Once upon a time, it used to be that a person with a credit score of 640 could refinance their mortgage and pretty much be assured of getting the best rate on that mortgage. Unfortunately, those days are long gone. The mortgage credit crisis of 2007 and 2008 resulted in nearly every mortgage loan source […]
More Homeowners Refinancing Into Shorter Loans
More homeowners prefer to pay off their mortgages sooner as interest rates have stayed near rock-bottom and weak labor conditions have caused them to reduce their debt loads. According to a recent survey, the current trend in refinancing into shorter-loan terms is a stark contrast to the one during the height of the housing boom, […]
Avoiding Refinancing Costs After Divorce
Divorced homeowners stuggling with the task of removing a former spouse’s name from the mortgage after buying out his or her equity stake in the marital house may think refinancing is the only choice. There is another, little-known option that could possibly help you avoid refinancing and its costs, which generally run 3 to 6 […]
Credit Cards Keeping You From Refinancing?
If you are thinking about refinancing your home, you may want to do it quickly. Mortgage refinancing rates have been on a rise since hitting a historically low 4.17% rate on 30-year fixed rate mortgages, and they are only expected to continue go up. So, why have so few homeowners refinanced? The sad truth is […]
Mortgage Refinances May Drop 77% by 2012
Residential mortgage refinances are expected to deteriorate over the next two years due to factors not limited to rising interest rates. Some are predicting that mortgage refinancings, in fact, will fall by 77% by 2012 and drag down the overall market for originations. Total refinances hit about $1 trillion in 2010 and accounted for 69% […]
A Little-Known Strategy for Cutting Mortgage Payments
Homeowners looking to lower their monthly mortgage payments and also save some on interest may be able to do so without all the hefty fees and daunting credit requirements of refinancing. A little-known strategy, called “recasting,” or “re-amortization,” is available through some mortgage lenders and servicers. It involves paying off a lump sum of the […]
Refinancing a Home with Bad Credit
When it comes to refinancing a home with bad credit, there are certain things you need to know if you are going to be able to make sure you get the best refinancing deal possible: 1. KNOW YOUR MORTGAGE (AND ITS ALTERNATIVES): Before you even consider refinancing, make sure you fully understand your loan – […]
Home Mortgage Loans: Getting One Continues to Be a Challenge
Bankrate.com has pooled the opinion of several mortgage industry professionals with regards to the future of the home mortgage loan market. According to most of them, mortgage loan rates will maintain their low levels, but acquiring a home loan will be difficult for most consumers. They also predicted that homeowners seeking refinancing will be lured […]
Good Reasons for Not Refinancing
The decision to refinance may seem like a simple one; a lower interest rate is, after all, a lower interest rate; however, there are several good reasons not to refinance. In fact, in some cases, refinancing can actually cost you more in the long run: 1. HOW LONG HAVE YOU HAD YOUR LOAN? First, consider […]
More Tax Relief for Home Owners and Home Buyers?
The Obama administration’s top housing official says several new programs are in the works to help try to revive the housing market. Housing and Urban Development Secretary Shaun Donovan said in an interview recently that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the […]