Why Refinance Back into a 30-Year Loan?

One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at "no cost" to the borrower.

In the no-points no-fees scenario, the mortgage consultant uses rebate monies paid by the lender to pay off non-recurring closing costs for the borrower. These are "one time" fees such as escrow or attorney fees, title insurance, document preparation, tax service, flood certification, processing and underwriting fees, etc. The borrower is still responsible for recurring fees such as interim insurance, property taxes or insurance policy payments.

Refinancing typically occurs when mortgage interest rates drop significantly, but borrowers with recently improved credit scores (from paying off credit card debt, making mortgage payments on time, etc.) are often candidates for better interest rates as well. If you haven't checked your credit score in a while, it's a good time to call a mortgage consultant.

The question most asked is, "But why should I go back into a 30-year loan?"

There are two schools of thought on this subject, and the mortgage consultant should work hand-in-hand with the borrower's financial planner to determine what works best for their mutual client.

One option is to take the route of the "same payment" refinance, and actually pay off the loan faster and save money on interest fees in the long-run. If refinancing results in a lower monthly payment, the borrower can still continue making the same payment they made in the original loan, and the extra money will be applied to the principal balance.

For example: Let's say you have 25 years remaining in your current loan, and you refinance back to a 30-year loan with a slightly lower interest rate, resulting in a payment reduction of $200 per month. (Note: This is just an example. The actual amount could vary.) You could then take that extra $200 per month and apply it toward the principal on the new loan. At this rate, the loan will be paid off in 22 years and 4 months, which is 2 years and 8 months less than the original loan.

On the other hand, if the borrower's financial planner is a proponent of best-selling author and investment guru Douglas Andrew's philosophies (see Missed Fortune), he or she may suggest investing the extra money in a side-fund that could earn a better rate of return and grow to the amount of the mortgage (and beyond) in even less time. This method provides excellent liquidity, but having more direct access to this money may be too tempting for some homeowners.

Regardless of the reason for the refinance, the mortgage consultant will need to know what the existing loan scenario entails, review the homeowner's long-term goals, and provide a comprehensive spreadsheet that compares and contrasts the various loan programs available. Bear in mind, refinancing to obtain a lower interest payment could also result in a lower deduction at tax time. The homeowner's mortgage consultant and financial planner should work hand-in-hand with their mutual client's best interest in mind.

Mical Johnson is affiliate with Rock Financial. For a free copy of The Certified Guide to Credit Scoring contact Mr. Johnson at http://www.TampaMortgageGuy.com

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/feeds/ap/2008/10/07/ap5521815.htmlcid=1255283970ei=GvzrSPXCBqTe6AOE44nHBgusg=AFQjCNEVJVQBXwYMzsxtZRaBKP7cDQ01JQGeneral Growth shares plunge on brefinancing/b woes/abrfont size=-1font color=#6f6f6fForbes,nbsp;NYnbsp;-/font nobr25 minutes ago/nobr/fontbrfont size=-1quot;The remaining 2008 bmortgage/b maturities could prove difficult to brefinance/b due to the large loan balances,quot; he said. Those include $650 million at its b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.publicbroadcasting.net/wbfo/news.newsmain%3Faction%3Darticle%26ARTICLE_ID%3D1383875%26sectionID%3D1cid=0ei=GvzrSPXCBqTe6AOE44nHBgusg=AFQjCNGwPjjtWvQgNsbQ6fSHdqJYN3eMCAHomeowners Pressured to bRefinance/b/abrfont size=-1font color=#6f6f6fWBFO,nbsp;NYnbsp;-/font nobr7 hours ago/nobr/fontbrfont size=-1The bmortgage/b crisis is bringing opportunity for some lenders that hope to benefit from troubled consumers. And not all those marketing efforts are in the b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.theaustralian.news.com.au/story/0,25197,24462678-7583,00.htmlcid=0ei=GvzrSPXCBqTe6AOE44nHBgusg=AFQjCNHjFC_ycmuyC8PQ2HnIvy3j706RrQHouse of cards built with good intentions/abrfont size=-1font color=#6f6f6fThe Australian,nbsp;Australianbsp;-/font nobr11 hours ago/nobr/fontbrfont size=-1Americans can take out a bmortgage/b loan more or less as a one-way bet. If you can#39;t afford the repayments and can#39;t brefinance/b, you just send the keys back to b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.dailytimes.com.pk/default.asp%3Fpage%3D2008%255C10%255C08%255Cstory_8-10-2008_pg5_47cid=1255285157ei=GvzrSPXCBqTe6AOE44nHBgusg=AFQjCNH52EEfaGyHglgWuBRaSBdqcrLebAA futile bailout as darkness falls on America/abrfont size=-1font color=#6f6f6fDaily Times,nbsp;Pakistannbsp;-/font nobr2 hours ago/nobr/fontbrfont size=-1An alternative to brefinancing/b troubled mortgages would be to attempt to separate the bad mortgages from the good ones and revalue the bmortgage/b-backed b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-mortgages_05bus.ART.State.Edition1.26e441e.htmlcid=1255178241ei=GvzrSPXCBqTe6AOE44nHBgusg=AFQjCNGX-j96OJcVQSJre2KA6p801QZwHwMany pieces go flying from bmortgage/b implosion/abrfont size=-1font color=#6f6f6fDallas Morning News,nbsp;TXnbsp;-/font nobrOct 5, 2008/nobr/fontbrfont size=-1quot;People were [brefinancing/b] to pay off other debts,quot; said Ms. Watson. quot;The saying was, #39;Why get a car loan when you can get a bmortgage/b loan and write off b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.twincities.com/ci_10650793%3Fsource%3Dmost_emailedcid=1255178241ei=GvzrSPXCBqTe6AOE44nHBgusg=AFQjCNHSVRDM0KfYyLtIp_D2yqDsrswyowEveryday Cheapskate: Fannie Mae meltdown touches all of us/a font size=-1 color=#6f6f6fnobrPioneer Press/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.dailyastorian.info/main.asp%3FSectionID%3D23%26SubSectionID%3D783%26ArticleID%3D54964%26TM%3D54655.45cid=1255178241ei=GvzrSPXCBqTe6AOE44nHBgusg=AFQjCNHh9JlAcrgpjlXRi8fIH4CSCmy-qwGuest column: Wall Street wizards fail most basic test/a font size=-1 color=#6f6f6fnobrThe Daily Astorian/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255178241hl=ennobrall 55 news articles/nobr/a/font/div/font/td/tr/table
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What Exactly Is A Reverse Mortgage And How Does It Work?

A reverse mortgage is a certain loan that allows the... Read More

Refinance Online

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Mortgage Pre Approval - Getting Pre Approved For a Home Loan Online

A pre-approved mortgage is a must in a competitive housing... Read More

40-Year Mortgages: An Alternative to Interest-only Loans?

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Home Loan Lenders - Finding the Best Home Mortgage Lender

The process of obtaining a mortgage or home loan can... Read More