You know you're ready for a change, but you're not sure how much change. On the one hand, if you refinance your home, you could get a new mortgage with better rates and terms, and you wouldn't have to go through the process of moving.
With rates so low, you may have wondered what the cost to refinance your mortgage is? The answer is that every refinance is unique, depending on your credit score, your income level, and whether you have a low loan-to-value ratio.
Last month when the companies announced that would soon be offering a new refinance program targeted at millions of low-income families. However, when the programs were announced, neither Fannie nor Freddie revealed when the programs would actually be available. We now have our answer.
Last year saw the highest volume of mortgage refinancing since 2003 thanks to historically low interest rates, but according to the federal government, millions of low-income families were not able to take advantage of those low rates. That could soon change. Read more about how Fannie Mae and Freddie Mac are Unveiling a New Refinance Program for Low-Income Families.
Believe it or not, tax season is already here. And if you are looking for possible deductions on your federal income taxes, there are plenty of reasons to read on about form 1098. If you completed a mortgage refinance in 2020, you may be realizing the benefits of lower payments and possibly a lower rate.
The fact that interest rates have remained this low for months has fueled an extreme and lengthy refinance boom in the mortgage business. But just how long is that boom going to last?
If you've been following the news lately, you may know that mortgage rates are just about as low as they've ever been. And that may have you thinking about refinancing your mortgage.
The housing industry has just over a month to get ready as Federal Housing Finance Agency Director Mark Calabria reiterated last week that Fannie Mae and Freddie Mac will implement a 50-basis-point fee on certain refinances on Dec. 1, 2020.
When you hear the words 'mortgage rates have dropped' and 'lowest refinance rates in years,' many thoughts may race across your mind like 'how does that affect me?', 'what can I do to learn more?' and 'where do I start?'
Refinancing your mortgage may seem like a good idea, but there are several things to consider before making the decision.
Stay one step ahead