29 Apr 2014
By Mark Feder

Five Questions You Might Want To Ask Before You Refinance Your Home

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Refinancing your home might be a great way to save money or tap into the capital needed to pay off large debts. However, a refinance can also be an expensive endeavor, and you could even risk harming your credit rating or risk foreclosure if you're not careful. Before you take the plunge with a refinance, here are five essential questions that you should ask before signing on the dotted line. How Much Equity Do I Have In My Home? Many homeowners today owe more on their mortgage than what the property is actually worth. For mortgage refinancing to be possible,…
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28 Apr 2014
By Mark Feder

What’s Ahead For Mortgage Rates This Week – April 28, 2014

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Last week's economic news supported recent reports that home sales were fewer and home prices increased, but did so at a slower pace. The NAR reported a slower pace of existing home sales, and FHFA reported a slower year-over-year rate of growth for home prices on properties financed by Fannie Mae and Freddie Mac. The U.S. Commerce Department reported that new home sales fell to their lowest level since July 2013. Mortgage rates rose for fixed rate mortgages, but were unchanged for 5/1 adjustable rate mortgages. Here are the details: Existing Home Sales Slow, Moderate Growth In Home Prices March…
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24 Apr 2014
By Mark Feder

Existing Home Sales Show Improvement In The Northeast And Midwest Region

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March sales of existing homes exceeded expectations at a seasonally adjusted annual rate of 4.59 million sales according to the NAR. Analysts projected that existing home sales would reach 4.55 million based on February's reading of 4.50 million sales. The pace of existing home sales declined by 0.20 percent as compared to February's reading. Headwinds Cause Slower Pace Of Home Sales Analysts cited poor winter weather and rapidly rising home prices as factors that kept buyers away, although the Northeast and Midwest regions reported improvements in home sales in March. NAR said that the national average home price increased to…
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23 Apr 2014
By Mark Feder

It Pays Off To Refinance Your Mortgage

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To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a refinance to be sensible. Compare your closing costs to your monthly savings, and…
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