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You are here: Home / Archives for Mortgages

How Low Can They Go: With Mortgage Interest Rates Low, Should You Refinance?

January 13, 2021 by Chris Pedison

How Low Can They Go: With Mortgage Interest Rates Still Dropping, Should You Refinance?Do you have a mortgage? You’ve likely seen or heard a lot about mortgage refinancing as interest rates remained low in recent months.

In today’s blog post we’ll explore the topic of mortgage refinancing, including when you should consider refinancing and how to take advantage of low interest rates.

What is Mortgage Refinancing?

In simple terms, refinancing refers to the practice of taking out a new mortgage and using the proceeds to pay off your old one in its entirety. You’ll go through the full borrowing process with your chosen lender, including the credit check, financial history and employment history in order to ensure that you have the ability to pay your new mortgage – even if your monthly costs are lower.

Depending on your financial goals, you may refinance to tap into some of the equity you’ve built up in your home, or you may refinance in order to secure a new mortgage with a lower interest rate or better payment terms. Whatever the case, know that if you decide to refinance you’ll be engaging with a lender for a brand new mortgage.

When Should I Consider Refinancing My Mortgage?

When you should refinance depends on your reason for refinancing. If you’re looking to reduce your interest rate and your monthly payments, you should refinance your mortgage whenever interest rates drop enough that you will be able to save more in monthly payments then you will be paying in closing costs and fees.

Consulting with a mortgage professional is the best way to understand how much money you can save, but to get a quick idea simply take a look at how much you owe on your mortgage, your current interest rate and the types of rates you may qualify for. If you owe $200,000 at 4% percent interest and you can refinance down to 3% percent you’re going to save a considerable amount over the long term.

How to Take Advantage of Low Interest Rates

Refinancing your mortgage is a major financial decision and not one that should be taken lightly. Careful research is needed to determine if now is best time to switch up your mortgage to one with a lower interest rate.

Filed Under: Mortgage Rates Tagged With: Interest Rates, Mortgage Refinancing, Mortgages

Are You Applying for a Reverse Mortgage? Here Are 3 Considerations You’ll Need to Make

December 31, 2020 by Chris Pedison

Are You Applying for a Reverse Mortgage? Here Are 3 Considerations You'll Need to MakeIf you’re a homeowner who is looking to tap in to the home equity that you’ve spent years building you may be interested in a “reverse mortgage” or “home equity conversion mortgage”. While these unique financial tools aren’t for everyone, if you qualify for a reverse mortgage you’ll find that this might be the perfect financial solution which allows you to pay off your existing mortgage, or for some other regular expenses that you have.

Let’s take a closer look at how reverse mortgages work, including how to qualify, what happens to your existing mortgage and what a reverse mortgage might cost.

Do You Meet the Requirements for a Reverse Mortgage?

In short, a reverse mortgage is a type of home loan in which the lender pays you monthly payments or a lump sum based on the equity that you’ve built up in your home. At some point in the future – when you move out of the home, or pass away – the reverse mortgage loan will become payable.

As mentioned above, reverse mortgages aren’t for everyone. You’ll need to be at least 62 years of age and be a homeowner who has enough equity built up in your home to qualify. You’ll also need to understand that your lender will scrutinize your current financial position to ensure that you can keep up with property taxes and other regular costs that you may incur.

What Happens to Your Existing Mortgage?

If you have a regular mortgage it’s still possible to qualify for a reverse mortgage, but you’ll need to use some of the proceeds to pay off your existing mortgage. For example, if you have $50,000 owing on your mortgage and you receive a reverse mortgage for $100,000, you can pay your initial mortgage off and still have $50,000 to use as you see fit.

Do You Know What a Reverse Mortgage Costs?

Keep in mind that like a traditional mortgage, a reverse mortgage has costs attached. You’ll need to pay mortgage insurance premiums, service fees, lender fees and other third-party fees that are typically referred to as “closing costs”.

Learn More About Your Reverse Mortgages Options

A reverse mortgage can be an excellent way to take advantage of the equity that is currently locked up in your home. To learn more about reverse mortgages, contact your local mortgage professional and they’ll be able to share their guidance and expertise.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgages, Reverse Mortgages

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Chris Pedison

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