Mortgages

Mortgages By Interest Rate: Homeowner Tenure To Increase

Let’s take a look at the latest mortgages by interest rate. By understanding the composition of mortgages, we’re better able to understand how a rise in interest rates will affect the housing market and the consumer. Since November 2018, the vast majority of homeowners with a mortgage have refinanced and taken advantage of lower rates. […]

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How To Reduce Mortgage Fees And Get The Best Rate Possible

This post will show you how to reduce mortgage fees and get the best rate possible. I have been refinancing and taking out new mortgages since 2003. As a result, I’ve become an expert at squeezing as much value as possible out of every mortgage. Mortgage fees are an inevitability. How do you expect anybody

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The Difference Between A 5/1 ARM And 5/5 ARM And When To Get Either

Have you ever wondered what the difference is between a 5/1 ARM and a 5/5 ARM or a 7/1 ARM and a 7/6 ARM and so forth? Let me explain in this article because the difference adds to another dilemma mortgage borrowers should consider. An adjustable-rate mortgage (ARM) is a home loan with an introductory

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Adjustable-Rate Mortgages As A Percentage Of Total Loans: So Low!

Since 2009, I have encouraged Financial Samurai readers to take out an adjustable-rate mortgage instead of a 30-year fixed-rate mortgage. The rationale was that we were in a downward interest rate channel, so why pay more in interest if you don’t have to? Further, the average homeownership tenure back in 2009 was only around 5-7

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No-Cost Refinance Loan: There’s Really No Such Thing

Even though a no-cost refinance sounds great, there’s really no free lunch. A no-cost refinance has costs. The costs are just not visible upon closing. The costs are baked in by charging the borrower a higher mortgage rate. Here are all the mortgage fees in a no-cost refinance. It’s like marrying someone for their money.

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Should I Pay Down Extra Principal To Qualify For A Mortgage Refinance?

You may want to pay down extra principal to qualify for a mortgage refinance. When mortgage rates are low, paying down principal to qualify for a lower mortgage rate is a smart move. The return on your capital could actually be quite high. But when mortgages are high, as they still are, they paying down

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How Long Does It Take To Refinance A Mortgage Loan Nowadays? Hint: Be Prepared For Battle!

As a multiple property owner, I’ve done a lot of refinances over the last twenty years. So just how long does it take to refinance a mortgage loan nowadays? The short answer is: 2-3 months on average. This is up from one month on average before the global financial crisis. With rising mortgage rates in

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Documents Needed To Refinance A Rental Property Mortgage

It’s not easy refinancing a rental property mortgage nowadays. The lending market has tightened up with higher rates and fears of another recession. This article will discuss the documents needed to refinance a rental property mortgage. Rental property mortgages are always between 25 to 50 basis points higher than a primary home mortgage due to

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Why I’m Paying Down My Mortgage Early And Why You Should Too

Years ago, I announced why I’m paying down my mortgage early. I ended up paying off a mortgage I had for 15 years and feel great about it. Ideally, we should all pay down our mortgage before we retire or want to take things down a notch. Even with negative real mortgage rates making owning

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