The process of deciding whether to refinance a mortgage in order to lower costs involves four steps:• Step one: Select the preferred type of new mortgage.• Step two: Find the best available price on that mortgage.• Step three: Determine whether the cost of the new mortgage will be lower than the cost of retaining the …
A mortgage recast is an adjustment in the monthly payment that makes the payment fully amortizing. The recast will be a payment increase when the existing payment is less than fully amortizing, and a payment decrease when the existing payment is more than fully amortizing. For example, let’s say your home loan has a balance …
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Home Purchase Apps Increase, Refinances Slip as Rates Edge Up The Mortgage Bankers Association (MBA) reported Wednesday that its index of home purchase applications jumped 6.3 percent for the week ending September 3, 2010, reaching its highest level since the end of May. Michael Fratantoni, MBA’s VP of research and economics, noted the rise in …
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Record-Low Rates Do Little to Increase Mortgage Demand Mortgage interest rates have been hovering at their lowest levels in decades, but that’s done little to sway consumers to buy a home or refinance their mortgage to take advantage of the interest savings. The Mortgage Bankers Association (MBA) reported Wednesday that for the week ending August …
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