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Mortgage & Refinancing Information |
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Total Cost Of Credit vs Monthly Payments
I read a press release the other day which points to the fact we need to be very careful with our finances. The subject of the release was home mortgages. A company was announcing the availability of 40 year mortgages for its customers. The stated purpose was to lower the monthly payments to make buying a home more affordable. Whenever I hear the phrase "more affordable", I put my hand on my wallet because the attempt to empty it will begin any moment. Almostnever is that phrase used in relation to the total cost of financing. It isalways used in reference to the size of the monthly payment, as in this example. Let's see what it really means. I did the math. A mortgage for a $100,000 home at 6% for 30 years would have a monthly payment of about $600 for principal and interest. You would pay about $216,000 over the life of the loan of which $116,000 would be interest.. A mortgage on that same home for 40 years would be at 6.25%, with a monthly payment of $565. The payments over the life of the loan would total about $271,200 and $171,200 of the totalwould be interest. The forty year mortgage has a higher interest rate (usually between.25 and .50 percent) because the lender has his money at risk for a longer time (Lenders are well aware that time is money. You should be as aware). This higher rate coupled with the extra ten years of the loan, has the borrower paying 47% more interest, or $55,000 more over the life of the loan. Even with a lower payment that supposedly makes it more affordable to purchase that home. Sounds like a pretty good deal for the lender. Another problem the borrower faces is building equity muchmore slowly in the beginning of the loan. The extra interest expense paid for the extended length of the loan prevents equityfrom building up quickly. All of this for a monthly payment that is only $35 less. You need to think in terms of overall cost and not just monthly payments. The total cost is what you will give back to your creditors. The focus on the monthly payment takes attentionaway from the total amount to be repaid. You need to look at this with any indebtedness, car payments, personal loans, credit cards: figure the total cost, not just what you pay each month. You'll begin to hear more about these loans I'm sure. Think long and hard before you lengthen your indebtedness. The goal is to become debt free and to do it as fast as possible. Advise your families and friends to do the same. David Wilding works with indiviuals and groups to help them get rid of debt. For the past ten years he has attempted to change attitudes toward and acceptance of personal debt. Visit his website http://www.debtattack.com for more ideas, tools, and strategies to become debt free.
MORE RESOURCES: Prepayment activity hits 10-year low as mortgage refinancing decreases National Mortgage News Continual declines in the refinance share of mortgage originations led to prepay rates dropping to their lowest levels since 2009, according to Black Knight. Refinance mortgage rate dips for Tuesday Bankrate.com Refinance rates were mixed, but one key rate decreased. If you're in the market for a home loan, see how your payments might be affected. REAL ESTATE MATTERS: Reasons to refinance your mortgage Sarasota Herald-Tribune Q: If you have a fixed rate mortgage, why would you ever want to refinance if you plan to stay in the home for duration of mortgage?A: That's a good question. Refinance rates tick lower for Thursday Bankrate.com Several closely watched refinance rates dropped today. See what that means for you if you're in the market for a mortgage. Refinance mortgage rate slides for Friday Bankrate.com Refinance rates were mixed, but one key rate tapered off. The average rate for a 30-year fixed-rate refinance trended down, but the average rate on a 15-year ... Better Mortgage Launches Emergency Refinance Program to Help Government Workers Currently Furloughed or Working without Pay Benzinga NEW YORK, Jan. 17, 2019 /PRNewswire/ -- Better Mortgage, one of the leading digital mortgage lenders in the U.S., today announced that it has launched a ... Refinance rates retreat for Monday Bankrate.com Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected. Refinance mortgage rate moves higher for Monday Bankrate.com Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected. Refinance mortgage rate slides for Thursday Bankrate.com Refinance rates were mixed, but one key rate declined. If you haven't locked a refi yet, see how your payments might be affected. 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 ... Mortgage rates stand pat as federal shutdown creates uncertainty about economy - The Washington Post Mortgage rates stand pat as federal shutdown creates uncertainty about economy The Washington Post Without access to the usual economic data because of the federal government shutdown, mortgage lenders are left with a murky picture of where the economy is ... Refinance mortgage rate moves higher for Saturday Bankrate.com Refinance rates were mixed, but one key rate climbed. If you haven't locked a refinance yet, see what that means for you. Refinance mortgage rate moves up for Friday Bankrate.com Refinance rates were mixed, but one key rate advanced. If you're in the market for a home loan, see what that means for you. Refinance mortgage rate rises for Thursday Bankrate.com Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you. Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ... How to Pay Off Your Mortgage Faster Credible News Once you've reached certain financial goals, paying off your mortgage early can make sense. Here's how to pay off your mortgage ahead of schedule. Mortgage rate decline sparks refinancing demand in Capital Region Greater Baton Rouge Business Report With mortgage rates falling to their lowest levels in eight months, some Capital Region residents are seizing their opportunity to refinance on their homes. Shutdown Impact Spreads: Government Furloughs Put Some Mortgage Deals In Limbo NPR The partial shutdown of the federal government is causing some financial problems for furloughed workers who can't refinance their mortgages or buy homes ... 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. 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 ... Falling Mortgage Rates Lead to Surge in Refinance Activity Mortgageorb A surge in refinance activity resulting from a drop in mortgage rates helped push mortgage application volume up 23% during the week ended Jan. 4, according ... Mortgage rates continue their slide, while the Fed raises its benchmark rate Washington Post Mortgage rates continued their retreat, helped by volatility in the financial markets and weakened inflation expectations. According to the latest data released ... Why mortgage lending at Wells Fargo, Chase and Citi plunged MarketWatch Mortgage lending at three of the country's biggest banks has fallen off a cliff as customers pivot to online-only options and stop refinancing. Refinance rates retreat for Wednesday Bankrate.com Multiple benchmark refinance rates were down today. If you're in the market for a refinance, see how your future mortgage payments could be affected. Deutsche Lends $68M to Refi UES Condo Building Commercial Observer Wonder Works Construction has landed a $68 million Deutsche Bank mortgage to refinance a condo tower on the Upper East Side of Manhattan. Dropping mortgage rates near levels that could lead to more refis National Mortgage News Falling mortgage rates have reached the point where they are spurring speculation about a possible resurgence in refinancing, according to an FTN Financial ... Refinance rates drop off for Monday Bankrate.com Multiple benchmark refinance rates sunk lower today. If you're shopping for a refi, see how that could affect you. 6 Tax Breaks for Homeowners Yahoo! Finance News Under the Tax Cuts and Jobs Act, which takes effect for tax filings for the 2018 calendar year, standard deduction increases will likely mean far fewer Americans ... Mortgage Applications See Slight Uptick as Rates Remain Unchanged ETF Trends Mortgage applications saw a slight uptick last week, increasing by 13.5 percent--its highest level since February 2018. Mortgage applications plummet nearly 10% to end 2018, despite lower rates CNBC The numbers are surprising, given that homebuyers and homeowners looking to refinance could have taken advantage of lower interest rates. Mortgage Rates Fall as Government Shutdown Rolls On – Market Update Zing! Blog by Quicken Loans It's Day 24 of the partial government shutdown, but inflation is low, as are jobless claims and mortgage rates. All that and more in Market Update! Weekly mortgage applications fall 5.8% as stock market plunge unnerves potential buyers CNBC Even with mortgage rates at the lowest level in three months, homebuyers are pulling away from the housing market. Mortgage application volume fell 5.8 ... You Still Need A High Credit Score To Refinance mySanAntonio.com Times aren't great in the mortgage refinancing market. According to the October 2018 Origination Insights Report from mortgage application software provider ... The Right Way to Tap Your Home Equity for Cash ConsumerReports.org Millions of Americans are tapping their home equity for cash. That can be risky. Consumer Reports explains what to watch out for and how to choose the right ... It's 2019. Stop Treating Customers Like Strangers Danbury News Times My wife and I communicate with each other quite a bit, as you might expect. We chat in person, talk on the phone, text each other, exchange emails, leave sticky ... Government shutdown and mortgage news: Things just got tougher for mortgage applicants | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports What's happening with the government shutdown and mortgage closings? Find out how you will (or won't) be affected. Veterans Pay High Price as Lenders Push Cash-Out Home Loans Bloomberg Eric Kandell is making his pitch to veterans. Wearing a red T-shirt, with the words “Low VA Rates” emblazoned across his chest, he looks fit and muscular, as if ... Nigeria Mortgage Refinance Company lists N11b bond The Nation Newspaper The Nigeria Mortgage Refinance Company (NMRC) has listed its N11 billion 13.80 per cent Series 2 Fixed Rate Bonds on the Nigerian Stock Exchange (NSE), ... How latest Fed rate decision affects rates on credit cards, mortgages, savings accounts USA TODAY How the latest Fed rate hike affects what you pay on credit cards, mortgages, auto loans as well as your bank savings account. Kenya’s Biggest Mortgage Lender Plans to Double Loans in Two Years Bloomberg Kenya's biggest mortgage lender plans to double its home-loan business over the next two years by offering longer repayment periods, its chief executive officer ... How cash-out refinancing can turn into a costly mistake Mountain Grove News Journal Sorry, but your browser does not support the video tag. Falling Mortgage Rates Raise Hopes for Battered Housing Market The Wall Street Journal Mortgage rates have fallen to around their lowest levels in eight months, offering a potential boost to the housing market after a rough patch in recent months. Mortgage rates retreat for Wednesday Bankrate.com Several benchmark mortgage rates ticked downward today. If you're shopping for a mortgage, see how that could affect you. How the government shutdown is disrupting mortgage, real estate transactions Bankrate.com As the U.S. government shutdown continues, federal workers aren't the only ones being impacted. Some homebuyers, along with lenders and real estate agents ... How To Survive The Federal Government Shutdown Forbes Here's the best financial advice for the federal government shutdown. Black Knight: 550,000 Homeowners Regain Incentive to Refinance as Interest Rates Fall Slightly; Refinanceable Population Still Down Nearly 50 Percent from Last Year PRNewswire The average interest rate on a 30-year fixed mortgage fell to 4.55 percent on Dec. 27, 2018, returning interest rate incentive to refinance to approximately ... Fears of housing downturn may have been overblown CNN The housing market is flashing signs of a bounce back in 2019. Mortgage demand hits new low in Fannie Mae survey theday.com The share of mortgage lenders reporting or expecting growth in mortgage demand hit new low points in the fourth quarter of 2018, according to the latest. Subservicer, Non-Agency Products; World Debt Increasing; Primer on "Duration" and Mortgage Pricing Mortgage News Daily Time has a way of slipping by. For example, I've really been meaning to transfer a bunch of Lotus 1-2-3 and Quattro Pro spreadsheets I have off of some floppy ... Closely watched mortgage rate up for Tuesday Bankrate.com Mortgage rates showed no clear direction today, but one key rate ticked up. If you're in the market for a home loan, see how that could affect you. 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 ... Not Everyone Benefited from Lower Interest Rates During the Great Recession Kellogg Insight In times of economic crisis or looming recession, the Federal Reserve can lower interest rates to incentivize borrowing and, therefore, spur economic growth. Wells Fargo Lends $150M in Chelsea Resi Refi Commercial Observer Wells Fargo has contributed a $150 million mortgage to refinance an AvalonBay Communities' apartment building in West Chelsea. 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. StorageMart Takes Big Refi for Existing Self-Storage Properties, Development and Cash-Out Inside Self-Storage StorageMart, which operates more than 200 self-storage properties across Canada, the United Kingdom and the United States, is refinancing a large portion of ... 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 ... Weekly refinance demand plummets as mortgage rates hit a 5-week high CNBC A sharp rise in mortgage interest rates took its toll on the lending business last week. Mortgage application volume fell 1.8 percent for the week, according to the ... Factors to weigh when considering whether to refinance your home Washington Post REAL ESTATE MATTERS | If you can lower your interest rate, that's good. But you also have to look at your monthly payment. Will your new monthly payment be ... Mortgage applications fall, as refinancing hits 20-year low CNBC A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week. Refinancing activity in the US just plunged to the lowest level in over a decade Business Insider Refinancing activity plunged to the lowest level since 2000 as interest rates rise. Cronheim Mortgage Secures $11.5M Refinancing for Office Portfolio in New Jersey REBusinessOnline SOUTH PLAINFIELD, N.J. — Cronheim Mortgage has secured an $11.5 million loan to refinance a four-building office portfolio within the Middlesex Business ... Mortgage rates continue 6-week decline, falling to 9-month lows Fairfield Daily Republic WASHINGTON — Mortgage rates have been in a prolonged swoon, but it may be coming to an end. According to the latest data released Thursday by Freddie ... 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 ... 2018 proved to be better for Better as loan volume tripled Mortgage Professional America Digital lender saw origination volume grow to $1.34 billion. 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. Mortgage rates decline for Tuesday Bankrate.com Multiple key mortgage rates sunk lower today. If you're in the market for a home loan, see what that means for you. Brookfield secures $635M refinancing package at New York Times Building The Real Deal Magazine Four lenders are teaming up to provide $635M to refinance the portion of the New York Times building now owned by Brookfield Asset Management, city records ... Refinance mortgage rates mixed for Monday Bankrate.com Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage. CFPB Assesses Ability to Repay/Qualified Mortgage Rule JD Supra On January 10, the CFPB published a report containing the results of its assessment of the Ability-to-Repay and Qualified Mortgage Rule (“ATR/QM Rule”) ... How can World Bank help Pakistan's housing scheme? Global Village space The World Bank Groups support for housing in Pakistan has been very broad-based and has been designed to tackle multiple inefficiencies. D.C. Delinquent: Chasing Down D.C.'s Worst Offenders for Bad CMBS Debt Commercial Observer The D.C. metro area has the highest CMBS delinquency rate in the country, with 4.59 percent of its structured finance loans late to pay. Refinance mortgage rate falls for Friday Bankrate.com Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected. 3 Signs You Should Refinance Your Mortgage The Motley Fool Refinancing at the right time can save you thousands of dollars a year. Credible Expands Their Marketplace Into Mortgage Refinancing Lend Academy Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ... Refinance mortgage rate ratchets higher for Thursday Bankrate.com Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected. Key Development Considerations - Affordable Housing Proshare Nigeria Limited Apart from being one of the items that absorb a large portion of household expenses, housing plays a special role in the social, political and economic discourse ... Shutdown strains some Las Cruces families Las Cruces Sun-News LAS CRUCES - As an ongoing partial federal government shutdown rapidly approaches its one-month milestone, Las Crucen Anne Hubbell admits she's ... Mortgage rates move down for Monday Bankrate.com Several benchmark mortgage rates receded today. See what that means for you if you're in the market for a home loan. 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 ... When to refinance: I need to lower my mortgage rate or payment | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports If you're wondering when to refinance, consider your objectives and see if you'll pay less interest, reduce your payment, or lower your overall costs. With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls. When Is a Cash-Out Refinance Loan a Good Idea? U.S News & World Report Money In a cash-out refinance mortgage, you take a loan against your home in excess of what you owe, leaving you with cash available to spend. Adding to the debt ... Refinance mortgage rates mixed for Friday Bankrate.com Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you. Fizzling demand likely to cause house-price drops Your Investment Property Tightened macro-prudential restrictions and low affordability are predicted to weigh on housing demand in Australia, and this movement is likely to trigger ... Mortgage application activity rises on uptick in refinance volume National Mortgage News An increase in refinance activity in the period after Columbus Day drove mortgage applications 4.9% higher from one week earlier, according to the Mortgage ... Rates Are Rising, But Is It Time To Refinance? Five Scenarios To Consider Forbes If any of these scenarios apply to you, you may want to look into refinancing. Best cash-out refinance lenders 2019 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports If you want to pull equity out of your home in 2019, check out this list of best cash-out refinance lenders. Because mortgage rates and costs for cash-out ... Refinance mortgage rate trends higher for Thursday Bankrate.com Refinance rates were mixed, but one key rate notched higher. The nationwide average for a 30-year fixed-rate refinance rose, but the average rate on a 15-year ... Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First Forbes Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ... Grandbridge closes $3.9 million loan for Minnesota retail property REjournals.com Grandbridge Real Estate Capital recently closed a $3.9 million first mortgage secured by a 7,600-square-foot property in Minnetonka, Minnesota. The refinance ... What the government shutdown means for New Jersey agencies NorthJersey.com Travelers could face long lines at Newark Airport because of TSA employees calling out sick, and the Paterson Great Falls visitor center is closed. Texas cash-out refinance: new laws you need to know | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Cash-out refinance Texas rules for homeowners in Texas. Texas cash-out refinancing is different from other states and you'd better know the rules before taking ... Refinance mortgage rate falls for Tuesday Bankrate.com Refinance rates were mixed, but one key rate dropped. If you haven't locked a refinance yet, see how your payments might be affected. Rocket Mortgage Review Bankrate.com Rocket Mortgage from Quicken Loans lets you apply for a mortgage in minutes using nothing more than a smartphone app. Do mortgage lenders have minimum mortgage amounts? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Are there minimum mortgage amounts to buy or refinance a home? Not according to most official program guidelines, but most lenders do set minimum amounts ... Refinance mortgage rate ratchets higher for Friday Bankrate.com Refinance rates were mixed, but one key rate increased. The average rate for a 30-year fixed-rate refinance advanced, but the average rate on a 15-year fixed ... Refinance mortgage share falls back to 2018 low National Mortgage News As mortgage rates recently hit their highest point in seven years, closed refinances fell back to their low point of 2018, according to Ellie Mae. Refinance mortgage rates mixed for Thursday Bankrate.com Refinance rates were mixed today. If you're in the market for a home loan, see how your payments might be affected. How Long Does It Take to Refinance a Mortgage? Realtor.com News How long does it take to refinance a mortgage? Refinancing should take anywhere from 30 to 45 days on average, although that can stretch to 60 days if you hit ... Refinance mortgage rate eases for Saturday Bankrate.com Refinance rates were mixed, but one key rate slid lower. If you're shopping for a refi, see how your payments might be affected. |
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