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Refinancing Your Home Mortgage Loan

Refinancing Your Home Mortgage Loan

You're considering refinancing your home mortgage loan to save money. Interest rates are the lowest they have been in decades. But, you're asking yourself, "Is refinancing worth my time and effort. Can I really save thousands of dollars on my home mortgage loan?" The answer is yes. There has never been a better time to refinance your home mortgage.

Before you find a lender to refinance your current mortgage, there are a few key factors to know. It's a good idea to decide how long you're going to stay in your home, your current interest rate, credit rating and the value of your home. These are all very important things to consider before you refinance your home.

Refinancing your home is a great way to save thousands of dollars over the length of your mortgage loan. You could lower your monthly payments considerably. This will depend upon your current interest rate.

With today's online mortgage companies, it's easy for them to give you all the information you need. This can help you to get a lower interest rate, because these mortgage companies are very competitive to earn your business. You don't have to run all over the place pulling credit reports and talking to multiple lenders. Online mortgage companies can give you quotes from many different lenders.

Refinancing your home with a lower interest rate can help reduce the term of your current mortgage. Your payments may stay the same, but the length of the loan and interest you save, can make it worth your time. You would have to lower your rate considerably for this to make sense. Good mortgage brokers can give you different ideas on what is best for your situation.

Taking the time to look into refinancing your home can pay off. If your current mortgage payment is $1,890 and refinancing reduces it to $1,790, the difference of $100 can add up. It's a good idea to plan on staying in your home for at least 5 years for refinancing to make sense. This is because of the fees. If the fees are $2,000 and you plan on moving in 2 years, what would be the point? On the other hand, if you stay in your home for 5 years, in this example you could save $5,200 after the fees of $2,000.

With interest rates so low, it is a great time to refinance your home. Online mortgage lenders are now more competitive than ever for your business. Even if your credit is not perfect, you can still refinance your home mortgage. Now is the time to take advantage of the lowest interest rates in decades and save yourself thousands of dollars on your home mortgage loan.

Dean Shainin is a consultant specializing in refinancing your home mortgage loan, strategies for financing, home equity loans and home mortgage loan information. To see a list of recommended mortgage refinance companies, advice and information, visit this site: http://www.homemortgageloantips.com

In The News:

Earthtimes (press release)
Mortgage Rates for Best Borrowers Rise as Bonds Slump (Update2)
Bloomberg - 1 hour ago
21 (Bloomberg) -- A decline in mortgage bond prices is raising interest rates on US home loans, even for borrowers least prone to default. ...
Fannie, Freddie: Plunge then rebound CNNMoney.com
Business Highlights Forbes
Freddie and Fannie Bail-Out Imminent Sovereign Society
FT Alphaville - Forbesall 2,037 news articles

Housing And Economic Recovery Act
Mondaq News Alerts (subscription), UK - 7 hours ago
The Act also expands the target population served by the FHA and creates the "Hope for Homeowners" voluntary FHA-insured mortgage refinance program. ...

COMMENTARY: FHA is riding to the rescue, taxpayers beware
Reuters - 3 hours ago
(Ann Schnare is an economist specializing in housing and mortgage finance. She was former senior vice president for corporate relations at Freddie Mac and ...
Consumers feel fallout from Fannie, Freddie CNNMoney.com
all 45 news articles

US MBA's Mortgage Applications Index Fell 1.5% (Update1)
Bloomberg - Aug 20, 2008
... as fewer homeowners sought to refinance their loans The Mortgage Bankers Association's index of applications to buy a home or refinance a loan dropped ...

US mortgage applications hit 8-year low
Times Online, UK - Aug 20, 2008
... mortgage applications fell to an eight-year low last week as Americans delay or abandon purchases and fewer people seek to refinance their loans. ...

Mortgage application volume hits multiyear low
The Associated Press - Aug 20, 2008
And while fewer new homes are being built, fewer customers are also refinancing existing mortgages. A sharp drop in refinance volume in recent weeks has ...

Mortgage volume fell 1.5% last week: MBA
MarketWatch - Aug 20, 2008
The MBA survey covers about half of all US retail residential mortgage applications. The volume of refinance applications fell an unadjusted 3.7% compared ...

Housing market keeping couples together
Chicago Sun-Times, United States - 4 hours ago
If one wants to keep the home, it's difficult to refinance the mortgage so the departing spouse can be cut loose from the debt. And evaporated home equity ...

Mortgage applications slide, even though interest rates drop
USA Today - Aug 20, 2008
The association said the refinance share of mortgage activity slipped to 34.8% of applications from 35.2% the previous week. The adjustable-rate mortgage ...

Economist
A Treasury bailout of Fannie and Freddie is all but a foregone ...
FT Alphaville, UK - 12 hours ago
Failure to refinance would be an immediate signal to the Treasury to step in; it would force its hand. Mish Shedlock notes that $225bn is an aweful lot to ...
Rising Cost of Debt Stokes Fears Wall Street Journal
Freddie And Fannie Bailout Fears Mount Investor's Business Daily (subscription)
all 282 news articles

mortgage refinance - Google News

Refinancing Your Home Mortgage Loan

Mortgage Refinance