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Is Home Mortgage Refinancing Really Worth It?
from: Steve ShannonIs it really worth it? Excellent question... since the refinancing process can take upwards of 2-3 months to complete, plus the expenses and hassles of refinancing may outweigh the benefits.
Not everyone should refinance just because rates are lower. The general rule of thumb is to consider refinancing if rates are at least 2% lower than your current rate. This is considered a safe margin.
Also, consider these things...
Are you planning to sell the house at any time? If so, how far into the future? It may not be beneficial to refinance now. Many people who are "in the know" say that it takes 3 years to fully realize the savings from refinancing; considering in all of the costs of refinancing.
Will you have to pay a penalty for closing the current loan? This may be substantial enough to change your mind about refinancing.
Do you have an Adjustable Rate Mortgage? You may want to lock your loan in at the lower rate if you are fairly sure the rates will rarely, if ever, get this low again.
Do you want "Cash Out" to pay other debts, etc.? Keep in mind that if you ask for "cash out refinancing" that the amount of your loan is usually limited to 80% of your home's value. Of course, all things being different, you should check with your lender to see what exceptions may apply. If you need cash, but the straight refinancing option isn't equitable, you might want to consider getting a Home Equity Line Of Credit. This lets you borrow against the equity in your home with a credit account, checking account and/or direct payment.
Is your loan owned by Fannie Mae or Freddie Mac and if so, do you have at least 5% equity in your home? The higher the Loan-To-Value (LTV) number the better for you. Most lenders expect you to have at least 10% equity in your home to qualify. 10% equity in your home gives you have a Loan-To-Value (LTV) of 90%. However, if your loan is owned by Fannie Mae or Freddie Mac, your LTV could be 95% - meaning you only need to have 5% equity in your home to qualify. Contact the company where your mortgage payments are sent and ask them about your LTV.
Because each situation is unique, there are several more things to consider. Spend a little bit of serious time researching this topic until you are satisfied with the quality of answers you have found in regard to your own situation.
The wrong decision could... well, hurt. The right decision could end up saving you quite a nice little nest egg.
About the Author
To learn many more beneficial tips about the home mortgage
refinancing process, including the various fees to expect, visit: http://www.privilegedinfo.com/refinancewisdom.html .
Steve Shannon is webmaster at PrivilegedInfo.com.
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Home Mortgage Springfield News
The Government Hopes the Snakes Can Solve the Lizard Problem - FOXBusiness
The Government Hopes the Snakes Can Solve the Lizard Problem FOXBusiness - The lower interest rates would be available only to borrowers who are buying a home, not those refinancing a mortgage. Housing is unlike most other asset ... |
Assurant Specialty Property Announces Plans to Increase Staff at ... - MarketWatch
Assurant Specialty Property Announces Plans to Increase Staff at ... MarketWatch - The company also operates similar hazard insurance service centers in Duluth, Ga., Springfield, Ohio, and Santa Ana and Tustin, Calif. ... |
October home sales in area up marginally over last year - The State Journal-Register
 Washington Post | October home sales in area up marginally over last year The State Journal-Register, IL - Mick McGlasson, president of Bank of Springfield agrees. “There absolutely is money out there for mortgage loans,” he said. Reports from larger cities “have ... Home Price Plunge Produces Sales Spikes In Many Cities |
Feds charge six with alleged mortgage fraud - Springfield Business Journal
Feds charge six with alleged mortgage fraud Springfield Business Journal, MO - ... alleged roles in a mortgage fraud scheme, and eight Springfield properties linked to the scheme were sold by David Poppenga - a Springfield home builder ... |
Six indicted for alleged mortgage fraud - Springfield Business Journal
Six indicted for alleged mortgage fraud Springfield Business Journal, MO - Federal prosecutors have alleged that Davis, Spencer and Moore conspired to defraud home mortgage lenders from January 2006 through February 2007. ... Six Indicted for Mortgage Fraud |
Local group claims mayor breached deal - WWLP 22News
 WWLP 22News | Local group claims mayor breached deal WWLP 22News, Springfield - The City of Springfield has committed HOME Investment Partnership Funds to this project. The project will include the acquisition of 211 units. ... |
Couple takes Greenleaf to court - News-Leader.com
Couple takes Greenleaf to court News-Leader.com, MO - A Republic couple who made monthly payments but nearly lost their home is suing Greenleaf Cos., accusing the Springfield company of breach of contract and ... Greenleaf partner describes homeowner lawsuit as ‘frivolous’ Greenleaf sued for millions in new cases |
Rogersville man included in mortgage fraud schemes indictment - South County Mail
Rogersville man included in mortgage fraud schemes indictment South County Mail, MO - Hall is a former mortgage broker. The indictment alleges that Davis, Spencer and Moore were involved in a scheme to defraud home mortgage lenders from ... |
Nixa Family Sues Over Mortgage Fraud - KSPR
Nixa Family Sues Over Mortgage Fraud KSPR, MO - We introduced you to them last month, just a few weeks before they were evicted from their north Springfield home. “We brought in a chain of title from the ... |
Identity theft and unauthorized computer access - Faxts News
 Faxts News | Identity theft and unauthorized computer access Faxts News, Australia - “Home equity lines of credit are an expanding front in the battle against mortgage fraud,” Christie said. “Home owners should carefully review their ... |