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Four years of falling interest rates have caused many consumers to become complacent about lower-than-6 percent home mortgages. But if you're a homeowner, the coming rising trend is no longer your friend. Your Refinance Mortgage time is NOW before mortgage refinancing rates start skyrocketing again!
Refinance MortgageHomeowners should consider a Refinanced Mortgage if:- they want to get out of a high interest rate mortgage loan to take advantage of lower rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile.
- they have an adjustable-rate mortgage (ARM) and want a fixed-rate mortgage loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.
- they want to convert to an ARM with a lower mortgage interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have.
- they want to build up equity more quickly by converting to a mortgage with a shorter term.
Before you refinance your mortgage, get an appraisal of your home's value. To improve the appraisal be sure to clean clutter, paint, and repair the home to make it look its best.
The Mortgage Bankers Association estimates that mortgage refinancing will reach $235 billion, about 10 percent more than last summer. The share of refinance mortgage activity increased to about 39% of all mortgage applications.
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Refinance Mortgage News and Info- The prepayment rate on mortgage bonds declined in May as rising interest rates reduced homeowners' incentive to refinance mortgage.
- Some would-be sellers are staying put, choosing instead to refinance mortgage and remodel their homes. The average rate on a 30-year fixed mortgage hit 6.32 percent in May.
- HELOCs and home equity loans typically involve much lower closing costs than a first-time refinance mortgage.
- Group II mortgage loans had a cut-off date pool balance of $583,130,526. Cash-out refinance loans accounted for approximately 45.84% of the Group II loans.
- The FHA-insured refinance mortgage is to result in a lowering of monthly principal and interest payments.
- Refinancings have represented more than 50% of mortgage originations. Still, just 8% of Americans plan to refinance mortgage.
- It takes less time and expense for a lender to do a refinance mortgage than to underwrite a purchase loan, so banks are pushing hard to find customers. So if you'd like to refinance an older mortgage, don't let some past problems discourage you.
- Low mortgage rates led to an unprecedented $2.4 trillion in refinance mortgage activity in 2003, which included an estimated $139 billion of cash-out refinance mortgages.
- With long-term mortgage rates higher than last year, those still looking at a refinance mortgage for lower rates may want to take a look at ARMs.
- Families choosing to refinance mortgage to help pay for kids' college education.
- With interest rates slowing inching up from their all time low these past couple of years, some with current 7.5 percent rate should refinance mortgage regardless of credit rating.
- Many homeowners do a refinance mortgage to cash out their consumer debt. Unlike consumer debts, a mortgage loan is tax-deductible and has a long maturity.
If the amount saved after tax over the long run exceeds the after-tax costs of the transaction, the homeowner stands to gain from the transaction. In addition, homeowners sometimes refinance mortgage to raise cash rather than to obtain a lower interest rate or to reduce uncertainty about future payments.
About half of the homeowners with a mortgage refinanced at least once after buying their homes. Mortgage refinancing has become a widespread practice in recent years because of a combination of factors, including lower interest rates; the widespread adoption of new technologies that have reduced mortgage transaction costs; and gains in home values and equity, which have increased the opportunities to borrow additional amounts. In addition, the general disappearance of mortgage prepayment penalties during the late 1980s encouraged refinancing activity.
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