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Mortgage Refinance Information

Should You Refinance Your Mortgage if Interest Rates Drop?


Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so. When I say considerably it usually means a drop of at least 1% from what you're paying now.

If you have an adjustable rate mortgage and interest rates drop, then locking in to a fixed rate loan for a set term is probably a wise decision. This is especially true if rates are on the rise!

If you are looking to refinance because you need to pay down other debts, try something else, like a debt consolidation loan. The only time you should refinance for this reason is if you are planning on staying in your home for a few years, and the current mortgage rates are lower than the rates you are paying on your debts as well as your current home loan rate.

If mortgage refinancing is something you would like to consider then be sure to ask the lender about the amortization schedule. If it was originally 25 years and you have paid on it for 10 years then you don't want to start over again at 25 years. The amortization should remain at 15 years. You will end up paying out thousands less in the long run.

Refinancing when interest rates drop could save you thousands of dollars, but it isn't the best option for everyone. Discuss your options with a professional and discover what is best for you!

Chris Rodriguez is the author/publisher of http://www.online-finances.com. Discover helpful information on mortgages, car loans, student loans, consolidation loans, and much more. Check out our website before you get your next loan or visit just to get tips and valuable information on a particular financial subject.


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National Mortgage News

Mortgage refinance candidates cut by half in the past four months ...
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The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November ...

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CNBC

Weekly mortgage refinances drop to an 18-year low as rates jump
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A sharp rise in interest rates last week meant far fewer homeowners could benefit from a mortgage refinance. That was the primary driver behind a 2.6 percent ...

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Growella (blog)

Millions Of FHA Homeowners Eligible To Remove FHA MIP
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Black Knight data shows a drop-off in rate-and-term refinance opportunities, but there are vast numbers of homeowners eligible to remove their FHA MIP with a conventional mortgage refinance; Today's mortgage rates and 5-day trends for conforming, FHA, ...

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STL.News (blog)

Ask a Lender Ranks Mortgage Lenders in Local Markets
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BOTHELL, Wash./ May 24, 2018 (STLRealEstate.News) — Ask a Lender, a unique digital platform that connects people with lenders, has released a suite of mortgage loan officer rankings. The new rankings, in addition to Best Mortgage Lenders released in ...

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CUinsight.com (press release)

Golden 1 Credit Union expands home loan services in Santa Clara County
CUinsight.com (press release)
Home Loan Advisors at the center will help members with the entire mortgage, refinance, or home equity loan process in a comfortable atmosphere dedicated to lending. This includes connecting homebuyers to realtors who specialize in the local market and ...



13WMAZ.com

Analysis: Record refinancing rate points to possible new big housing bubble
13WMAZ.com
Treasury interest rates have been climbing steadily over the past couple of years, and so have mortgage rates. Mortgage News Daily's mortgage rate now stands at 4.70%, a sharp rise compared to the 2016 MND average rate of 3.43%. Naturally, you would ...



HousingWire

MBA: Lender profits to hit negative numbers in Q1 | 2018-05-21 ...
HousingWire
It's no secret mortgage refinance volumes are falling, leaving lenders to make up for the loss through purchase mortgages. During the Mortgage Bankers ...

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CBS 8 San Diego

Analysis: Record refinancing rate points to possible new big hou - CBS News 8 - San Diego, CA News Station - KFMB ...
CBS 8 San Diego
By Alex Kimani, Oilprices.com. Video. Treasury interest rates have been climbing steadily over the past couple of years, and so have mortgage rates. Mortgage News Daily's mortgage rate now stands at 4.70%, a sharp rise compared to the 2016 MND average ...



CNBC

Mortgage refinance applications surge 9 percent as rates fall back
CNBC
Total mortgage applications rose 4.7 percent last week, driven by applications to refinance.

and more »


The Australian Financial Review

Number of troubled households seeking to refinance loans doubles
The Australian Financial Review
The number of struggling borrowers seeking mortgage refinance has doubled to more than 30 per cent as lenders increase rates and fees, and toughen scrutiny of borrower income and expenses, according to a new analysis. Mortgage brokers, who act as ...


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