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If and when you take out a mortgage, youâll be faced with an important choice. To pay or not pay mortgage points. In short, those who pay points should hypothetically secure a lower interest rate than those who do not pay points, all else being equal. Thatâs because mortgage points, at least the ones that [&hellip
The post An Alternative to Paying Mortgage Points first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhat is a streamline refinance?â While qualifying for a mortgage refinance is generally a lot harder than it has been in the past (now that lenders actually care how your home loan performs), there are less cumbersome options available. In fact, many lenders offer âstreamlinedâ alternatives to existing homeowners to lower costs and [&hellip
The post What Is a Streamline Refinance? first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhy are refinance rates higher?â If youâve been comparing mortgage rates lately in an effort to save some money on your home loan, you may have noticed that refinance rates are higher than purchase loan rates. This seems to be the case for a lot of big banks out there, including Chase, Citi, [&hellip
The post Why Are Refinance Rates Higher? first appeared on The Truth About Mortgage.
File this one under âno correlation,â despite a flood of news articles claiming the Fed’s rate cut directly impacts mortgage rates. Today, the Fed cut the federal funds rate by half a percentage point to a range of 1-1.25% due to the uncertainty surrounding the coronavirus, this despite a strong U.S. economy. That sent mortgage [&hellip
The post Mortgage Rates vs. Fed Announcements first appeared on The Truth About Mortgage.
A lot of homeowners are looking to refinance their mortgages at the moment. Thatâs abundantly clear based on the record volume of refis expected this year, per the MBA. And while mortgage rates are in record low territory, thus making the decision to refinance an easy one for most, it still pays to shop around. [&hellip
The post If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhen to refinance a home mortgage.â With mortgage rates at or near record lows, you may be wondering if now is a good time to refinance. Heck, your neighbors just did and now they’re bragging about their shiny new low rate. The popular 30-year fixed-rate mortgage slipped to 2.80% last week, per Freddie [&hellip
The post When to Refinance a Home Mortgage: Now, Later, or Never? first appeared on The Truth About Mortgage.