Featured Keywords
NO IMAGE

Mortgage Refinance: Whats Your Rate?

  • 未分類
NO IMAGE

Mortgage Refinance: Whats Your Rate?

The almighty interest rate is a very important number, and quite possibly the most important consideration for individuals who are searching for a refinance loan. There are many qualifying factors that ultimately determine the interest rate that you will get for your particular circumstances and resulting mortgage. Some major qualifying factors are your credit score, percentage of equity interest you will utilize in your home, loan term, and loan type. Most people are aware that the higher the credit score and the shorter the re-payment term, the lower the rate. Many people are not aware of how much rates can change depending upon how much available equity you are looking to refinance. For instance, suppose your home has an appraised value of $100,000.00 and you are looking for a loan of $80,000.00. Say that with all other qualifying factors considered, you are quoted a 7.5% interest rate. You then change your mind and want to finance $100,000.00 and utilize all of the equity in your home. You are now quoted a 10% interest rate and feel a slight migraine coming on. Furthermore, you will be required to pay for mortgage insurance if you utilize a conventional bank and finance more than 80% of your homes appraised value. This can tack on an additional .5 to over 1% to the effective interest rate of your loan. Wheres the aspirin! I really hate to do this, but now pretend that you are self-employed and didnt realize that lenders use your income after tax deductions to determine whether you qualify for a fully documented loan. Your accountant has done a great job with your deductions, so much in fact that you show a relative low bottom line income figure and do not qualify for a Full Doc loan program. No problem. Your credit score is great, which qualifies you for a stated income loan program at a cost. Just add another one percent or more to your interest rate and you will be well on your way to the closing table. You are now quoted an 11% rate, which is really a 12% effective rate, and wonder what the heck happened to that 5.99% rate advertised on the website. Forget the aspirin, just stop the room from spinning! I apologize for making the room spin, but did so to make a very important point. Many factors determine a qualifying mortgage refinance interest rate. Advertisements with appealing rates are great, but you may not actually get the rate shown in the ad. If you ever request a refinance quote and are given a rate without relaying any substantial information, you may want to consider checking with another source. Interest rates can be quoted by anyone with a telephone and a rate sheet, but it is advisable to speak with a customer-service focused loan originator. A good broker or lender will discuss your objectives for the loan, take a full application, search for the best available programs available, and relay the best options available to you. A seasoned loan officer will be able to meander through scenarios that fit your specific situation, find competitive current-market rates, and stop that room from spinning. Mortgage Refinance: Whats Your Rate?



Posted Articles Title : Mortgage Refinance: Whats Your Rate?


Posted by : Real Estate Building Global Articles WebSite.WS | GVMG - Global Viral Marketing Group

Last update date : 05-12-2021


■Link To This Post (HTML code) : Mortgage Refinance: Whats Your Rate?


CTL+C=Copy / CTL+V=Paste

■Trackback URL : Mortgage Refinance: Whats Your Rate?


CTL+C=Copy / CTL+V=Paste


|
Share
NO IMAGE
Check out the latest Real Estate Building News.
>Real Estate Building News Comprehensive Information Site

Real Estate Building News Comprehensive Information Site

Deliver World Real Estate Building News, Columns, and Topics in Articles to everyone around the world. World Wide Web「Real Estate Building Global Article WebSite.WS」It is International Real Estate Building Articles are buzzed and spread all over the world. Let's Share with everyone on social networks.

Hope Real Estate Building News Article are useful to you. Share this international Real Estate Building Article and Real Estate Building comprehensive news summary site worldwide with people all over the world. I wish your happiness. Thank you.

International Real Estate Building Article Curation Website.
GVMG - Global Viral Marketing Group

CTR IMG