Refinancing a mortgage has become a popular option for current homeowners in the last year or so, as rates have held steady at well below 4 percent for some time. However, new data show that in general, the number of people who also use the refinancing opportunity to shorten their loan terms is shrinking. In the fourth quarter of… Read More
These days, millions of homeowners all across the country are looking for ways to reduce the costs they face when it comes to paying their mortgages. Many have sought refinances in the last few years, and their reasons for doing so seem to be changing. Obviously, the point of refinancing a mortgage is to make… Read More
With housing affordability still near an all-time high and many consumers beginning to feel better about their finances, interest in buying new homes has increased steadily in the past several months. That change was once again reflected in home loan applications filed nationwide, though overall activity fell as a result of people having less interest… Read More
I got a call from a couple who was interested in refinancing their home. It was a slam-dunk deal that would be approved anywhere. So we chatted about rates and I told them what the rate and fees were for the best deal I knew about. They said that they had talked with their current lender who had offered a better deal. That was a bit of a surprise because I had always been able to beat that company’s deals. So I said, “Let’s look at their website and see.” Sure enough, at the same rate the fee at that lender was about $3,000 higher than what I had told them.