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Refinance Mortgage Rates Article
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Mortgage Refinancing is becoming more and more common today with the rising costs of buying or maintaining a home as well as the fluctuating interest rates. When we take out a mortgage to purchase a home, most of us feel it will be a one-time mortgage that we'll be paying on for a specific number of years until it's paid off. Mortgage refinancing is usually not something we're thinking of at this time. However, many individuals and couples choose mortgage refinancing as an option for lower interest rates or to get additional cash out of the equity of our home.
from:Banks and lending institutions probably do as many loans for mortgage refinancing as they do for new mortgage loans today. Our homes are probably the only asset we own that doesn't depreciate and lose value through the years. When we take out our original mortgage, we are borrowing on the value of the home. Most banks, however, will only borrow up to 80% of the value of the home. This is to protect them in the case of a foreclosure. If for some reason, you couldn't make the payments and they have to repossess the home, they are guaranteed getting their money back. Homes that are repossessed by banks are generally put up for auction. Unfortunately, they aren't always sold for their full value and the banks don't always get back all their money. With economy as shaky as it is today, unfortunately many couples are losing their homes to foreclosure.
Foreclosure is not good for the lender or the borrower because it costs both of them a lot of money in legal fees and court costs. For this reason, lending institutions will usually work with you as much as possible to help you save your home. Mortgage refinancing is usually the first recommendation they'll make to you as an effort to help you get ahead. Most people don't reach this point until they've had the mortgage for a few years so their loan balance has decreased while their home value has increased. Mortgage refinancing gives them a chance to get in a better financial situation.
Most people that reach this point are heavily in debt with other bills besides their mortgage. Mortgage refinancing gives them the opportunity to pay off their current mortgage, get extra cash to pay off additional debts and, often, lower their monthly payments. With the other debts paid off, these are monthly payments they'll no longer have to make, allowing them to only have their mortgage payment to make. When they do mortgage refinancing, they usually will extend the life of their loan as well. When their financial situation is better and their credit rating has improved, they have the option of mortgage refinancing again to lower the term of their mortgage.
Refinance Mortgage Rates Specific links
Refinance Mortgage Rates News
Record Low Mortgage Rates and Refinance Activity
Below is a graph comparing mortgage rates from the Freddie Mac Primary Mortgage Market Survey® (PMMS®) and the refinance index from the Mortgage Bankers Association (MBA).
Read more...Mortgage rates hit record low for fourth week in a row
Mortgage rates hit record low for fourth week in a row
Read more...Mortgage rates slide to record lows
Mortgage rates continue to drop well below 4 percent. The average rate for a 30 year fixed rate mortgage declined 2 basis points to 3.83 percent since last week, the lowest value on on record for this MBA series. The purchase application volume declined 3.0 percent and the refinance application increased 5.6 percent over the same period.
Read more...Refinancing Up as Rates Keep Falling
Mortgage refinance demand has risen for a third consecutive week, driven by sagging rates that fell to the latest in a seemingly never-ending series of new record lows. Applications to
Read more...Thirty-year mortgage rates hit record low
NEW YORK - Buying a home got even cheaper this week as interest rates on the 30-year fixed-rate mortgage set a record low for the fourth week in a row.
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