Refinancing Information

While mortgage rates stayed low last week, fewer homeowners applied for a home refinance. One possible reason may be that home prices remain flat or have dropped in 19 of 20 cities, according to the S&P/Case-Shiller Home Price Index. The Refinance Index, which reports how many homeowners apply for a mortgage refinance each week, dropped [...]

If your New Year’s resolution was to apply for a mortgage refinance, you are not alone. More refinancing applications were completed during the first week of 2012 than during the holiday season, even when adjusted for vacation days. The Mortgage Bankers Association (MBA) reported that for the week ending January 6, 2012, the Refinance Index, [...]

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. [...]

Homeowners who qualify for mortgage refinancing can quickly begin decreasing their debt either by taking cash out at settlement and paying off balances or by reducing their mortgage payment and using the savings to pay down debt faster. How to qualify for a home refinance Qualifying for a home refinance depends on three factors: your [...]

When comparing refinancing information from one lender to another, consumers usually evaluate the interest rate and loan type. But home loan borrowers should ask each lender for an estimate of the fees they need to pay when refinancing a mortgage. Many lenders offer an estimate of closing costs before they provide the official document known [...]

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 [...]

Homeowners 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 [...]