Welcome to 1 Step Home Mortgage
Home Mortgage Interest Rates Michigan Article
This is a selection made from among articles on Home Mortgage Interest Rates Michigan. For a permanent link to this article, or to bookmark it for future reading, click here.
Home Mortgages: Up, Up and Away!
from: MJ PlasterRefinance NOW—before it’s too late
If you haven’t found the time to refinance your existing home mortgage, it’s time to take action—like yesterday! Every time Alan Greenspan, Federal Reserve Board Chairman, opens his mouth, you can bet that the federal funds rates will rise by at least a quarter of a point, or by 25 basis points in investorese. What that means to you is that home mortgages will rocket as well.
A quarter of a percentage point may not seem like much, given that the federal funds rate currently stands at 2 ¾ per cent, but a reality check quickly reveals that you, personally, have probably never seen 2 ¾ per cent interest on anything in your lifetime. Take a look at your credit card statements. Are you paying 2 ¾ per cent on your credit? What about your home mortgage? Without getting technical, there’s little correlation between the federal funds rate and home mortgage rates except the direction in which they travel, and right now that direction is headed to the sky.
You’ve already missed the opportunity of a lifetime to lock in the lowest rates you’ll see for the foreseeable future, but you have a little more time to get your hands on relatively cheap money. The window of opportunity is rapidly closing, so if you’re going to refinance, you must do it as soon as possible.
Things you may not know about refinancing:
A small rate cut can pay off handsomely in smaller monthly mortgage payments.
Smaller monthly mortgage payments will decrease your tax deduction, because you will no longer be paying as much interest as you’ve been paying. Factor this in, because it’s the total savings that matters.
You can and should ask to have fees waived or reduced: application fees, origination fees, appraisal fees, legal fees, points, and closing costs.
If you don’t have cash on hand to pay fees, you can get them tacked on to the mortgage, paying nothing out of pocket for your refinanced home mortgage.
If you refinance and shorten the term of a home mortgage, you will pay a higher monthly payment, but you’ll save a significant amount of money over the term of the mortgage in addition to paying off your home and building equity faster.
Standard mortgage terms run 15 years or 30 years. If you’d prefer a term somewhere in between the standard terms, ask for a custom loan and designate a term that works better for you. Find a term that strikes a balance between a term shorter than 30 years and monthly payments lower than those of a 15-year mortgage.
If you cannot get a custom term, settle for a 30-year mortgage and pay more than the monthly payment to pay off the loan sooner. You must also negotiate no pre-payment penalty.
Where to go from here
1. Review your credit record with each of the three credit bureaus: Equifax, TransUnion and Experian. Mistakes are common in credit reports, and you may be surprised at what you find: accounts that do not belong to you, balances that do not match your statements, an identity mistake or worse. Correct any bad information.
2. Compare mortgage rates and fees online among several finance companies.
3. Use a good mortgage calculator. Using refinance calculators is the only way to determine which loan is the better all-around deal.
Work fast, but negotiate hard to make a deal that works for you. The loan company wants your business as badly as you want a better rate.
About the Author
M J Plaster is a successful author who provides information on http://www.home-loans-4u.net/ and http://www.home-loans-4u.net/home-equity-loans.html. M J Plaster has been a commercial freelance writer for almost two decades, most recently specializing in home and garden, the low-carb lifestyle, investing, and anything that defines la dolce vita.
Home Mortgage Interest Rates Michigan News
Refinancing your home might sound like a great idea for Genesee ... - The Flint Journal - MLive.com
Refinancing your home might sound like a great idea for Genesee ... The Flint Journal - MLive.com, MI - GENESEE COUNTY, Michigan -- You've heard about those historic low mortgage rates and, boy, you'd sure love to refinance and save yourself some cash every ... |
9 issues to watch in 2009 in Myrtle Beach area - Myrtle Beach Sun News
9 issues to watch in 2009 in Myrtle Beach area Myrtle Beach Sun News, SC - That's when low mortgage rates, efforts to loosen lending and dwindling inventory levels could help stop the freefall seen in 2008 in home sales and prices. ... |
Lingering cloud likely for Toledo-area economy in '09 - Toledo Blade
Lingering cloud likely for Toledo-area economy in '09 Toledo Blade, OH - Still, with depressed prices and low mortgage interest rates, "there is no better time to buy," he said. Figures compiled by the online real estate tracking ... |
2008: Better For Banks Than You Think - Minyanville.com
2008: Better For Banks Than You Think Minyanville.com, New York - Stuffed with cash from the housing boom, years of low interest rates, and unnaturally high risk appetites, American banks entered the crisis with reserves ... |
Monthly Survey Of Furniture Business From Smith Leonard ... - Furniture World Magazine (press release)
Monthly Survey Of Furniture Business From Smith Leonard ... Furniture World Magazine (press release) - “We need more than low interest rates to encourage enough buyers to enter the market and meaningfully draw down inventory, which would stabilize home prices ... |
Washtenaw County foreclosures hit record in '08 - The Saginaw News - MLive.com
Washtenaw County foreclosures hit record in '08 The Saginaw News - MLive.com, MI - As a whole, Michigan had one of the highest rates of foreclosure in the nation in 2008, often just behind California, Nevada and Florida. ... |
Home sales offer 2009 litmus test - New Mexico Business Weekly
Home sales offer 2009 litmus test New Mexico Business Weekly, NM - Homesellers are hopeful this leads to a pick up in home sales in the first quarter, due to mortgage rates in the 4 percent range. ... |