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. …
Mortgages By Interest Rate: Homeowner Tenure To Increase Read More »
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 …
How To Reduce Mortgage Fees And Get The Best Rate Possible Read More »
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 …
The Difference Between A 5/1 ARM And 5/5 ARM And When To Get Either Read More »
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 …
Adjustable-Rate Mortgages As A Percentage Of Total Loans: So Low! Read More »
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. …
No-Cost Refinance Loan: There’s Really No Such Thing Read More »
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. Let me share with you an example of when paying down mortgage …
Should I Pay Down Extra Principal To Qualify For A Mortgage Refinance? Read More »
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 …
Let’s look at the best time of the month or year to refinance a mortgage. If you can refinance at a better time of the year, you might be able to get a lower mortgage rate and save. The best time of the month to refinance your mortgage is the last two weeks of the …
When Is The Best Time Of The Month Or Year To Refinance A Mortgage? Read More »
It’s not easy refinancing a rental property mortgage nowadays. The lending market has tightened up with higher rates and fears of another recession. Meanwhile, due to rent moratoriums around the country, banks are more fearful of default. This article will discuss the documents needed to refinance a rental property mortgage. Rental property mortgages are always …
Documents Needed To Refinance A Rental Property Mortgage Read More »
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 …
Why I’m Paying Down My Mortgage Early And Why You Should Too Read More »
