According to a Federal Reserve report from 2016, the average homeowner that year had a household wealth of $231,400, compared to the average renter who had a household wealth of just $5,200, which means the average net worth of a…
Category: Mortgage
My adjustable rate mortgage resets about a year from now in 2022 and if interest rates are at the same levels next year as they are today, the rate on my mortgage would drop from 3.375% to about 2.5% which…
Mortgage rates have hit all-time lows almost every month since spring 2020 and I still haven’t refinanced yet: My mortgage rate is currently 3.375% but I think I might be able to get a 30-year rate for 2.75% which would…
The one time I refinanced my mortgage in 2015, I paid about $2,100 in closing costs, $400 of which was for an appraisal fee. Several factors like size of the home and location of property can effect the cost of…
“There is no such thing as a free refinance,” Orman says. “You will either pay closing costs — which can be a few percentage points of your loan cost — or a higher interest rate.”
If interest rates are lower than when you were initially given a loan, you may be able to save alot of money by refinancing. The question usually is, “Exactly how much might you be able to save?” Mortgage rates were…
The family buying a house in the article linked below was able to increase their chances of getting the lowest interest rate available and lowering their closing costs by just simply emailing the other lenders they applied with and asking…