To refinance your mortgage, you will need to adhere to the terms and conditions outlined by your lender. The process may feel overwhelming to some. However, by taking the time to think things through, you should be able to complete the process without much effort. Refinancing your mortgage is essentially replacing your existing mortgage with…
The interest rate is often a yo-yo game, so any kind of loan you take is going to be a gamble! That five-year mortgage you locked in at an interest rate of 3.19% seemed like a pretty good deal two years ago. But the fixed rate is now sitting at 1.99%, even less for a…
It doesn’t really get easier with the real estate market during this pandemic. Less homes on sale, lower prices, and this latest to name a few! But what makes it more complicated with refinancing? They are uninsurable, so the lending risk sits squarely with the lenders; whereas purchase transactions facilitate changes of ownership, and the…
Last week, we discussed the mortgage pre-approval and why it is important for first time homebuyers to go through this process and the long term benefits. Fast forward a few years into home ownership, and some families may find themselves in a situation where they’d like to tweak things a little bit, for whatever financial…
A mortgage pre-approval is extremely beneficial in showing you, the home buyer, what value of home you can afford as well as the mortgage payments associated with various purchase prices. It also guarantees a mortgage rate for a set period of time, thus, protecting you against possible rate increases. You are not obligated to the bank…
The ultra-low mortgage rates that we have been seeing lately in the real estate market are not only benefiting homebuyers. Current homeowners wanting to save more money on their monthly mortgage loan payments are taking advantage of low interest rates by refinancing. However, saving on mortgage rates is not the sole good reason to consider refinancing. The…
