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Nov 13

When It Pays To Refinance Your Mortgage — Literally


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 … [Read more...]

Jun 22

Mortgage Rates Make New Lows At 3.66%

Mortgage Rates Make New Lows

Mortgage rates have resumed their downward trend. According to Freddie Mac's weekly Primary Mortgage Market Survey, the national average 30-year fixed rate mortgage rate fell 5 basis points to 3.66% this week. The rate is available to "prime" borrowers who are willing to pay, on average, 0.7 discount points plus a full set of closing costs. 30-year fixed rate mortgage rates are down in seven of the last eight weeks but, depending where you live, the mortgage rates made available to you … [Read more...]

May 09

With LIBOR Low, Don’t Rush To Refinance Your ARM

Adjustable Rate Mortgage

Is your mortgage scheduled to adjust this season? You may want to let it. This year's ARM-holding homeowners in District of Columbia are finding out that an adjusting mortgage may be the simplest way to get access to today's low mortgage rates -- without paying the closing costs. Currently, conventional adjustable-rate mortgages are adjusting to near 3.00 percent. If your home is financed via an adjustable-rate mortgage, you're likely cognizant of your loan's life-cycle. At first, your … [Read more...]

Mar 07

Are You Wasting $471 Per Month On Your Mortgage?

Wasting Money on Mortgage

According to Freddie Mac's weekly mortgage rate survey, for 13 straight weeks, the average 30-year fixed rate mortgage has held below 4.000% for mortgage applicants willing to pay up to 0.8 discount points plus a full set of closing costs. These are the lowest mortgage rates in history and now -- with a bevy of loan programs for the nation's 11 million "underwater homeowners" including HARP, the FHA Streamline Refinance, and the VA IRRRL -- millions of U.S. homeowners can exploit the current … [Read more...]

Feb 07

Lock An Instant 13% Savings On Your Monthly Mortgage Payment

Falling mortgage rates make owning a home more affordable. Mortgage rates are directly tied to monthly mortgage payment so as mortgage rates drop, so does the cost of home-ownership. It's a money-saving time to buy a home in DC -- or to refinance one. Mortgage rates have never been this low in history. According to Freddie Mac, last week, the average 30-year fixed rate mortgage fell to 3.87% nationwide for borrowers willing to pay an accompanying 0.8 discount points plus closing … [Read more...]

Dec 09

Reduce Long-Term Loan Costs With A 15-Year Fixed Rate Mortgage

Reduce Long Term Loan Costs

For as low as 30-year fixed rate mortgage rates are in District of Columbia today, 15-year fixed rate mortgage rates are even lower. According to Freddie Mac's weekly mortgage rate survey, the average 15-year fixed rate mortgage rate is now 3.27% nationwide with an accompanying 0.8 discount points. 1 discount point is a closing cost equal to 1 percent of your loan size. The current 15-year fixed rate reading is just one tick above the all-time, 15-year fixed rate mortgage low of 3.26% set … [Read more...]

Oct 11

Should I Refinance My Home?


With mortgage rates at all-time lows, you may be asking "Is now a good time to refinance?" ┬áThis short interview from NBC's The Today Show offers good insight. Refinancing a mortgage is about more than just "low rates". For example, there are costs associated with giving a new mortgage and even with the average, 30-year fixed rate mortgage near 4 percent, the costs of a such a move can outweigh the benefits -- both in the short- and long-term. The video originally ran in September when … [Read more...]