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Refinance Mortgage Interest Rate Article
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Home Refinance
If you own a home, refinance is probably a word you've either heard of or are familiar with through your own experience.
With economy slumping as it is, interest rates at banks and lending institutions are constantly changing, causing many individuals and couples to do a home refinance. A home refinance allows you to have your home mortgage refinanced.
For those that are unfamiliar with a home refinance, you're borrowing money to pay off the present loan on your home and getting a new loan, usually with different interest rates and monthly payment amounts. Sometimes the term of the loan may change as well.
A home refinance may take place for a few different reasons. The main reason why most people choose a home refinance is to obtain lower interest rates and possibly lower their payments.
Many times when we take out a home mortgage, we get it with a fixed interest rate for a number of years. A fixed interest rate means that our interest will always be the same regardless of what the interest on the market may be. When the interest rate on the market goes down, many choose to do a home refinance to obtain the lowest possible interest rates.
What may seem like only a couple points lower in interest can make a large difference on a large loan such as a home mortgage.
Another reason many people choose to do a home refinance is to consolidate other debts. Most people owe a lot less money on their mortgage than what their home is worth.
The value of your home is called equity. The difference between your home's value and the balance you owe on your mortgage can often be borrowed as "cash out" and added to your balance of your mortgage by doing a home refinance. This is the day and age of credit cards, with millions of dollars each year being put on credit cards.
The unfortunate truth about credit cards is as handy as they are; the interest rates are usually very high.
Many people find themselves in debt to credit cards for thousands of dollars and with the interest rate so high, they never seem to get paid off. A solution for many is to do a home refinance and use the extra equity on the home to borrow enough money to pay off the credit card debts.
Instead of having a home mortgage payment and numerous monthly credit card bills, the borrower now has only one monthly payment. Lenders will often suggest debt consolidation loans as a way to help the borrower to improve their credit scores as well.
Refinance Mortgage Interest Rate Specific links
Refinance Mortgage Interest Rate 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% 30-year mortgage rate hits another record low Record-Low Mortgage Rates - Are They Hurting US Housing Market? |
Real estate industry pushes Senate on refi bill - MarketWatch
Real estate industry pushes Senate on refi bill MarketWatch Under the plan, homeowners could take advantage of current market mortgage interest rates, which are between about 3.875% and 4.5% versus the 5% or 6% that some homeowners now pay. The bill would go further than the existing Home Affordable Refinance ... Push intensifies to pass home-loan refinancing bill Don't HARP on it, refinance program too good to pass up HARP 2.0: Good News For Home Owners Who Are Upside Down |
Mortgage comparison-shopping: How to read good faith estimate - Community Voice
 Eastern Morning Herald | Mortgage comparison-shopping: How to read good faith estimate Community Voice The estimate for settlement charges is also the same date as the lock date. The interest rate has to be locked at least three days prior to settlement. Settlement is defined as the final closing of your purchase or refinance mortgage loan. Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances Even Lower Interest Rates Keep Refi's Rolling Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... |
Time to Refinance While Mortgage Rates are So Low - FreeRateUpdate.com
 eCreditDaily.com | Time to Refinance While Mortgage Rates are So Low FreeRateUpdate.com Mortgage rates, which fell again this week, are currently sitting at record lows which is causing quite a stir in the mortgage industry. Existing homeowners need to seriously look at the mortgages they currently have, the interest rate, ... MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... Record-low mortgage rates spur refinancing HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again |
Save Thousands On Your Mortgage: When You Should Refinance - News Channel 7
Save Thousands On Your Mortgage: When You Should Refinance News Channel 7 And some for the better, at least when it comes to the interest rate. "Right now we definitely have historical lows, so now is certainly a great time to refinance. John Nunnally with First Citizens Bank in Spartanburg says even people who refinanced a ... |