Home Refinance Articles

While mortgage rates, like many other factors in the economy, are often unpredictable, most economists assumed rates would rise a little in 2011 rather than drop to record lows. The continuing uncertainty in the U.S. economy is likely to keep mortgage rates hovering below five percent, at least for the first few months of 2012. [...]

Plenty of homeowners have lost equity in their homes in recent years and feel their mortgage payments are meaningless since they are paying off an asset that has dropped in value. But equity in a home is built both by increasing market value and by paying off the principal balance on your home loan. Switching [...]

If you would like to refinance but are underwater, owing more on your mortgage than your home value, you are not alone. The good news, though, is that the number of underwater homeowners dropped in the second quarter of 2011. According to CoreLogic, about 22.5 percent of homeowners with a mortgage were underwater as of [...]

While the goal for many homeowners when refinancing a home is to lower their monthly payments, some borrowers forget that there is a cost to refinancing. Many lenders allow borrowers to wrap closing costs and fees into the new home loan, but this typically adds to the principal balance. Make sure you take the time [...]

Refinancing a second home with Fannie or Freddie Mac doesn’t cost any more than refinancing a comparable primary home. There are no risk-based pricing adjustments for second homes. While financing an investment property at 80% of its value can add 3.75 points to your fees, that’s not the case with a second home that meets [...]

Mortgage brokers work with wholesale mortgage lenders. Wholesale mortgage lenders’ only function is to underwrite and fund home loans. What they don’t do is maintain offices, pay sales staff, originate mortgages, or process loans. Brokers fill that function for them. Mortgage Brokers’ Strengths Mortgage brokers can be especially helpful when you have a tricky loan, [...]