Welcome to Home Mortgage Guide
Mortgage Home Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Refinance Home Mortgage Loans
from:Many people opt to refinance home mortgage loans. This endeavor can prove to help gain access to quick cash, pay off debts and lower interest rates in many cases. However, there are some pitfalls that consumers may experience if they are not well prepared.
Deciding on whether or not to refinance home mortgage accounts should not be done on the spur of the moment. Refinancing is a process that requires a lot of forethought and preparation in order to avoid making mistakes. An oversight can be quite expensive in the long run.
Consumers simply can not afford to make mistakes when it comes to their decision to refinance home mortgage loans. It helps to develop a strong rapport with your financial institution. A professional who is very familiar with your account can offer some very valuable insight as well as other considerations that you can make.
Mortgage Refinancing Options
Remember that you have options. Some consumers jump at the very first home mortgage refinance package that they find. Do a little homework to determine whether you would prefer a fixed rate or an adjustable rate on your loan.
There are also additional options including hybrid loans for you to consider. The more familiar you are with your options the better able you will be to make a sound decision. Your situation is unique and it should be approached that way.
How long of a term should the refinanced loans have? Some consumers are better off choosing a fifteen year term while others should opt for a thirty year term. No matter what, you will pay the loan off faster if you pay more than the minimum required payment.
Refinance Home Mortgage Insurance
Insurance is always a good idea for homeowners. However, you may be paying too much on an insurance policy for your loan. These policies are designed to help you if you default on your debt.
This is a great product in many cases but the costs can be brought down considerably. Basically, you need to have eighty percent of the cost of your home in equity. The mortgage insurance isn’t mandated for this level. If you have eighty percent equity, you can opt to drop this insurance.
Break-Even Analysis
Timing is everything especially when it comes to refinance home mortgage packages. If you take out the refinance loan too soon or too late, you could wind up spending more money in the long run. The break-even analysis is quite simple.
Divide the total cost of the loan including interest, estimated or exact, by the monthly savings that you will see. The result is the number of months required to break even on the cost of refinancing. In some cases this can be the deciding factor of whether or not the time is right.
Mortgage Home News
Freddie Mac: 30-year mortgage rate down a tick at 3.78% - Los Angeles Times
 OregonLive.com | Freddie Mac: 30-year mortgage rate down a tick at 3.78% Los Angeles Times Sales of new homes were rising in a recent survey, with the low rates helping to make housing more affordable. But many homeowners are trapped in homes worth less than their mortgages, restraining home resales and holding back the recovery in the ... 30-year mortgage rate hits another record low US 30-Year Mortgage Rate Falls to Record 3.78 Pct. |
More than 30% of mortgage borrowers still underwater - CNNMoney
 ABC Action News | More than 30% of mortgage borrowers still underwater CNNMoney By Les Christie @CNNMoney May 24, 2012: 5:23 AM ET Homeowners who were underwater on their mortgages rose in the latest quarter, even though home prices have slowly started recovering. NEW YORK (CNNMoney) -- Despite rising home prices, more than 30% of ... Most Underwater Homeowners Still Paying Mortgages Negative equity remains a drag on housing market Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... |
Expensive housing? Mortgages as affordable as they were 20 years ago - Globe and Mail
 Globe and Mail | Expensive housing? Mortgages as affordable as they were 20 years ago Globe and Mail If you had to earn a living predicting home prices and could use just one indicator to do it, which would you choose? I asked two top economists that question. Their answer was the same: housing affordability. “Affordability is a key variable. |
US sales of new homes rose 3.3 percent in April - Houston Chronicle
 Boston Globe | US sales of new homes rose 3.3 percent in April Houston Chronicle A pickup in hiring and cheaper mortgages, combined with lower home prices in most markets, has made home buying more attractive. Builder confidence has increased steadily since the fall. On Tuesday, the National Association of Realtors said sales of ... Add a personal message:(80 character limit) |
Should States Be Chided for How They Use Their Mortgage Settlement Money? - U.S. News & World Report (blog)
 Mortgage Rates & Trends (blog) | Should States Be Chided for How They Use Their Mortgage Settlement Money? U.S. News & World Report (blog) The "other part" consists of about $20 billion in direct aid to homeowners, which includes mortgage principal reductions and payments to homeowners who lost their homes to foreclosure. According to Miller, the $2.5 billion or so the states have to play ... Foreclosure-prevention efforts bog down Lawmakers Gave Millions from Mortgage Settlement to Local Governments STATE USES NATL' MORTGAGE SETTLEMENT MONEY TO PLUG BUDGET Attorney General ... |