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Nov 13

When It Pays To Refinance Your Mortgage — Literally

November 13, 2012 By Leave a Comment
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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 … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: , , , , , , , , , ,
Jul 23

Simple Real Estate Definitions : Right To Cancel

July 23, 2012 By Leave a Comment

As part of the federal Truth-in-Lending Act, refinancing homeowners are granted a 3-day "cooling off" period post-closing during which they retain the right to rescind, or "cancel", their recent refinance without penalty or cost. The Right To Cancel is protection against surprises at closing and/or a change of heart. It's also a safety valve for homeowners signing paperwork under duress. With 3 days to revisit and rethink the terms of a loan, a homeowner can maintain tighter control of … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: , , , , , , ,
Mar 07

Are You Wasting $471 Per Month On Your Mortgage?

March 7, 2012 By Leave a Comment
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...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Feb 07

Lock An Instant 13% Savings On Your Monthly Mortgage Payment

February 7, 2012 By 3 Comments

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...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Oct 11

Should I Refinance My Home?

October 11, 2011 By 2 Comments
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With mortgage rates at all-time lows, you may be asking "Is now a good time to refinance?"  This 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...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: , , , , , , ,
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