refinancing mortgage: Waiting for the Mortgage Rates to Come Down?
- 11/05/22 04:25 PM
Waiting for the mortgage rates to come down before you buy a home may not be a good decision. If you are correct, and the rates do come down by two percent, the savings you benefit from a lower rate will most likely be devoured by the appreciated price increase. As of 10/27/22, the 30-year fixed-rate was at 7.08% which is the highest level since April 2002. If the rate drops to 5% in three years but the price increases by 5% a year, a $400,000 home today, will cost $463,050 three years from now. An increasingly popular option that more … (2 comments)
refinancing mortgage: Homeownership and the Three M's
- 05/29/22 12:52 PM
Homes are valuable assets and must be maintained so they function properly, are safe, enjoyable and hold their value. Attention to maintenance, minimizing expenses and managing debt & risk will protect your investment. Maintenance It is interesting that people understand the necessity to maintain a car and regularly have the car inspected, repaired and do regular maintenance. Even though a house could be worth many times more than a car, homeowners regularly neglect what should be routine maintenance. Failure to maintain a home properly adversely affects the value. Many times, buyers will discount the price they are willing to pay for a home … (3 comments)
refinancing mortgage: Equity Give Homeowners Options
- 04/05/22 07:43 PM
Americans have seen the equity in their homes increase by 29.3% year over year in the fourth quarter of 2021 according to the CoreLogic Homeowner Equity Insights. The average home equity gained $55,000 during the same period. CoreLogic's Home Price Index reported a 19.1% increase in appreciation for the previous twelve months ending in January 2022. This increase in value is fueling the increased equity that homeowners are experiencing. Some homeowners are doing cash-out refinancing and using the funds for a variety of purposes like home improvements, investing, saving for retirement, college or rainy-day funds. Other homeowners are seeing the … (0 comments)
refinancing mortgage: Cash-Out Refinance
- 10/24/21 08:32 PM
Cash-Out Refinance10/13/2021 With the rapid appreciation that homes have had in the last two years, most homeowners have equity. A common way to release part of the equity is to cash-out refinance but some homeowners may not be eligible currently. This type of loan replaces the current mortgage by paying it off and an additional amount of cash for the owner. Generally, lenders will consider a new mortgage up to a total of 80% of the current value. Typically, the rate on a cash-out refinance will be slightly higher than a traditional purchase money mortgage. As is in any lending situation, the rate depends … (1 comments)
refinancing mortgage: Refinancing Too Soon?
- 10/01/12 03:57 PM
Refinancing Too Soon?Some people believe they shouldn't refinance more often than once every two years. The determining factors are if you'll lower your payments and plan to stay in the home long enough to recapture the cost of refinancing. If so, you should consider refinancing.Interest rates have actually come down significantly in the past 12 months and even more in the past 24 months. According to the Freddie Mac Primary Mortgage Market Survey®, rates on a 30 year fixed rate mortgage are down to 3.6% in August, 2012 compared to 4.27% one year earlier. Refinancing in the example below would save … (0 comments)
Waiting for the mortgage rates to come down before you buy a home may not be a good decision.
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