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Mortgage Refinance Rates Article
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Mortgage Refinance
Not everyone that owns a home has a mortgage, but a large percentage of homeowners have mortgages on their home.
Not only do they have a mortgage, but will probably have one for many years. Years ago, when couples or individuals purchased a home, they got a mortgage for the shortest term possible, with many having their mortgage paid off in ten years.
With the rising costs of real estate and homes, people are going for long and longer terms on their mortgages. Common mortgages today are 20 to 30 year mortgages. However, interest rates do not stay the same over a 20 to 30 year span so many people do a mortgage refinance on their home.
In fact, many do a mortgage refinance many times in the life of their loans.
Lending institutions do a mortgage refinance for many of their customers. In fact, they are quite use to having them come in for a mortgage refinance. Interest rates today are constantly changing and smart homeowners take advantage of when they interest rates are low as a good time to do a mortgage refinance.
Even a decrease of 1% in interest may not seem like much, but when you're borrowing a large sum of money over many years, you're paying a lot of interest. Even 1% can add up to a lot of money over the term of the loan. While banks have different ways of amortizing the interest over many years, you can do a hypothetical scenario. If you borrow $100,000, 1% of that is $1,000.
Multiply that $1,000 times the number of years you have your mortgage and you have a very large sum. So, you can see why many choose to do a mortgage refinance when the interest rates go down.
When you take out a mortgage for the first time you will be charged certain fees besides the money you borrow. These fees are usually one-time fees for appraisal of your home, title insurance, loan document preparation fees, etc. Sometime these fees can add up to $1,000 to $2,000.
Many people decide against a doing a mortgage refinance because of these fees. They feel they aren't saving that much if they are adding additional dollars onto their loan balance at the same time. In some cases, this may be the case, especially if it's an individual that keeps refinancing at different banks.
Each time you go to a different bank, they will have to charge the fees, whereas if you do your mortgage refinance at that same bank, you can usually avoid the fees. In most cases, however, the amount you will save on interest will more than pay for your fees in addition to giving you lower monthly payments.
Mortgage Refinance Rates Specific links
Mortgage Refinance Rates News
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 International Business Times | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) NAR supports the "Responsible Homeowner Refinancing Act" because it offers relief to responsible homeowners who have good credit and consistently meet their mortgage obligations, but who have been unable to refinance into lower interest rates because ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% US 30-year mortgage rate falls to record 3.78 pct. Record-Low Mortgage Rates - Are They Hurting US Housing Market? |
Time to Refinance While Mortgage Rates are So Low - FreeRateUpdate.com
 CNBC.com | Time to Refinance While Mortgage Rates are So Low FreeRateUpdate.com After taking a look at these details, many borrowers are going to find that it is time to refinance while mortgage rates are so low even if they refinanced several years ago. For those with adjustable mortgage rates, it is the perfect time to switch to ... Record-low mortgage rates spur refinancing MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again |
Real estate industry pushes Senate on refi bill - MarketWatch
 Washington Times | Real estate industry pushes Senate on refi bill MarketWatch Appearing before the Senate Banking Committee, Mark Zandi, chief economist and cofounder of Moody's Analytics, said lawmakers must act quickly because “mortgage rates are very low, and this is such a good time to refinance. Push intensifies to pass home-loan refinancing bill Mortgage Q&A: Borrowers hit by mess others made HARP 2.0: Good News For Home Owners Who Are Upside Down |
Bankrate: Mortgage Rates Hold at Record Lows - MarketWatch (press release)
 King of How To News | Bankrate: Mortgage Rates Hold at Record Lows MarketWatch (press release) NEW YORK, May 24, 2012 /PRNewswire via COMTEX/ -- Mortgage rates were little changed, remaining at record low levels. The average rate on the benchmark 30-year fixed mortgage rate was unchanged at the record low of 3.97 percent according to ... Mortgage Refinance in Today's Real Estate Market Rates are Great, Home Prices Less Filling Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... |
Costco members can now shop for mortgages online - Chicago Tribune
 Chicago Tribune | Costco members can now shop for mortgages online Chicago Tribune Mortgages? Well, not exactly. The company is receiving a fair amount of publicity for the rollout on its website of a home purchase and refinancing mortgage product for members. But technically it's not Costco's program. It's an online mortgage ... |