info.usmortgage.com - Homeowners who are unfamiliar mortgage refinancing, as well as those who are desperate to change their loan conditions, are too often careless and end up making common mortgage refinancing mistakes. No matter what your situation or your reasons for refinancing, it is your responsibility to do the research and learn about the mortgage refinancing process.
Below are some common mortgage refinancing mistakes and how you can avoid them.
realtytimes.com - In 1993 interest rates on 30 year fixed-rate home mortgages had dropped from just under 9% a year earlier to around 6.75% per cent by the middle of the year. Experts were advising consumers that they should take advantage of these low rates and refinance their existing loans. Millions of Americans did refinance and lower their monthly payments. However millions of other Americans, seemingly believing that rates would continue to fall, failed to act.
Mortgage rates of virtually all types and durations are at, or near, their lowest levels in history. According to online real estate information site Zillow, the 30 year fixed-rate mortgage currently has an interest rate near 3.5%, while the 15 year fixed-rate mortgage has a rate less than
While it would seem that everyone would be moving to make a home purchase, current mortgage rates are bringing on more mortgage refinance activity than new loans. According to the Mortgage Bankers Association's Market Composite Index for the week ending July 20th, the Purchase Index showed that purchase applications dropped by 3% on an adjusted basis while the Refinance Index hit the highest level in over three years by increasing 2% on a seasonally adjusted basis.
The mortgage refinance share of all loan applications was 81%.
To read more on this article, click the link below: