Mortgages

Your Adjustable Rate Mortgage Probably Needs To Be Refinanced!

When the is raising interest rates, your adjustable rate mortgage probably needs to be refinanced. The reason is because adjustable rate mortgages (ARMs) are priced based off a short-term rate index plus a margin, such as the Fed Funds rate or LIBOR. When the Fed Funds or LIBOR rate starts rising, so will your ARM …

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How Often Should You Refinance Your Primary Home Mortgage?

Are you wondering how often should you refinance your primary home mortgage? You’ve come to the right place because I’ve refinanced dozens of mortgages since buying my first property in 2003. The shorter answer is you should refinance your mortgages as many times as possible to save money! Mortgage rates collapsed during the global pandemic. …

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Mortgage Refinance Failure: Lending Standards Remain Very Tight

Back in 2015, I was rejected for a mortgage refinance. Banks didn’t even offer me a higher rate. They simply refused to refinance my loan. I was a mortgage refinance failure. Let me share with you my experience so you can increase your chances of refinancing or taking out a new mortgage at a great …

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The Average FICO Credit Score For Approved And Denied Mortgage Loans

This post will look at the average FICO credit score for approved and denied mortgage loans over time. The real estate market is ever changing. Low mortgage rates help increase demand while rising rates can soften buyers desire to commit. Meanwhile, inflation, unemployment rates, stock market volatility, political issues, and more can also have an …

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The Average Credit Score For Approved Mortgages

The average credit score for approved mortgages is finally declining a little bit. As thousands of homeowners smartly refinance their mortgages during the global pandemic, banks are getting more competitive. Before the 2008 – 2009 recession, the average credit score for approved mortgages averaged around 720. 720 is actually the cut-off point between “Good” and …

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The Refinance Window Is Closing: Historical Charts Of The 10-Year Yield

The refinance window only lasts so long. There was a massive refinance window during the global pandemic. However, that particular refinance window has closed. When the next refinance window opens, I recommend refinancing as many times as possible if existing rates are at least 0.5% lower. Another factor to consider is if you can break …

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Should I Do A Cash-IN Refinance? The Benefits And Risks Of Paying Down A Mortgage For A Lower Rate

A number of you have asked me whether you should do a cash-in refinance. So, I’d like to share my thoughts on this interesting scenario. A cash-in refinance is basically when you pay down your existing mortgage to under a certain loan-to-value ratio in order to qualify for a mortgage refinance. Loan-to-value is calculated by …

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Book Review: The New Rules For Mortgages

“The New Rules For Mortgages” by Dale Siegel provides a fantastic understanding of everything you need to know about mortgages. For many, a home is the single biggest purchase of their lives, and the mortgage is a necessary instrument for making homeownership dreams a reality. Qualifying for a mortgage is daunting, but it doesn’t have to …

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