To Refinance or not to Refinance -- Here is the Answer
I have written many articles on refinancing a fixed rate mortgage to an adjustable rate mortgage. I have helped people cut as much as $800 off their monthly payments by turning their high fixed rate mortgage loan into a much lower ARM. This may be the time, however, to put the strategy in reverse, especially if your adjustable rate mortgage is coming up on the adjustment period. If you have an adjustable rate mortgage in the four to five percent range, and it is about to adjust, and if you think you'll be in the home for more than five additional years, you'll want to strongly consider refinancing your adjustable rate mortgage to a fixed rate mortgage. Here's why. Rates continue to remain very low. Fixed rate mortgages in the five to six percent range are very good loans. So, if you have an ARM at five percent, and it could possibly balloon to six or seven percent, now is the time to fix that rate at between five and six percent. Remember, if you intend to remain in your current residence for more than five years, fixing that rate is a very wise move. This way, you will keep your payment low for the life of your loan, and you will eliminate the worry of an adjustment. Mark Barnes is the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com. He is also an investment real estate and home loan finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com
Related News
Treasury Yields Drop to Record Lows as Bernanke Cites Buybacks - Bloomberg
Wolters Kluwer Financial Services Begins Development of Hope for ... - MarketWatch
Looking to refinance? Now might be the time - Boston Globe
Looking to refinance? Now might be the timeBoston Globe, United States -5 hours agoMortgage rates have been stubbornly high for quite some time but the government's recently announced $800B plan to bolster mortgages and consumer loans had ... |
Ben Bernanke: Fresh Attack on Mortgage Rates - U.S. News & World Report
Ben Bernanke: Fresh Attack on Mortgage RatesU.S. News & World Report, DC -3 hours agoLower rates will enable some borrowers to refinance out of adjustable and into fixed-rate loans. But those who need to refinance the most have homes with ... |
See if lender will let you pay insurance, taxes - San Francisco Chronicle
See if lender will let you pay insurance, taxesSan Francisco Chronicle, USA -8 hours agoI almost feel like the mortgage companies are just trying to get extra money from us by having us refinance soon. Even in this economy, this house would ... |
Bellingham man's adjustable mortgage became money trap - Bellingham Herald
Good time to refinance your mortgage? - WKTV
Good time to refinance your mortgage?WKTV, NY -6 hours agoBy GARY LIBERATORE (WKTV) - If you are in the market to buy a home, it's a really good time, but if you're selling, it's not so good. ... |
Mortgage rates fall, but many borrowers will have trouble qualifying - Los Angeles Times
Commercial loan "nightmare" projected for 2009-JPMorgan - Reuters
Great Wolf continues mortgage negotiations - Wisconsin State Journal
|
|
 |
|
|
RELATED ARTICLES
Bankruptcy and Buying a Home
Filing bankruptcy is a stressful time in a person's life. Along with discharging your debts and gaining a fresh start, you may wonder if you will be able to buy a home after a bankruptcy. The answer is yes! Mortgage companies and online lenders are now offering home loans for those who have a bankruptcy on their credit report. Some lenders will even approve your loan as soon as one day after your bankruptcy has been discharged.
Mortgage ? What, Why, When, and How?
What is a mortgage? Here's what The New Merriam ? Webster Dictionary definition is: "a
transfer of rights to a piece of property usu. as security for the payment of a
loan or debt that becomes void when the debt is paid." That's as plain and
simple as it gets, you pledge the property that you're buying to the lender
until your home loan is paid off then the mortgage is released and you own the
property free and clear. The term "Mortgage Loan" usually pertains to the loan
used to purchase a home.
Home Equity Increases $1 Trillion in Five Years ? Is the Market Peaking?
A new survey reveals that in the last five years, the equity in the California real estate market has increased by more than one trillion dollars. A trillion dollars is a large number to ponder, but put in concrete terms, it can be represented by a stack of one hundred dollar bills that is six hundred thirty one miles high! This astronomical increase in California home values isn't all that unique, however. Prices on the East Coast, particularly in the Washington, D.C. area, are increasing just as rapidly. There are areas on both coasts where home prices have tripled during the last five years. This, along with the dramatic increase in interest-only mortgages among homebuyers, suggests that home prices may be peaking.
A Simple Way to Save Thousands on Your Mortgage Charges
How many times do you check you restaurant bill? If not often, I would advise you to do it more, especially when dining on your overseas vacations. Still, much more Americans check their restaurants bill, than the number of homebuyers, who check the charges for their mortgages.
Home Loan Applications Made Easy
You have finally found the home of your dreams. You have searched all over and are ready to purchase it. Before you even make your offer you should seek out the financing first. In some cases, it is easier to have a pre-approval in hand before making any financial commitment through a contract. Why get your hopes up after you purchase the home when you can buy with assurance and wait by the settlement table. Before you can buy anything, you will need to get accepted by a reputable lender. There is much you will need to know, as this will be the largest purchase you will ever make. You will need to fill out a mortgage application first.
Private Mortgage Insurance (PMI)
If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because your lender is now protected against any default on the loan.
Bad Credit Home Loans - Dealing With Bad Credit Mortgage Companies Online
Dealing with mortgage companies online can enable you to get a home loan even with bad credit. Bank associates' skepticism and talk around are avoided when you apply online with a mortgage broker. You also can compare multiple financing offers to ensure you are not getting scammed just because you have poor credit.
Finding the Best Mortgage Lender Online
Finding the best mortgage lender online is simply a matter of doing some smart shopping. Begin by gathering your financial information, and then request quotes from several lenders. Compare the rates and fees for each quote to find the best mortgage lender.
New Home Loan - Understand The Various Types Of Mortgage Lenders
So, you've decided to buy a house, and you're ready for that all important next step-applying for a mortgage loan. But where should you go? After all, the mortgage business is complex, and you've realized quickly that your choices for lenders are immense. Here's a quick guide to help you understand all of your choices for lenders.
Kingsland Georgia Mortgage Company Information For Homebuyers Transferring to Kings Bay
If you are transferring to the Kings Bay Georgia Naval Submarine base, more than likely you will need a lender to buy a home.
What Length Mortgage Is Right For You?
You've found the home that is right for you, and now you need to do the same thing for a mortgage. There are several options for people out there, each one designed for a different type of buyer.
Buying a Home when Rates go Up
Many people fret the rising tide of interest rates. You'll hear things like, "Did I miss the boat? Is it too expensive now to buy a home? How can I afford the house of my dreams? Maybe I should wait! Maybe I should just rent for a while! Maybe the rates will go down in a few weeks. "
Why Refinance Back into a 30-Year Loan?
One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at "no cost" to the borrower.
Refinance Your Property Online
By refinancing your property online you can take advantage of competitive rates in the convenience of your home. You should consider refinancing your property if interest rates are lower, your financial situation has improved, or your credit rating has improved. Once you are ready to refinance, search for lenders' rates online for easy comparison shopping.
What is a Current Account Mortgage?
Current account mortgages are fairly new to the sector. They are quite different to other types of mortgage as they enable you to set off all your savings and debts in one single account.
Flexible Mortgage Guide
Here is a useful flexible mortgage guide. Flexible mortgages are loans which allow you to increase or decrease the size of your repayments within certain limits. This type of mortgage is relatively new.
Top 10 Things to Consider on Home Loans
Here are our Top 10 most important things to consider when shopping for a Home Loan, Equity Line of Credit, or Refinance, courtesy of Loans-Directory.Org:
Getting The Best Rates On Mortgages And Loans
With an impending up-grade to the family due in a few months it soon became clear that our two-bedroom home would need an addition. We loved our house too much to consider moving. Not having the large sum of cash necessary to build it, however, we began a process that became a little more than burdensome. As my wife and I wandered in and out of financial institutions claiming to have "The lowest rates around" and discovering the degree of separation between institutions was greater than we had anticipated, it became very clear that this process would take a lot longer than we had originally thought.
Home Equity Loan ? When Does Refinancing Make Sense?
For the last two years, interest rates have been much lower than anytime during the last thirty years. This has resulted in an unprecedented boom in real estate sales, home refinancing and home equity lending, as borrowers try to take advantage of these rates for the long term. But refinancing or even borrowing against your home's equity may not make sense for everyone. When is it a good idea to refinance your home? When is it not advisable?
Residential Mortgage - Finding The Best Home Mortgage Lender
Most people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that's just the opposite of what most people should be doing!
|
