Some economists predicted that mortgage rates would be higher by now compared to last year, but low interest rates continue to tempt homeowners to refinance. Deciding whether the time is right to apply for a mortgage refinance depends on three factors:
How long you plan to stay in your home. If you know you will be [...]
...Read MoreHomeowners with a home equity line of credit, a home equity loan, or a second mortgage may want to refinance one or both of those mortgage loans to reduce their monthly payments, switch to a fixed-rate loan, or shorten the length of the loan. Today’s tightened credit standards mean that lenders may be less inclined [...]
...Read MorePersonal finance columnist Liz Pulliam Weston, who writes regularly for MSN Money, summarized several debt pay-off plans, suggesting that each individual needs to find the plan that fits her needs. Debt management is a lot like dieting, requiring reduced spending instead of fewer calories, along with extra income instead of exercise. Dieting and debt management [...]
...Read MoreThe decision to refinance a home loan should be based on individual circumstances, not necessarily this week’s mortgage rate. Homeowners should review their finances and develop a budget annually that reflects their goals. Gathering refinancing information should be part of that process.
Reasons to Consider Mortgage Refinancing
Determining why you want a home refinance is an important [...]
Recent decreases in home values have left many homeowners unable to take advantage of refinance opportunities. But even with low home equity, you may still be able to refinance your mortgage. Many lenders are willing to approve a home refinance of up to 90% or sometimes even 95% of your home value.
When gathering refinancing information, [...]
Homeowners who want to refinance sometimes bump up against two obstacles: first, their home may not be worth as much today, so they lack the equity to refinance. Second, the homeowners may have increased their spending over the years and find themselves with too much debt to qualify for a new loan.
Mortgage lenders want to [...]
Refinancing your home to a better interest rate may save you lots of money over time, but many homeowners struggle with how to pay the upfront fees. One solution is a no-cost refinance–a term that refers to a number of ways the closing costs can be bundled into your refinance loan. While no-cost refinancing options [...]
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