Advice For Borrowers Looking To Refinance Their Home Loan
Sunday, August 29th, 2010Over the past couple of weeks, our blog has touched on the historically low interest rates available to buyers looking to purchase real estate with a home loan. Not only are these low rates good for buyers, but current homeowners with mortgages have been coming out in droves looking to refinance their home loans down to the lower interest rates. In an Orange County Register article from last week titled “Refi frenzy: Tips for borrowers,” a couple of mortgage brokers doled out some excellent advice to homeowners thinking about refinancing their current loans. They touch on an array of topics, from what banks are currently looking for in refinance applications (great credit, equity in the home) to shopping around outside of the big lenders for better rates with low costs.
Refinancing your loan may be as simple as getting on the phone with your current lender and asking if you can obtain a lower rate; however, take the time to look at your current situation to make sure that refinancing is a viable option for you. The article uses a great example…if you are 10 years into paying off a 30-year loan, why would you want to start the 30 years over again just to drop your interest rate by a small fraction? In this scenario, it may pay to refinance to a smaller loan term (15 or 20-year, whose rates are also historically low) rather than beginning the interest payment process all over again. The mortgage brokers use more scenarios to convey their points, making this article a great read for anyone thinking about a refi on their loan.
Please click on the following links to read our recent blogs on falling interest rates and the rise in refinancing applications. If you have any questions about purchasing or selling a San Clemente home or condo, please do not hesitate to contact us.
In a crazy real estate market like the one we’re currently experiencing, it can be very difficult for buyers and sellers to come to agreements in a home transaction. Simply put, buyers are looking for the best deal (especially in a buyer’s market like the one we’re in), and sellers are hoping to get what they feel their home is worth to them, not necessarily what the current market dictates. An article on CNN Money titled “
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With a tight housing market and large inventories of homes for sale, many sellers are looking for ways to gain an edge in the sale of their home. Remodeling has always been an investment homeowners are willing to make as upgrades and additions add value to the home, both from a sales price standpoint and by making your home stand out from similar homes in your area. On CNN’s
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