Mortgage applications shot up by 48% last week, and the majority of those were refinance applications made by homeowners trying to get a better rate. If you’ve been watching the news lately, you know the primary reason for the rise in refinancing applications — falling interests rates.
As a result of the Fed’s unprecedented move to [...]
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Reader Question: Is it advisable to refinance and do another 30-year loan when the rates are better for 30 versus a 20- or 15- year mortgage? The rate we pay now is 6.25. The quoted rate today was 4.875 on a 30-year mortgage.
It depends on your specific situation. Obviously, you will save money by [...]
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Reader Question: Are there options for refinancing (besides a short refi) when home value is less than current mortgage, and lender is not currently in default?
This is a fluid issue right now, with new developments taking place often. The situation you have described is referred to as being upside down or “underwater” with your mortgage [...]
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It’s almost like a joke, if there weren’t so many homes on the line. We are currently seeing the best refinance rates we’ve seen in a long time. They are heading south of 5.5% right now, which is a great rate if you can get it. But therein lies the rub. Many people cannot qualify for [...]
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Reader Question: “I purchased my home a little over a year ago, and now I want to refinance to take advantage of the low interest rates. Is it to soon for me to do this? What are the rules that apply? How soon can I refinance my mortgage loan after purchasing the home?”
Let me start [...]
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Reader Question: “Like a lot of homeowners, I want to refinance my home to take advantage of the low interest rates that are available right now. But I’m not sure how the process works and, quite frankly, find it a little intimidating. Can you offer a quick overview of the mortgage refinance process so I’ll [...]
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