faster.
Good Luck..
Yes you will truly benefit right now..
http://www.ehow.com/how_4782870_refinancing-mortgage-will-save-money.html
why dont the banks solve this mortgage crisis by letting people refinance at rates they can afford?
I know I am ignorant, but that looks like it would be better than what is happening now
Recent drop in interest rates - can I refinance my auto loan?
Given the recent drop in interest rates, I'd like to look into refinancing my auto loan. I have a 2004 F-150 and I'm sure I own more on the truck than it's worth....will I be able to refinance with a better new rate?
Thanks!
You won't get a refinance for anything more than the current value of the truck. You COULD refinance if you could come up with the difference between what is owed and the value of the truck, getting a new loan only for the truck's value.
Good luck.
Where can I find the best HELOC rates to refinance my second mortgage?
My current rate is near 10%, and I'd like to find a HELOC rate of prime minus 1%, no fees, and accepting a LTV of 90%
I agree, www.bankrate.com has rates from many different lenders, and links to specific places to obtain loans, like lowermybills.com. the HELOC rates are around 7%, but I'm not sure if they will allow an LTV of 90%.
http://www.bankrate.com/brm/rate/brm_loansearch.asp
refinance rates - News
Lending rates for infrastructure projects may come down - Hindu Business Line
HardNews MagazineLending rates for infrastructure projects may come down Bankers say that lending rates for infrastructure projects could come down, subject to the refinance rate being competitive and funds being available for a Lower interest rates to boosts exports, India afloat with 7.1
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Obama to detail mortgage relief plan on Wednesday
Boston Globe The government also is considering a proposal that would allow healthy borrowers who owe more than their homes are worth to refinance at lower rates. Video: Obama's Focus On Foreclosures Obama faces massive scope of foreclosure crisis Obama's foreclosure fix on the way -
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Interest Rate Cut May Spur Homeowners to Refinance Loans - istockAnalyst.com (press release) Interest Rate Cut May Spur Homeowners to Refinance Loans THE latest cut in interest rates by banks will encourage more homeowners to refinance their loans, a trend that should become visible in the market in the |
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City to look at refinancing water/sewer bond - Pope County Tribute City to look at refinancing water/sewer bond Should the city wait in refinancing the bonds, Mattson cautioned interest rates could rise and the city could lose out on an opportunity to save money. |
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A plan for home owners - Detroit Free Press A plan for home owners So the home owner is stuck paying a mortgage at nearly two points above current market rates. How many people have been unable to refinance because of the |