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california home loan mortgage rate refinancehtml
Is Home Mortgage Refinancing Really Worth It?
Is it really worth it? Excellent question... since the refinancing process can take upwards of 2-3 months to complete, plus the expenses and hassles of refinancing may outweigh the benefits.Not everyone should refinance just because rates are lower. The general rule of thumb is to consider refinancing if rates are at least 2% lower than your current rate.
This is considered a safe margin.
Also, consider these things...
Are you planning to sell the house at any time? If so, how far into the future? It may not be beneficial to refinance now. Many people who are "in the know" say that it takes 3 years to fully realize the savings from refinancing; considering in all of the costs of refinancing.
Will you have to pay a penalty for closing the current loan? This may be substantial enough to change your mind about refinancing.
Do you have an Adjustable Rate Mortgage? You may want to lock your loan in at the lower rate if you are fairly sure the rates will rarely, if ever, get this low again.
Do you want "Cash Out" to pay other debts, etc.? Keep in mind that if you ask for "cash out refinancing" that the amount of your loan is usually limited to 80% of your home's value. Of course, all things being different, you should check with your lender to see what exceptions may apply. If you need cash, but the straight refinancing option isn't equitable, you might want to consider getting a Home Equity Line Of Credit. This lets you borrow against the equity in your home with a credit account, checking account and/or direct payment.
Is your loan owned by Fannie Mae or Freddie Mac and if so, do you have at least 5% equity in your home? The higher the Loan-To-Value (LTV) number the better for you. Most lenders expect you to have at least 10% equity in your home to qualify. 10% equity in your home gives you have a Loan-To-Value (LTV) of 90%. However, if your loan is owned by Fannie Mae or Freddie Mac, your LTV could be 95% - meaning you only need to have 5% equity in your home to qualify. Contact the company where your mortgage payments are sent and ask them about your LTV.
Because each situation is unique, there are several more things to consider. Spend a little bit of serious time researching this topic until you are satisfied with the quality of answers you have found in regard to your own situation.
The wrong decision could... well, hurt. The right decision could end up saving you quite a nice little nest egg.
About the Author
To learn many more beneficial tips about the home mortgage refinancing process, including the various fees to expect, visit:
http://www.privilegedinfo.com/refinancewisdom.html . Steve Shannon is webmaster at PrivilegedInfo.com.
More Useful Resource and Updates on california home loan mortgage rate refinancehtml
- Mortgage rates drop slightly in week (UPI)
WASHINGTON, Nov. 6 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.
- Banks cave in on home loan rates: Millions WILL benefit as mortgage giants are forced to pass on historic interest ... (Daily Mail)
Banking giants were shamed into slashing their mortgage rates yesterday following a direct order from the Prime Minister.
- Mortgage rates drop slightly in week (Moldova.org)
Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.The 30-year, fixed-rate mortgage averaged 6.2 percent with an average 0.7 points in the week, Freddie Mac said.A week ago, 30-year, fixed-rate mortgages averaged 6.46 percent with an average 0.7 points. A year ago, the average rate was 6.24 ...
- Rams Home Loans drops mortgage rate (The West Australian)
Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams' standard variable home loan has dropped 0.6 percentage points to 7.59 per cent, while the interest rate on Rams' basic home loan is now 6.99 per cent.
- Community helps W. Pa. couple keep home (Centre Daily Times)
At the end of August, Randy and Cindy Balzer were unable to make the payment on their Baldwin Township house after it adjusted to a higher interest rate, and their mortgage holder was ready to seize the home at a sheriff's sale.
- Rams Home Loans drops variable mortgage rate (The West Australian)
Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams? standard variable home loan has dropped 0.6 percentage points to
- St George cuts home loan rate to 7.74% (The West Australian)
St George Bank Ltd has cut its standard variable mortgage interest rate by 62 basis points. The rate will fall to 7.74 per cent, from November 14. The move follows the decision by the Reserve Bank of Australia (RBA) on Tuesday to lower the official cash rate by 75 basis points to 5.25 per cent.
- HBOS, RBS Cut Mortgage Rates After Government Meeting (Update2) (Bloomberg)
Nov. 7 (Bloomberg) -- HBOS Plc , the U.K.'s biggest home loan provider, and three other banks together representing almost half of British mortgage lending today cut interest rates after government ministers urged a reduction.
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