Our lives change over time, and so do our financial realities. In the ebb and flow between milestones, the good news is that you can capitalize on the planning you’ve already put into place by leveraging your home’s equity and refinancing your mortgage. Refinancing isn’t for everyone’s situation; it can cost from 3% to 6% […]
There are a variety of reasons to consider refinancing your mortgage. Some of the most common include reducing your payment, paying off your loan faster, converting between a fixed-rate and adjustable rate mortgage, and tapping into your home equity (also known as cash-out refinancing). Regardless of the reason, everyone who refinances wants the lowest mortgage […]
Let’s talk home equity. As we navigate the complex world of home financing, it’s important to know exactly what the term means, and how it relates to you. Here’s a basic definition as it pertains to the homeowner: Equity is the difference between how much your home is worth and how much you owe on […]
If you’re considering refinancing, you’ll need to do the numbers more than once—and different homeowners have different needs and goals. If you’re a recent retiree with a traditional 30-year fixed rate mortgage, the current rates on a 15-year mortgage might have you wondering: is refinancing worth it? On the other hand, parents with a young […]
On June 8, the 30-year fixed mortgage rate dropped to a seven month low, and averaged 3.89% for the week. This compares to a March 2017 mortgage rate of 4.3%, and counters early year predictions of rising mortgage rates throughout 2017. Since the 2008 recession, mortgage rates have trended lower As you can see from […]
When you commit to buying a home with a mortgage, it’s usually with the plan of paying it off with monthly payments over 15 or 30 years. During this long timeframe, your life circumstances could change, or the economy could change. When either of these occur, you might want to consider refinancing your mortgage. Here […]
If you’re a homeowner, you’ll be aware of your monthly mortgage payment and interest rate. And you might have wondered about refinancing your mortgage to change these figures. Refinancing lets you replace your current mortgage with a new one. Two of the most common mortgage refinance methods are rate-and-term, and cash-out. What’s the difference between […]
Over the past five years, the average mortgage interest rate hovered between 3.5% and 4.5% – the lowest rates of the past 30 years. This relatively low rate meant that homeowners across the country could refinance their home mortgage, and potentially save thousands of dollars over the course of their loan. But there are signs […]
They say that the only thing certain in life is change. When your life circumstances change, here are five reasons you may want to consider refinancing your mortgage: To obtain a lower interest rate One of the most common reasons to refinance your mortgage is to secure a lower interest rate. Reducing your interest rate […]
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