Mortgage & Refinancing Information

Luxury Real Estate Information


Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties


Oceanfront Estate Near Trump National

Related Information


Loan Information
Real Estate Information
Mortgage Refinance Information

Bankers Dont Want You to Know That You Pay for Your No Cost Home Loan Forever


With mortgage rates continuing on a downward trend, the competition in the business is fierce. A day never passes that I don't hear some crazy advertisement about a new loan program that XYZ mortgage company has and no one else offers. One of the oldest programs remains steadfast in both its high profile and its duplicity. This program is the No Cost Home Loan -- the one bankers say is free, but you actually pay for as long as you have the loan.

The no closing cost home loan is virtually everywhere. It is advertised in the mail, on radio and on TV all the time. "Hey, refinance your loan today, and there will be no closing costs," the ads scream. Wow, a free loan. Imagine the money you'll save. So, if you are in the market for a refinance loan or home equity line, which you probably should be, with rates at all-time lows, you might consider running to XYZ mortgage company, who is now offering free mortgage loans.

Just be careful you don't go bankrupt, along the way. Remember, the old cliche, Nothing in life is free, because it makes a lot of sense. You actually can get a mortgage with little or no closing costs. What bankers don't tell you (one of their great secrets) is that you pay a higher interest rate than you really qualify for, when you get your loan for "free." So, you might save $2,000 or $3,000 in closing costs, but your monthly payment could be $100 to $300 higher than it would have been if you had actually paid the costs.

Imagine taking this loan and saving $2,000 in total closing costs. Perhaps you borrow $200,000. Now, if you simply pay all the costs and tell the banker you want the best rate available, let's say it is 6% for this example, you would have a monthly payment of $1,199. Now, let's assume the wiley banker convinces you to pay no closing costs and take an in terest rate of 7%. He might say, "Now, your interest rate will be a bit higher, but you'll save $2,000 in closing costs." Sounds great, you might think.

What he doesn't do, though, is spell out the difference in the 6% rate you could qualify for, versus the 7% rate you choose to take for your "free" loan. If you borrow $200,000 at 7% interest, your monthly payment is $1,330. This is $131.00 more each month than you will pay on the same loan at 6% interest.

If you choose to pay the closing costs and save $131.00 monthly, it will take you 15 months to get your $2,000 in closing costs back. Now, if you keep this loan for five years beyond that first 15 months, you will save an additional $7,860 at the 6% interest rate. If you listen to the crafty banker, selling the No Cost Loan, you'll allow nearly eight thousand dollars to drift right up your home's chimney.

Unless the difference in the interest rate on your no closing cost loan and the loan with costs is a tiny amount, say .125%, you are almost always better off paying the costs. Be sure to ask what the difference in the rates is. Then learn exactly what the total closing costs will be. Calculate the difference in the two monthly payments (one with closing costs and one without). If that amount will pay back your closing costs in two years or less, and you intend to remain in your loan for at least five years, pay the costs and take the better rate.

Use this method, and you'll never go wrong.

Mark Barnes is author of the wealth-building system, Winning the Mortgage Game and other investment real estate books. He is also a suspense novelist, and his new novel, The League, will thrill both suspense and sports fans. Learn about Mark's wealth-building system and get his free home loan course at http://www.winningthemortgagegame.com. Learn more about The League and read an excerpt at http://www.sportsnovels.com


MORE RESOURCES:

Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate ticked up. If you're shopping for a mortgage, see how your payments might be affected.


Mortgage refinance booms are a thing of the past: MBA chief economist  National Mortgage News

The era of plentiful refinance volume is over for the foreseeable future, because mortgage rates remained in a very narrow band for the past decade, said ...


Kenya launches mortgage refinance firm to offer loans to lenders - Xinhua | English.news.cn  Xinhua

NAIROBI, May 22 (Xinhua) -- Kenyan President Uhuru Kenyatta on Wednesday launched the Kenya Mortgage Refinance Company (KMRC), a financial ...


Mortgage rates move higher for Tuesday  Bankrate.com

Multiple closely watched mortgage rates rose today. The average for a 30-year fixed-rate mortgage were higher, but the average rate on a 15-year fixed receded ...


Refinance rates ease for Thursday  Bankrate.com

Multiple key refinance rates decreased today. If you're shopping for a home loan, see what that means for you.


Refinance mortgage rate increases for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate ticked up. See what that means for you if you're in the market for a mortgage.


Mortgage rates head down for the third week in a row  The Washington Post

A volatile week in the financial markets had little effect on mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate ...


Refinance rates tick lower for Monday  Bankrate.com

Several closely watched refinance rates dropped today. If you're shopping for a home loan, see what that means for you.


What homebuyers and refinancers should know about timing mortgage rate movements  Bankrate.com

It's important to remember that you have options when it comes to your mortgage and trying to predict interest rate movements. The options, however, get more ...


Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the crisis  HousingWire

Recently released data from the Federal Reserve Bank of New York's Center for Microeconomic Data revealed that the first quarter of this year was the mortgage ...


Refinance mortgage rate ratchets higher for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a home loan.


Mortgage rates are low. Here's how to figure out if you should refinance  NBC News

Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.


Can You Use a Mortgage Refinance to Pay Down Debt?  The Motley Fool

Find out if you can use a mortgage refinance loan to pay down debt -- and if it's a good idea to do so.


Refinance rates retreat for Friday  Bankrate.com

Several closely watched refinance rates trended down today. See what that means for your refinance chances.


Refinance mortgage rate drops for Friday  Bankrate.com

Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.


Can You Refinance a Reverse Mortgage? | US  U.S News & World Report Money

Refinancing a reverse mortgage may be best for adding a spouse to the loan, getting a better interest rate or accessing more home equity.


Refinance rates decline for Tuesday  Bankrate.com

Several closely watched refinance rates trended down today. See what that means for you if you're in the market for a mortgage.


Weekly mortgage applications drop 4.3%, despite lower interest rates  CNBC

It may be the heart of the spring housing season, but the mortgage market isn't seeing big business.


Refinance rates ratchet higher for Monday  Bankrate.com

Multiple benchmark refinance rates floated higher today. If you're shopping for a refi, see how your future mortgage payments could be affected.


Mortgage applications slightly lower despite three weeks of falling rates  CNBC

Mortgage hunters were not particularly impressed with the latest drop in interest rates. Mortgage application volume dropped 0.6% last week from the previous ...


Mortgage rates decline for Tuesday  Bankrate.com

Several benchmark mortgage rates slid lower today. If you're shopping for a home loan, see how your future mortgage payments could be affected.


Mortgage Rates Bounce Back  Mortgage News Daily

Mortgage rates had a fairly decent day yesterday as far as most lenders are concerned. A few lenders saw fit to bump rates up in the afternoon following a day of ...


Mortgage rates pull back on weak inflation data  The Washington Post

After a month of increases, mortgage rates retreated this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average ...


One simple change to your marriage increases the risk of divorce by 33% and how to decide whether to refinance your mortgage  MarketWatch

Happy Wednesday, MarketWatchers. Here are today's top stories: Personal Finance. People are paying up to $10,000 for plastic surgery to look good in yoga ...


Refinance rates tick lower for Tuesday  Bankrate.com

Several key refinance rates dropped today. If you're shopping for a home loan, see what that means for you.


Why Refinancing Your Mortgage At A Lower Rate Might Be A Bad Idea  Seeking Alpha

Offers concrete examples of how refinancing your mortgage at a lower rate can increase your interest payments. Gives two reasons for this: The sacrifice of the.


Mortgage rates trend down for Wednesday  Bankrate.com

Several closely watched mortgage rates ticked downward today. If you're in the market for a mortgage, see what that means for you.


Can You Use Home Equity to Buy a Vacation Home?  U.S News & World Report Money

If you've built up equity in your primary home, you could tap into it for a vacation home purchase. But consider whether using home equity to buy another ...


Mortgage Rates Mostly Hold Near Lows, But Things Could Change Tomorrow  Mortgage News Daily

Mortgage rates moved microscopically higher today, depending on the lender. In terms of underlying movement in the bond market, however, rates should have ...


Mortgage Duration Drop Means Refinancing Concerns Are Back Again  Bloomberg

Mortgage investors' concern about prepayment speeds may increase as a renewed U.S. rate rally helps push the U.S. MBS index duration down to its lowest ...


How to get out of debt: 4 balances you should refinance in 2019  USA TODAY

Is this a good time to refinance your debt? Here are a few debts that you should consider refinancing in 2019.


VA loan series: VA vs FHA vs USDA | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

VA loan *service* requirements are important when it comes time to get a VA mortgage. Depending on your *service* status it's possible to avoid funding fees.


Refinance rates advance for Tuesday  Bankrate.com

Several closely watched refinance rates notched higher today. If you're shopping for a home loan, see how your payments might be affected.


Loose Lending Standards Are The Cancer Not The Cure  Seeking Alpha

The Bank of Canada last week flagged the fragile nature of highly indebted Canadian households and said 42% of households would struggle to refinance their ...


US News: How and Why to Refinance a Reverse Mortgage  Reverse Mortgage Daily

Refinancing an existing reverse mortgage into a new and potentially better one could be an option that works for some senior homeowners, but it's not a ...


HARPing on Fannie Mae, Freddie Mac Refinancing  The MReport

First American Financial Corporation reported that Fannie Mae and Freddie Mac completed 234,716 refinances in Q1 2019, with 901 loans refinanced through ...


Mortgage rates decline for Thursday  Bankrate.com

Several closely watched mortgage rates decreased today. If you're in the market for a mortgage, see how your payments might be affected.


Mortgage rates fall for Monday  Bankrate.com

Several closely watched mortgage rates trended down today. If you haven't locked yet, see how your finances could be affected.


Mortgage Traders Breathe Easier as the Risk of a Refinancing Wave Ebbs  Bloomberg

Mortgage investors are breathing a sigh of relief amid signs a potential surge in prepayments set to weigh on returns may be avoided.


Bring on the refis: Freddie Mac expects mortgage rates to remain low all year  HousingWire

Favorable mortgage rates are expected to boost homebuyer affordability for the remainder of 2019, according to Freddie Mac's April Forecast. According to the ...


Mortgage applications edge up in US housing market - Xinhua | English.news.cn  Xinhua

WASHINGTON, May 22 (Xinhua) -- Mortgage applications in the United States increased as mortgage rate continued its downward pattern, according to a report ...


April's dip in home sales may portend significant gain in May, economist says  HousingWire

Housing economists were left scratching their heads this week over a National Association of Realtors report showing U.S. existing home sales fell in April. In the ...


When will non-QM loans and HELOCs take off?  National Mortgage News

The shift to nonbank lenders will put the breaks on non-qualified mortgage and home equity line of credit origination growth.


HELOC: Understanding Home Equity Lines of Credit  NerdWallet

A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on the value of your home. You can draw from a home equity ...


Mortgage rates climb for Monday  Bankrate.com

Several benchmark mortgage rates notched higher today. If you haven't locked yet, see how your future mortgage payments could be affected.


Rotich to unveil mortgage refinance company today  Business Daily

Kenya's first mortgage refinancing company that will make it easier for banks to access long-term funds for cheaper home loans will be launched today after 20 ...


U.S Mortgages – Down for a 3rd Week in a Row as Trade War Jitters Lingered  Yahoo Finance

Mortgage rates slipped again in the week ending 16th May. 30-year fixed rates fell by 3 basis points following on from a 4 basis point rise from the previous week ...


When to Refinance a 15 Year Mortgage to a 30 Year Mortgage  SavingAdvice.com

When you are ready to refinance a mortgage, one thing to you may wonder is should I Refinance My 15 Yr Mortgage to a 30 Yr Mortgage? Read her to find out.


Mortgage rates decrease for Wednesday  Bankrate.com

Multiple benchmark mortgage rates tapered off today. If you're shopping for a home loan, see how your finances could be affected.


Mortgage rates fall for Wednesday  Bankrate.com

Several closely watched mortgage rates sunk lower today. The average rates on 30-year fixed and 15-year fixed mortgages both were down. On the ...


Refinance rates retreat for Thursday  Bankrate.com

Several key refinance rates ticked downward today. If you're in the market for a refinance, see how your finances could be affected.


GDP Growth Called "Transitory" While Low Inflation Appears Permanent  Mortgage News Daily

While calling the recent report on real gross domestic product (GDP) the strongest first quarter in four years, Fannie Mae's Economic and Strategic Research ...


AfDB Approves EUR 90 million to support Kenya’s Mortgage Refinance Company  THISDAY Newspapers

Bennett Oghifo. The Board of the African Development Bank has approved a EUR 90 million loan to support the establishment of the Kenya Mortgage Refinance ...


In mortgages, these banks zigged while many others zagged  National Mortgage News

While regulation and nonbank competition are spooking some banks, others believe low funding costs and the right relationships can help them succeed.


Just Approved: Divorcee capitalizes with cash-out refinance  San Francisco Chronicle

Mortgage adviser: Brenda Wyatt. Property type: Single-family home in Lakeshore Terrace. Loan type: Conventional refinance. Purchase price: $670000.


'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing  Forbes

Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ...


Is a No Closing Cost Mortgage Right for You?  U.S News & World Report Money

A no-closing-cost mortgage conserves cash upfront when borrowers buy or refinance a home, but you will pay more interest over the life of the loan.


How to Get a Mortgage for a Rental Property  U.S News & World Report Money

Mortgages for a rental property are different from home loans for your primary residence. For example, the interest rates for a rental property may be higher.


How to Refinance a Small Business Loan  U.S News & World Report Money

Refinancing a small business loan, compared with a mortgage, has a few more steps and may require as much documentation as your initial business loan.


Holistic approach needed to fix vital federal mortgage programs  National Mortgage News

Housing finance reform cannot be piecemeal, but must be done using a comprehensive approach, an independent mortgage banker says.


Mortgage refinance boom goes bust as rates shift higher  CNBC

A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.


Mortgage rates retreat for Thursday  Bankrate.com

Multiple key mortgage rates declined today. If you're in the market for a home loan, see how your payments might be affected.


Black Knight: Servicers Retained Just 18% of Customers Post-Refinance in Q1 2019, a 13-Year Low; Slight Rate Increase Reduces Refinanceable Population by 1 Million  Yahoo Finance

Customer retention has become increasingly difficult for mortgage servicers as a volatile refinance market with greater rate sensitivity has constrained the ...


Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


These are the best (and worst) reasons to refinance your mortgage  Bankrate.com

Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...


LO, AE Jobs; Broker and Warehouse Products; Conventional Conforming News  Mortgage News Daily

What's going on behind the scenes and in the rumor mill at the MBA's Secondary Conference? There is derision about HUD's Ben Carson not knowing what ...


5 Signs It's Time To Refinance Your Mortgage  Forbes

You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...


What to consider before determining whether to refinance your mortgage  Washington Post

REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...


Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...


The main reason to refinance your mortgage: Save money  Chicago Tribune

A substantial drop in interest rate on a fixed rate mortgage could save you money with a refinance. But you must factor in closing costs on the transaction.


Mortgage refinance applications hit 18-year low  CNBC

Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Refinance mortgage rate drops for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you.


Cash-out mortgage refinancing: Here’s where homeowners are using it most  Bankrate.com

Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


Still haven’t refinanced your mortgage? You still have an opportunity to save big  Bankrate.com

Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ...


Homeowners are rushing to refi mortgages as rates drop  The Real Deal

Homeowners throughout the country are looking to refinance their mortgages thanks to lower borrowing costs, contributing to a sharp government bond rally.


What You Should Know About Mortgage Programs for Teachers  U.S News & World Report Money

A number of local, state and federal programs offer eligible teachers steep discounts on homes and attractive mortgage terms.


Shannon Christenot Is The Go-to Mortgage Broker In Los Angeles, CA - Press Release  Digital Journal

Shannon Christenot has been helping clients with their home purchase or refinances needs in and around Los Angeles.


Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions  MarketWatch

f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.


Refinance mortgage rates mixed for Thursday  Bankrate.com

Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.


Refinance mortgage rate slides for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ...


Refinance rates trend higher for Monday  Bankrate.com

Several key refinance rates floated higher today. See what that means for you if you're in the market for a home loan.


5 million homeowners suddenly "in the money" to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Millions of homeowners could now save each month on their mortgage payments, according to a new report. That's because they're suddenly “in the money” to ...


Gatehouse Bank launches first five-year fixed Islamic mortgage  Wealth Adviser

Gatehouse Bank has launched its first 5 Year Fixed Home Purchase Plan (HPP) product alongside rate cuts across its other fixed terms.


Refinance rates rise for Friday  Bankrate.com

Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate eases for Monday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan.


Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased?


How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


Refinance rates move higher for Wednesday  Bankrate.com

Multiple key refinance rates notched higher today. See what that means for your refinance.


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Should You Refinance Your Mortgage?  Forbes

Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ...


How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


Refinance mortgage rate dips for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan.


Westpac Singapore's Mortgage Exit Leaves Borrowers Hanging  finews.asia

Westpac Singapore's decision to exit from the mortgage business is leaving borrowers in the lurch.


Leading Efforts to Deliver Affordable Housing  THISDAY Newspapers

John M. Agbokpile To tackle the housing crisis, a concerted and collaborative approach is required. This explains the multi-layered efforts of housing ...


Mortgage application increase led by higher refinance volume  National Mortgage News

Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...


home | site map
© 2006 TIGER MEDIA