Worried young Caucasian married couple reading important notification from bank while managing domestic finances and calculating their expenses at kitchen table, using laptop computer and calculator

Mortgage Rates Today

What is the most common phrase that is being uttered around kitchen tables and on the news? It is usually: “Mortgage rates today, what are they doing?” but is this the question that the majority of homeowners should be asking?

Mortgage rates, without question, play a role in your life in regards to financial decisions.  Many people are caught in a game of “playing the mortgage rate market!” Waiting and waiting for a specific number or a specific mortgage rate, or waiting on the Federal Reserve to make a move.  Well, the Federal Reserve has made many moves but what has it done for your financial future?

Understanding Mortgage Rates Today

What if you had the ability to pick your own mortgage rate.  Whatever that number is, you believe is the best! What would it be?  More importantly why? The questions you need to ask are:

  • What is it accomplishing? 

  • What stage of life are you at? 

  • Are you eliminating debt? 

  • Freeing cash flow to save for your retirement? 

Every mortgage website in America offers people the ability to use a mortgage calculator, and we are no different.  However, we want you to use this calculator with a different approach in mind: accomplishing a goal.

Mortgage Rate Calculator

Refi.com Mortgage Rate Calculator

Click on the above.  Before you enter in any numbers, please write down five items bearing in mind mortgage rates today, total mortgage, and five things you want and need to accomplish in a mortgage refinance.  Then plug in your numbers.  Next to those five items you chose, put a percentage of a goal accomplished.  This will be critical in your decision on a refinance!

Goals.  We believe a mortgage is more than a rate or a term.  It can be a powerful financial tool in achieving the necessary goals in your financial life.  Everyone needs a plan; not just for emergencies, but for a pathway of success.  You may be shocked at what goes into a strong plan.  Our friends at Investopedia put together a starting point for a plan here: Financial Planning 101  This is a great guide to get started.

Mortgage rates today: they are more than just numbers.  It is an opportunity for homeowners like yourself, regardless of the market, to achieve their financial goals.  Have a different conversation around the dinner table tonight. Let’s talk, let’s plan, and make a roadmap to success!

When you take out a new mortgage or refinance an existing one, you may need private mortgage insurance (PMI). Such insurance provides greater security for your lender, and may help you to qualify for a mortgage. However, it also increases the total cost of your mortgage.

Most mortgages have terms of 15 or 30 years, but some spread payments across 40 years. These longer-term mortgages make it easier to borrow larger sums than you might otherwise be eligible to borrow, but these loans also have a few disadvantages. Consider the pros and cons of a 40-year mortgage carefully before making this serious long-term commitment.

Some financial experts say an adjustable-rate mortgage, or ARM for short, is nothing more than a bait and switch: You take the loan at a low interest rate, only to discover the rate rising a few years down the line. And yet homeowners will find many of these offers when they’re looking to refinance. As it turns out, an ARM isn’t just something to benefit shady mortgage brokers. For some homeowners in certain situations, this kind of refi makes a lot of sense.

Traditionally, taking out a new mortgage or trying to refinance (“refi”) an existing loan involved a trip to the bank. Fortunately, the rise of online mortgage lenders has made the process much simpler. There are now more products available, and more opportunities to find products you qualify for. Here are the top three ways using online lenders makes it easier to refinance your mortgage.

Your monthly mortgage payment has the potential to become a serious financial burden, especially if your circumstances change suddenly. Knowing how to lower your mortgage payment each month helps you keep control of your cash flow. Here are five simple ways to make a big change.

The last thing homeowners want is to spend more on their homes. When researching cash-out refinance rates, it’s important to determine whether the refi will actually cost more than other kinds of refinancing. There are many factors to consider when answering this question. Here are some things to keep in mind:

Conventional loans and FHA loans are the two most popular types of loans people obtain when purchasing homes. Private lenders offer conventional loans, while the federal government backs FHA loans. The requirements for each type are different. FHA loans are often easier to qualify for, with lower down payments and more relaxed credit score requirements. However, conventional loans offer greater flexibility.

When homeowners consider refinancing — and those with high interest rates definitely should while rates are at some of the lowest levels in recent years — closing costs often come to mind as a negative factor. But what if there was a way to refinance without paying refinancing costs? Some mortgages do not require spending thousands of dollars upfront in closing costs. These so-called “no cost” mortgages could offer the best solution for those considering a refinance who don’t have the savings to immediately pay high fees associated with new loans.

Refinancing may seem at first like a daunting process, but it doesn’t have to be if you approach it in an organized and methodical manner. Before you start sifting through mountains of paperwork and trying to compare mortgages, consider these top four things to do when you’re ready to refinance.