Welcome to 1 Step Home Mortgage
California Refinance Home Mortgage Home Equity Loan Article
This is a selection made from among articles on California Refinance Home Mortgage Home Equity Loan. For a permanent link to this article, or to bookmark it for future reading, click here.
Home Mortgage Loan Refinancing Online - 3 Tips On Refinancing Your Home
from: Carrie ReederWhen refinancing your home, it's helpful to know a few things about refinancing. When you refinance, you usually pay off the old loan and sign for a new loan, whether you are refinancing your 1st mortgage, second mortgage or home equity loan. The expense that comes in to play when refinancing are the new closing costs and points charge for getting a new loan.
How much can you expect in closing costs for a refinance? Usually between 3-6% of the total loan amount. So, for a loan amount of $150,000, you can expect to pay around $7 in fees. Usually, a company that will say that have no closing costs, will also charge a higher interest rate to compensate. The mortgage broker has to make money somehow, they will either charge a higher interest rate or charge higher closing costs. The best way to compare refinance lenders is to analyze all of the expenses.
Should I pay down points on my loan? If you plan to stay in your home for more than 3 years, it may be smart for you to consider paying down points on the loan which reduces your interest rate. That pays off if you plan to stay in your home for a while, but if you plan to sell the home soon, you may lose more money paying down the points on the loan.
How can I know if I should refinance or not? If you are interested in finding out whether it would save you money in the long run to refinance with the current interest rate, there are financial calculators online that can help you determine if you would save money refinancing your house or not.
To view our list of recommended refinance mortgage companies online or to use a refi- calculator, please visit this page: http://www.abcloanguide.com/refinance.shtml
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.
California Refinance Home Mortgage Home Equity Loan News
Don't miss the refinance window (The Capital)
CHICAGO - Lured by low mortgage rates, many homeowners have been rushing to refinance. Interest is gaining for good reason: Eligible borrowers can lock in rates that haven't been this attractive in decades.
Read more...Statehouse to tackle foreclosures (The Indianapolis Star)
State lawmakers plan to begin hearings when they convene this week.
Read more...General Assembly to tackle foreclosure problem (The Star Press)
INDIANAPOLIS -- For-sale signs. Plummeting values. Sheriff's auctions. Abandoned homes.
Read more...Americans drowning in debt (Toronto Star)
Diane Shackle found it gut-wrenching to walk away from a mortgage she took out in times that were better for both her and the U.S. economy.
Read more...Area mortgage lenders getting crushed by refi applications (Fort Worth Star-Telegram)
By BARRY SHLACHTER Some mortgage lenders, having laid off support staff during the past year’s meltdown, are finding themselves deluged with refinancing requests as rates fall below 5 percent. And the lenders have fewer back-office workers to handle all the paperwork. At Bank of America’s Countrywide unit, 300 employees who had been dedicated to home-equity lines of credit have been shifted to ...
Read more...Grubb & Ellis Predicts a Challenging 2009 for Commercial Real Estate as Economy Weathers Recession (PR Newswire via Yahoo! Finance)
Grubb & Ellis Company , a leading real estate services and investment firm, today released its 2009 Global Real Estate Forecast, which indicates that 2009 will be a challenging year for commercial real estate with the economy starting the year 13 months into what may become the longest recession since the 1930s.
Read more...Mortgage rate drop helping in Nevada (KVBC Las Vegas)
‘Twas the day after Christmas and for some Nevada residents, rate drops mean change may come - and not just in presidents. Interest rates for 30-year fixed mortgages dropped nationally for the eighth week to reach 5.14 percent, the lowest on record since Freddie Mac (the Federal Home Loan Mortgage Corp.) began a weekly rate survey in 1971. So loans are being written.
Read more...