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Here are the finest resources for
california no fee refinance
Why should I refinance?
If you bought your home a few years back when annual interest rates were 12 percent, refinancing now can save you a great deal of money over the term of the mortgage. Or you might be able to switch from a 30-year mortgage to a 15-year, so you can pay off your loan in half the time with roughly the same monthly payments.
Refinancing can be worthwhile, but it does not make good financial sense for everyone. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate.
There are various reasons to refinance your home:
1. To lower the interest rate on your mortgage, reducing your monthly payments and overall cost;
2. To reduce the term or length of your loan, doing so can save you thousands of dollars in interest;
3. To provide a means of consolidating your debt;
4. To draw on the equity built up in the house to get cash for a major purchase or for children's education;
5. Have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.
It is better to refinance if you can get an interest rate at least two percentage points lower than what you are currently paying. However, every situation is different. Some lenders are offering reduced fees or no points. Asking yourself a few questions may help you determine if you can save money:
1. How much can I lower my current monthly payment? 2. How much will I pay in refinancing costs? 3. How much will I still owe on the house? 4. How much am I currently paying each month? 5. How much did I initially pay for the house?
There are other considerations, too, such as how long you plan to stay in the house. Most sources say that it takes at least three years to realize fully the savings from a lower interest rate, given the costs of the refinancing. Itemize all the expenses of the refinance and estimate your new monthly payments. Answering these questions can help you to decide if you should refinance.
Before settling on a refinancing deal, you might want to engage a lawyer to look out for your interests and make sure everything is filled out properly. Talk with mortgage lenders, real estate agents, attorneys, and other advisors about lending practices, mortgage instruments, and your own interests before you commit to any specific loan.
About the author:
Copyright 2005. Chileshe Mwape writes for the Mortgage Lenders website at http://banks.lending-guide.org/ and he's also a regular contributor to the Auto Loans website at http://www.motor-car-loans.org.uk/
More Useful Resource and Updates on california no fee refinance
- Response slow to mortgage swap program (The Kansas City Star)
WASHINGTON | The government expects only 20,000 troubled borrowers to apply to refinance into more affordable home loans by next fall under a mortgage aid program approved over the summer.
- US mortgage applications slump to 8-yr low (The Economic Times)
US mortgage application demand skidded last week to an eight-year low, driven by a nearly 30 per cent slump in demand to refinance home loans as borrowing costs rose.
- Aaround the nation | Mortgage aid program's projections shrink (The Myrtle Beach Sun News)
WASHINGTON Mortgage aid program's projections shrink The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
- Mortgage aid idea falling short (The Scranton Times-Tribune)
ASSOCIATED PRESS WASHINGTON ? The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
- (AFX UK Focus) 2008-11-05 12:15 US mortgage applications slump, costs increase-MBA (Interactive Investor)
NEW YORK, Nov 5 (Reuters) - U.S. mortgage application demand skidded last week, driven by a nearly 30 percent slump in demand to refinance home loans as borrowing costs rose, a trade group said on Wednesday. The Mortgage Bankers Association's seasonally adjusted mortgage applications index, which includes both purchase and refinance loans, slid 20.3 percent to 379.9 in the week ended Oct. 31. ...
- U.S. home-loan applications fall 20.3% (Providence Business News)
APPLICATIONS TO REFINANCE fell 27.8% last week, to 42.9% of applications, as interest rates on fixed-rate loans crept skyward, the MBA found.
- Low hopes for new mortgage program (Standard-Examiner)
WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
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