What perceptions might be keeping you from saving money with a refinance? "I've read that the rate needs to be 1% or 2% lower than my current one." When average loan amounts were much lower, it took a much bigger drop in rates to achieve tangible savings. Today, even small rate differences can make [...]
Are you one of the many homeowners’ in Washington State who have been unable to benefit from the government’s “Home Affordable Refinance Program” or “HARP”? That might be about to change. Congress recently confirmed Mel Watt as the new Director of the Federal Housing Finance Agency (FHFA) which controls Fannie Mae and Freddie Mac. [...]
You did it! You’ve made it to the finish line. You supplied documentation, had an appraisal, waited and possibly waited some more and it’s here: closing time. Here are a few quick tips that'll help you dance over the finish line. Your “payoff amount” is always higher than your remaining principal balance. Your balance is the [...]
The “Experts” Say…“Rates need to be 2% lower to justify refinancing.” Ever hear something like this and take it at face value? In the mortgage business, we hear recitals of old rules all the time. They often come from so-called experts, but frankly, there are times when their advice could lead you down the wrong [...]
As you're getting ready to refinance your mortgage loan, here are a few tips to ease the process: DO Continue to make your regular payments. However, if you have a payment due just prior to your scheduled closing, consult with me first. It may be better to pay at the closing rather than to risk [...]
There’s a lot of hype about refinancing mortgages right now (for good reason to we might add, historically low rates). If all the hype has you wondering if refinancing mortgage worth the trouble? To help you make a clear choice here are a few common misconceptions about refinancing. "I've read that the rate needs to [...]
You’ve taken advantage of today’s historically low rates! Supremely smart move! After you refinance to a lower rate you get a lower payment, but the opportunities don’t stop there. Here are our 3 quick tips to maximize your refinance savings. Reduce your balance faster. With a lower interest rate, you pay more principal with each payment, [...]
You have surfaced from the recession and just when you thought you were in the clear; interest rates are ticking up! You may be wondering what do rising mortgage rates mean for housing recovery? Rising rates are positive sign of our recovering economy. It is hard for the Fed to keep rates low against a [...]
Here's a quick overview of the refi process, from application to closing: 1. The Application After we determine that a refinance will be beneficial for you, we start the application. Much like your original mortgage application, this one collects general information and asks for documentation of your income and assets. 2. [...]