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.
A conventional loan — also known as a conventional mortgage — is a type of home buyer’s loan that is not backed by the government, and instead comes from a private lender. If you’re new to loans and mortgages, here’s a primer that goes over the basics.
With interest rates at near-historic lows, many homeowners are starting to look at the different refinance rates to see if they are able to save money. If you can save money on interest, you will be paying less each month. Plus, if you have other debt, you can consider a cash-out refi that will alleviate other high-interest debt. This will save you even more. Wondering how to get the best refi rates?
When homeowners consider a refinance, it could be for many reasons. They may want to get some extra cash to complete a home improvement project, or they may want to pay off high-interest debt like credit cards, medical bills or student loans. The process can make a lot of sense for many people, but only for those who truly understand refi rates. Let’s take a closer look.
In today’s savvy consumer world, we know everything about the latest smartphone technology and the best new sports shoes on the market. But do most potential and current homeowners do the same research on mortgages? Surprisingly, the answer is no. The U. S. Consumer Financial Protection Bureau reports that most people do not shop around for the best mortgage rates, even though that act alone could save thousands over the life of a loan.
Homeowners may be surprised to learn that 2019 is one of the best years in recent history for refinancing. If you have been thinking about a refi on your home mortgage, check out some of these reasons why this year may be the time to do it.
If you’re considering buying a home, you may have heard about FHA mortgages. These loans are guaranteed by the Federal Housing Administration as a way to encourage low-to-moderate income families and individuals to purchase or refinance homes. If you’re struggling to qualify for a traditional mortgage, an FHA loan may be appropriate for you.
Most homeowners make payments on mortgages with 30-year fixed rates. There’s nothing wrong with that plan, but you might be interested in other options. It may make more sense to refinance and switch to a 15-year mortgage. Let’s look at five reasons why.
Refinancing a home is one way for homeowners to save money on their mortgage payments. If done at the right time, refinancing can actually save homeowners a lot of money over the life of the loan, but there is more to it than just going with the first company they find. In fact, homeowners need to do their due diligence when looking for the best refinance companies.
Refinancing a home gives a homeowner many unique financing opportunities. In addition to speeding up paying for their home, refinancing also might reduce their monthly payments and allow them to take advantage of any equity built up in the home. But how does a homeowner refinance when interest rates are rising?