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Mortgage & Refinancing Information |
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Which is Better? Fixed-Rate or Adjustable-Rate Mortgages
The answer depends on several factors including your financial situation. Lets take a look at the main differences between the two types of mortgages. Fixed Rate Mortgage Two major components that are needed to compare fixed rate mortgages are the interest rate and the points. Points are fees paid to the lender at the beginning of the mortgage period. They are based on a percentage of the loan. So, one point equals one percent of the loan amount. Therefore, a $100,000 mortgage with 1.5 points would cost $1,500. One lender may offer a lower interest rate than another but the points may be higher resulting in a less attractive loan. The important consideration here is the length of time you plan to hold the mortgage. The longer you plan to keep the mortgage, a higher point with a lower interest rate makes more sense. And, the less time you plan to remain in a home you may be more likely to benefit from low or no points with a higher interest rate. In addition, be sure to ask your lender the total of all fees involved. Lenders can tack on various fees that can add up in a hurry. Some common fees are: * application fee * credit report * property appraisal * title insurance * escrow fees Request an itemized list of all fees in writing so you can compare mortgages fairly. Adjustable Rate Mortgage Selecting the best adjustable rate mortgage (ARM) is basically impossible because there are some unknowns. However, you can look at a few of the loan factors and depending on your situation make a decision you can live with. The interest rate that an adjustable rate mortgage starts off with is called the start rate. This rate is the least important consideration when looking at ARM's because it will change. The start rate is often used as a teaser rate to make you think that the loan has good terms. The more important factors to consider when deciding on an ARM is a formula of index and margin equals the interest rate. The index is what the lender uses to calculate your specific interest rate. Indexes can differ in how quickly they respond to interest rate fluctuations. Some common indexes used are Treasury bills (T-bills) and Certificates of Deposit (CD). The margin is a fixed figure which is added to the index to get the interest rate. Margins are typically about 2.5 percent. Another important consideration is the frequency in which the mortgage rate is recalculated. Some ARMs adjust monthly, while others only adjust every 6 or 12 months. Also, rate caps are used to limit the amount the rate can change within an adjustment period. An adjustable rate mortgage that adjusts every 12 months may be limited to a 1-2 percent change up or down. There should also be a lifetime rate cap to limit the rate change over the life of the loan which is usually around 5-6 percent higher than the start rate. Before accepting an ARM you should figure out the payment at the highest rate allowed to see if you can handle the worst case payment. Lastly, other lender fees should be considered with a request for a written total fees statement. Fixed vs. ARM Payments A fixed rate mortgage is just that, a fixed interest rate for the life of the loan. The payment will always stay the same without fluctuation, however, the risk is that if rates drop significantly you may be stuck with a higher rate. ARM interest rates can fluctuate many times over the life of the loan, thereby, changing your monthly payment amount. ARMs offer potential interest savings because the start rate is typically lower than a fixed rate. Also, if rates drop or stay the same there will be a continued savings compared to a fixed loan. But, if rates rise an ARM will cost more than the fixed rate loan. Choosing a Fixed-Rate vs. an Adjustable-Rate Mortgage First, consider the risk you can take with the monthly payment amount changing. Do you have savings? Or are you budgeted to the max without any emergency savings? If you can't afford to pay your ARM at the highest payment amount you should steer clear of this type of loan. Also, consider how long you plan to have the mortgage. Generally, ARMs are better for a mortgage of 5-7 years. If you plan to keep your mortgage for the long-term a fixed-rate mortgage may be the better, less stressful choice. Lastly, if the thought of having an adjustable rate mortgage stresses you out...don't do it! The stress is never worth the potential savings. And, if rates drop significantly you may have the option to refinance to a lower rate anyway. Jill Kane helps you find loans for all of your financial needs at Low Rate Loans
MORE RESOURCES: Senior Life: How cash-out refinancing can turn into a costly mistake The Reporter (BPT) - After years of making regular mortgage payments, it feels good to watch your net worth make upward progress. That's especially true if your house is also ... 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. Mortgage applications surge 13.5% as borrowers rush to take advantage of lower rates CNBC That is its highest level since February and came after a 23 percent jump the previous week. Volume was just 0.5 percent lower than a year ago. 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 ... 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. 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. 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 ... 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. Better Mortgage Launches Emergency Refinance Program to Help Government Workers Currently Furloughed or Working without Pay Markets Insider 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 mor ... 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. 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 ... 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, ... Deborah Kearns: The 4 most common mortgage and real estate scams and how to stop them PostBulletin.com The last thing consumers should have to worry about is being scammed when they buy or rent a home, or consider refinancing options. Unfortunately, criminals ... 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. 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 ... 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 rates decline for Wednesday Bankrate.com Several key refinance rates were down today. If you're in the market for a home loan, see how your payments might be affected. 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 ... 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. 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. 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 ... 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! 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. 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. 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. 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 ... 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 ... 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 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 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. It's 2019. Stop Treating Customers Like Strangers Entrepreneur 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 ... 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. 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. How To Survive The Federal Government Shutdown Forbes Here's the best financial advice for the federal government shutdown. Fears of housing downturn may have been overblown CNN The housing market is flashing signs of a bounce back in 2019. 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 ... 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. 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 ... 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. 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. 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 ... 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 ... 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. 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 ... Businesses offer furlough freebies, shutdown specials and assistance to federal workers USA TODAY Wireless providers including AT&T, Verizon and Sprint are willing to work with furloughed federal government workers on payment programs. 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. 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. 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. 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. Federal shutdown strains some Las Cruces families; some local businesses offer help 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 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 ... 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 ... Refinance mortgage rate eases for Thursday Bankrate.com Refinance rates were mixed, but one key rate dropped. If you're in the market for a mortgage, see how your payments might be affected. 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 ... 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 rates fall for Saturday Bankrate.com Multiple key refinance rates trended down today. If you're in the market for a home loan, see what that means for you. 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. Best Mortgage Lenders Bankrate.com The best mortgage lender isn't the same for everyone.That's why we compiled a list of best mortgage lenders for first time home buys to those looking for their ... 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. Refinance mortgage rate trends higher for Tuesday Bankrate.com Refinance rates were mixed, but one key rate advanced. If you're shopping for a home loan, see what that means for you. Mortgage rates are on the rise. Here are some tips for getting the lowest rate. The Washington Post The 30-year fixed-rate average hit a seven-year high last week. But that doesn't mean you still can't get a low rate when buying a home or refinancing a loan. How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Can or should you use a cash-out refinance to buy another home? Maybe, if that's the most cost-effective source of a down payment or even the whole purchase ... Refinance mortgage rate slides for Monday Bankrate.com Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate. Mortgage Refinancing Sinks Near a One-Decade Low on Rising Rates Bloomberg Years of low interest rates have let homeowners refinance their mortgages on more favorable terms, or even cash out some of their equity to send a kid to ... 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 ... |
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