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To Refinance or not to Refinance -- Here is the Answer
I have written many articles on refinancing a fixed rate mortgage to an adjustable rate mortgage. I have helped people cut as much as $800 off their monthly payments by turning their high fixed rate mortgage loan into a much lower ARM. This may be the time, however, to put the strategy in reverse, especially if your adjustable rate mortgage is coming up on the adjustment period.
If you have an adjustable rate mortgage in the four to five percent range, and it is about to adjust, and if you think you'll be in the home for more than five additional years, you'll want to strongly consider refinancing your adjustable rate mortgage to a fixed rate mortgage. Here's why.
Rates continue to remain very low. Fixed rate mortgages in the five to six percent range are very good loans. So, if you have an ARM at five percent, and it could possibly balloon to six or seven percent, now is the time to fix that rate at between five and six percent. Remember, if you intend to remain in your current residence for more than five years, fixing that rate is a very wise move.
This way, you will keep your payment low for the life of your loan, and you will eliminate the worry of an adjustment.
Mark Barnes is the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com. He is also an investment real estate and home loan finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com
Austin American-Statesman, TX - 6 hours ago
By Shonda Novak, MS Taboada The recent sharp drop in mortgage interest rates is creating a window for homeowners nationwide to refinance and providing an ...
Looking to refinance? Now might be the time Boston Globe
all 2 news articles
U.S. News & World Report, DC - 13 hours ago
Lower rates will enable some borrowers to refinance out of adjustable and into fixed-rate loans. But those who need to refinance the most have homes with ...
Long Bond Returns Most Since 1995 as Rosenberg Sees ‘Bubble’ Bloomberg
Treasury Yields Hit Record Lows, But Will it Last? Housing Wire
REFILE-TREASURIES-Bonds rally, helped by weakening economy Reuters
Hemscott - Bloombergall 148 news articles
Wall Street Journal - 6 hours ago
He's been unable to find a lender willing to refinance the $900000 adjustable-rate mortgage on his primary residence, which he says is worth around $1.1 ...
Baltimore Sun, United States - 2 hours ago
Many borrowers took on mortgages at the height of the housing boom, believing they could eventually refinance to a lower loan rate or sell their homes if ...
MarketWatch - 18 hours ago
For borrowers who refinance under H4H, lenders are required to "write down" the mortgage to the Department of Housing and Urban Development (HUD)-provided ...
Telegraph.co.uk
Los Angeles Times, CA - Nov 27, 2008
Jeff Lazerson, a Laguna Niguel mortgage broker, said all the customer calls he received Tuesday were from people seeking to refinance, not buy homes. ...
Mortgage-market revival: Try, try again CNNMoney.com
Last Call for Smart Homeowners Motley Fool
US move cuts mortgages to lowest rate since February Baltimore Sun
Bloomberg - AHNall 2,159 news articles
San Bernardino Sun, CA - 7 hours ago
And since investors no longer want to buy commercial mortgages, banks are reluctant to write new loans to refinance those facing foreclosure. ...
WKTV, NY - 17 hours ago
By GARY LIBERATORE (WKTV) - If you are in the market to buy a home, it's a really good time, but if you're selling, it's not so good. ...
Newsday, NY - 1 hour ago
... take measures that will result in lower mortgage rates, "so people can afford to buy up housing inventory and refinance mortgages at affordable rates. ...
Wisconsin State Journal, WI - 14 hours ago
Because of the economy, refinancing arrangements are taking longer and are structured differently than in the past, he said. The resort continues to operate ...
BRIEF: Great Wolf still talking with lenders Trading Markets (press release)
all 4 news articles
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