Is it better to refinance your mortgage to a lower interest rate or continue with an existing mortgage? What factors should you consider when refinancing a mortgage loan? Determining whether it’s a good idea to refinance a mortgage depends not only on the interest rate but also on how long you plan to stay in the home. Learn more here about how to refinance your mortgage in the articles, columns, radio shows, blog posts and videos.
Last Chance To Refinance Your Home With Low Interest Rates
Last week, Alan Greenspan kept short-term interest rates at 45 year lows. And low interest rates mean you might have one last chance to refinance your home before rates start to climb. Now that interest rates are poised to rise, are you ready to refinance?
Ask Ilyce – March 11, 2003
How do I know if my refinance is the best deal I can get? Should I invest in major home repair or sell it as a fixer-upper? And how can I cut costs on my energy bill? WGN's Money Saving Expert Ilyce Glink answers these questions.
Don’t Sign Anything You Don’t Understand
A daughter is worried she signed onto her mother's mortgage loan when she refinanced several years ago. Not being sure what she signed, it's possible she became a co-borrower on the mortgage loan. Not knowing if she has a mortgage loan on her credit report is a good example of why you should never sign anything without understanding what it is.
Refinance Or Ask Mortgage Lender For Interest Rate Change
When you apply for a mortgage loan you may decide to lock in the interest rate early on. As your closing date approaches the going interest rate for mortgages of your type may change. What can you do if the interest rate available at the time of your closing is lower than the rate that you locked in? You can either close on that loan and start the refinance process right away or you can ask your mortgage lender to lower the rate on the loan you're about to get.
Making The Most Of Your Mortgage Money
The economy is starting to pick up, which could be bad news for home buyers and those looking to refinance. An upswing could mean growing interest rates, which makes less money available for home buyers to borrow. The first step for a home buyer to make the most of their mortgage dollars is to shop around.
Homeowners And Mortgage Lenders: Refinance And Establish A Good Relationship
Homeowners should learn about what it means to refinance their mortgage before meeting with their mortgage lenders. Understanding the terminology will help the refinancing go smoothly, and build a good relationship between homeowners and their mortgage lenders. Homeowners should not lie on their applications, as mortgage lenders will have to verify the information and the refinancing will not be easy.
When Should You Refinance
As the Federal Funds Rate is lowered, long-term interest rates might come down significantly. With these lower rates, you might be thinking now is the time to refinance. Who should refinance? If you have a high-interestrate loan, you ahve good credit, you have equity, or you need cash, now might be a good time to refinance. You can also talk to your mortgage lender about streamlining your loan.
Is Now The Best Time To Refinance Your Home?
It's tough to determine the best time to refinance your home. You want to refinance with the lowest rate, but there's no way to know if and when rates are going up or down. But if you can refinance now and pay off the refinancing costs within a year and save money from then on, now is probably a good time.
Refinancing Condomimium Soon After Purchase
A new condominium owner wonders if it is too soon to refinance. Ilyce states that it is never too soon to refinance, after purchase. The important thing is to figure out how much the refinance is going to cost you out of pocket and how long it will take you to recoup those expenses.
Streamline Refinance To Prepay Mortgage
A homeowner decides they are only staying in home for another 10 years but they have a 20 mortgage. A streamline refinance will enable them to decrease their mortgage payment and prepay their balance. What they can do is to take the extra monthly savings and pour it immediately back into prepaying the mortgage. That way, they will have just about paid off the mortgage in the ten years they hope to remain in the home.