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from: How to tell it's the right time to refinanceDeciding to refinance your mortgage can be a tricky task, as you can never be sure if the rates are going to drop further and if you wait, those rates just may inflate which means you missed out on a great deal. The financial industry is a best guess beast which makes it difficult for even experienced financiers to know exactly where the market it heading. So, how can you tell what the right time is to refinance is?
One rule of thumb is that if your current interest rate is not more than two points above the new rate, then refinancing will simply not save you enough money to justify the process. You will have to pay a new closing cost along with other fees such as appraisals and the amount of time it will take to pay that off may not be worth the refinance in the long run. If you plan to move soon then you may not be in your home long enough in order to pay off the expenses that it took to refinance. If this is the case, then it may not be the time to refinance.
There are other instances where refinancing is just simply not wise even if the interest rates are going down at a record rate. A bad credit score may result in not receiving the deal that you are hoping for. In fact, a bad credit score can even carry penalties and additional fees such as the need to purchase mortgage insurance.
If you happen to have good credit, a stable job, and a good history of payment you may want to consider refinancing based on where you live. Sure, interest rates are at an all time low, but if you live in a declining market such as Florida or California, the cost of refinancing will carry heavy fees, such as a hefty down payment. While this scenario may not be accurate for all parts of Florida, California, or other areas facing severe housing problems, it is definitely something to take into consideration.
Generally it is the right time to refinance if you live in an urban area that is seeing significant financial prosperity. If your credit score is over 650 or if your current mortgage, either a fixed rate or an adjustable rate is over 6 percent then now is the time to look into refinancing. Ultimately, the decision is yours. It would be wise to discuss all of your options with your lender or financial advisor before deciding.
Refinancing your mortgage just may save you hundreds of dollars each month, however if you do not act wisely and weigh both the positives and negatives, refinancing will end up costing you more money.
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Boomers' retirement could make the road to refinancing rougher - The Seattle Times
Boomers' retirement could make the road to refinancing rougher The Seattle Times Jim Eberle, of McLean, Va., found this out the hard way when he applied to refinance his mortgage. After spending much of his career working for banking-industry trade associations in Washington, Eberle, 68, decided to take advantage of this spring's ... |
TexasLending.com to Discuss 167 New Mortgage Industry Rules from the Federal ... - Virtual-Strategy Magazine
TexasLending.com to Discuss 167 New Mortgage Industry Rules from the Federal ... Virtual-Strategy Magazine Kevin Miller, CEO and president of TexasLending.com, a Texas home loan and mortgage company specializing in Texas refinance loans and Texas home equity loans, and his co-hosts' will discuss the 167 new rules for the mortgage industry from the federal ... TexasLending.com to Discuss Regional Mortgage Lenders on Radio KLIF in Dallas |
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 e-wisdom.com | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% Refinancing homeowners overwhelmingly choose fixed loans US 30-year mortgage rate falls to record 3.78 pct. |
FHA program streamlines refinance procedure - Arizona Republic
FHA program streamlines refinance procedure Arizona Republic by Catherine Reagor - May. 25, 2012 04:29 PM Many homeowners with mortgages backed by the Federal Housing Administration soon will be able to lower their monthly payment. FHA's streamlined refinancing program officially will launch June 11, ... |
Push intensifies to pass home-loan refinancing bill - The Hill (blog)
 The Mortgage Reports | Push intensifies to pass home-loan refinancing bill The Hill (blog) Several other Senate Democrats are working on legislation that would tackle various barriers to refinancing, including expanding refinancing to allow underwater borrowers whose loans are not government-backed to refinance into new mortgages with the ... Mortgage Origination Forecast Increased by Nearly $200 Billion by TSA How many times must I buy the same house? Real estate industry pushes Senate on refi bill |