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.
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.
When you refinance, you compare mortgages, study terms, and make important financial decisions that often lead to additional charges. It’s not something to undertake lightly, and you should only do it when the time is right for you. Here are some of the best and worst times to refinance.
When you’re facing escalating debt, you may feel like you’re all alone. The truth is, it’s a common problem faced by many American households. Credit card debt surged in 2019, with total US credit card balances standing at $870 billion, as reported by American Banker. If you’re struggling to make your repayments, it’s time to refinance credit cards and consolidate debt.
Buying a home is perhaps the biggest purchase you will make in your life. For most people, this is only possible by obtaining a loan. Securing a low interest rate is crucial to determining how much you’ll have to pay back. If your lender doesn’t offer the lowest advertised rate for your mortgage or refinance, there’s a reason why. Check out the top factors that impact your mortgage and refi rates.
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?
A refi calculator, also known as a mortgage calculator, isn’t at all like one of those solar-powered devices you have stashed away in your kitchen drawer. Instead, a refi calculator is a powerful online tool designed to provide you with valuable information that could save you money. It’s the first item you should use when you’re investigating refi rates and options.
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.