I just talked to a client who had read about wills in our monthly newsletter. He mentioned he recently refinanced with an on-line mortgage lender and reduced his payment by $275 a month. His rate was good and he was happy with the speed and ease of the process and when I asked him about [...]
As a result of the depressed economy, lenders have reduced interest rates to historic lows but many homeowners are not getting the benefits as they see refinancing as a hard process. (See another interesting article from NY TIMES correspondent Bob Tedeschi) This is not the case so if you have an interest rate of more [...]
The key question is “Did I save money by refinancing?” If you are able to get a better interest rate and save closing costs (mortgage tax, bank and title fees) does this refinance make financial sense? It is possible that the cost of the refinancing process can outweigh the monthly savings. The easiest way is [...]
Call me and let me know your plans. I will ask you to send me a copy of your current mortgage statement to determine your interest rate and principal balance and we will discuss your goals. Depending on your credit and income I will suggest a couple scenarios and different lenders to contact. I will [...]
Besides making you clear on the goals of your refinance your attorney should be able to review your GFE and point out where potential cost savings may occur. From suggesting potential lenders to trying to get the lender to accept a modification or assignment your lawyer’s familiarity with lending practices should help you understand the [...]
If extra borrowing is not a priority and the purpose of the refinancing is merely to reduce the interest rate it may still be necessary to increase the principal balance to cover the closing costs of the refinance. In refinancing a borrower will normally incur bank (application, appraisal), title and legal fees which can cost [...]
I often hear from clients “I pay my mortgage on time, my credit is good, I’m not borrowing any extra money, so all I want is to get a lower rate, why do I have to go through a whole process?”
Unfortunately, even if you are just looking to lower your interest rate and loan [...]
If you don’t know your goal you will never achieve it, is true of most things including refinancing your home. It is advisable for a borrower to discuss his refinancing plans with his attorney or accountant early on. Before starting the process I ask my clients to get me a copy of your current mortgage [...]
One of the few benefits of the current housing market downturn is that interest rates have fallen to new lows. With interest rates near 5% homeowners with higher rate mortgages can save thousands of dollars by refinancing to a lower rate. While refinancing should save you money it is important to remember that interest rate [...]
Before attempting to refinance your mortgage a homeowner should make do three things-clarify your refinancing goals, investigate several lenders and make sure you are in fact saving money. Whether your goal is to reduce your payments, borrow additional money for other uses or change your mortgage from an adjustable to a fixed rate, you need [...]
5 Myths That Can Ruin the Purchase of Your Home
