Pros and Cons of Adjustable Rate Mortgages

April 18, 2018 by

Pros and Cons of Adjustable Rate MortgagesWhen you are in the market for a new home, you may be faced with numerous options for financing your home. One of the choices you will have to make is whether to apply for a fixed or adjustable rate mortgage. In some cases, an adjustable rate mortgage (ARM) may be your best option, but keep in mind, they are not the answer for everyone.

Adjustable rate mortgages can be risky for some borrowers and it’s important to understand both the pros and cons.

When To Consider Adjustable Rate Mortgages

Perhaps one of the best things about ARMs is they typically have a lower starting interest rate than fixed rate mortgages. For some borrowers, this means it is easier for them to qualify for a loan. ARMs are beneficial for borrowers who:

  • Anticipate an income increase – for borrowers who are anticipating their income to increase over the next year or two, an ARM may be the right option.
  • Will be reducing their debt – those borrowers who have automobile loans or student loans that will be paid off in the next few years may benefit from an ARM which would allow them to qualify for a larger mortgage today anticipating their ability to covert to a fixed-rate mortgage.
  • Are purchasing a starter home – when you anticipate living in a home for five years or less, an adjustable rate mortgage may help you save money for a bigger home.

Adjustable Rate Mortgage Concerns

There are a number of different types of adjustable rate mortgages and they are each tied to specific interest rate indexes. While an ARM may offer borrowers some flexibility in terms of income and debt ratios, the downsides cannot be ignored. Some of the cons of using an ARM to finance your mortgage include:

  • Rate adjustments – borrowers should carefully review their loan documents to see how frequently their interest rates may increase. Some loans adjust annually while other may not increase for three to five years after the mortgage is signed. For borrowers, this means they may anticipate an increase in their monthly payments.
  • Prepayment clauses – oftentimes, lenders include a prepayment penalty with ARM loans which can be surprising for borrowers. Before agreeing to an ARM, make sure you read the documents very carefully to determine how long you need to hold the loan and if there is a prepayment clause.
  • Home values – one of the biggest challenges borrowers face with an ARM is what happens if the property value decreases: Refinancing a home into a fixed-rate mortgage may be more difficult if this occurs.

Borrowers who are searching for the right mortgage should discuss all options with their loan officer. There are specific instances when an ARM may be the best option and there are other times, such as if you plan to stay in your home for more than five years, where a fixed-rate mortgage may be your best option.

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Should You Pay Discount Points When You Get Your Mortgage?

April 17, 2018 by

Should You Pay Discount Points When You Get Your MortgageOne of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to buy “discount points” to lower your interest rate.

There are pros and cons to doing both and each borrowers situation will be different so it’s important to understand which option is best for your individual situation. Some factors you should consider include:

  • Cost of borrowing – generally speaking, to lower your interest rate will mean you pay a premium. Most lenders will charge as much as one percent (one point) on the face amount of your loan to decrease your rate. Before you agree to pay points, you need to calculate the amount of money you are going to save monthly and then determine how many months it will take to recover your investment. Remember, closing points are tax deductible so it may be important to talk to your tax planner for guidance
  • Larger down payment means more equity – keep in mind, the larger your down payment, the less money you have to borrow and the more equity you have in your new home. This is important for borrowers in a number of ways including lower monthly payments, better loan terms and potentially not having to purchase mortgage insurance depending on how much equity you will have at the time of closing
  • Qualifying for a loan – borrowers who are facing challenges qualifying for a loan should weigh which option (points or larger down payment) is likely to help them qualify. In some instances, using a combination of down payment and lower rates will make the difference. Your mortgage professional can help you determine which is most beneficial to you

There is no answer that is right for every borrower. All of the factors that impact your mortgage loan and your overall financial situation must be considered when you are preparing for your mortgage loan.

Talking with your mortgage professional and where appropriate your tax professional will help you make the decision that is right for your specific situation.

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Look Beyond The Interest Rate: What Else Matters When Choosing A Mortgage Lender?

April 12, 2018 by

Look Beyond The Interest Rate What Else MattersMost consumers securing a mortgage plan to remain in that loan for 30 years. During that time, the borrower maintains a relationship with the loan servicer or lender. Most often, home buyers do not think twice about who the mortgage lender is, but rather focus on the interest rates offered.

Look beyond this information. Borrowers need to take into consideration much more before they sign on the dotted line. Here’s what to look for specifically:

Choosing a Specialized Lender Can Help

Home buyers interested in special loan programs must select a lender approved to provide those loans. FHA, USDA and VA loans, in particular, must come from an approved lender. A specialized lender like this not only has approval for the loan but often will provide more support and guidance throughout the lending process.

Recognize That Competition Is Heavy

The mortgage lending market is very competitive and with that comes the ability to negotiate deals and discounts. It also means lenders will be aggressive in trying to close the deal. A good mortgage lender will never cause the borrower to feel rushed or as if they must agree to terms immediately. Rather, they should feel comfortable enough with the lender to discuss terms at length and even to think about it before buying.

In-House Lenders Versus Independent Lenders

Many real estate agents have an in-house lender that works alongside the agency helping to secure loans for would-be buyers. Sometimes, they can help with lower interest rates or promises of better access to credit, but not always. Again, buyers should never feel pressured into working with a specific lender or in settling for a loan they are not confident they can afford. Buyers should not feel as though they must work with the real estate agent’s recommended lender.

Take A Close Look At The Advertising

To be clear, the real estate lending industry has many fantastic offers to provide to home buyers or those refinancing now – including low interest rates and low down payment requirements. However, advertisements from some lenders may try to sway a buyer by looking more promising than the competition. However, most of today’s mortgage lenders offer many of the same benefits even if they do not explicitly advertise them.

For example, most offer a lock-in period to hold a specific interest rate for a length of time. Most offer discount points and incentives to help buyers to save money. Virtually all lending agents and loan offers will work “aggressively” as some marketing may state, to secure a low-cost loan for the buyer. In other words, buyers need to look beyond these flashing promises and at the actual terms.

How to Find a Comfortable Fit with a Lender

Considering all of these points, many home buyers still will make a decision about who to borrow from based on interest rates and available borrowing credit. It makes sense to consider lenders with lower rates or better terms.

Yet, there are other factors that contribute to which lender is the best. Perhaps most importantly is finding a lender that feels right. What does that mean?

They should work closely with the buyer as a team, together working to find the best loan opportunity possible. That often means that the mortgage lender needs to be ready to say no. For example, if a home buyer hopes to buy a home that he or she really cannot afford, the lender needs to be willing to caution against such investments.

Worthy lenders do more. They will help a buyer to qualify for a loan, but also provide advice on how to get the best deal possible in their situation. For example, they may be able to tell the home buyer what to do about their current credit score to boost it a bit before locking in a loan. They may offer advice about monthly payments and how much a buyer can expect to pay in mortgage payments, insurance, utilities, and so on. They work with the buyer, not sell to the buyer.

Does Personal Experience Matter?

Many times, consumers receive advice that they should ask for referrals from family and friends. This can be helpful, but that does not mean the recommendation is the best fit. For those that choose to use referrals, be sure there’s a comparison that’s recent and that the recent buyer can offer specific reasons why one lender was better than another.

The same is true for a local bank. Many times, consumers instantly turn to their local bank, perhaps one they have experience with spanning 10 or more years. This can be one option, but it should never be the instant, only option considered. Take the time to compare numerous opportunities.

History Matters, Too

Mortgage lenders come and go. Often, lenders sell a loan to another serving agency, which can make any mortgage holder a bit on edge about what to expect. Buyers should ask whether or not the lender will remain the long-term loan servicer or if they could see their new mortgage sold to another company. There are protections in place to ensure that the borrower isn’t penalized during the transfer of servicing, but it’s a good question to ask up front.

Here’s the Bottom Line

Home buyers need a mortgage lender they can trust and count on to provide their mortgage loan. They also need:

  • To feel as though the lender is knowledgeable and willing to share that knowledge with them
  • A lender that makes time for them to ask those questions and never rushes a decision
  • An organization that offers competitive rates and is willing to work hard to qualify the buyer
  • To feel valued as an investor, not just sold to
  • To offer competitive services including the type of tools borrowers need for online payments

The good news is some lenders work hard to stand out from the others. They provide incredible offers, reliable service, and a feel-good atmosphere for buying a home. Any home buyer who is making this type of financial decision needs a lender by their side they feel good about and trust to have their best long-term intentions in mind. Those loan offers who stand out tend to ensure the entire buying process is successful.  

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How The 2018 Tax Changes Can Affect Your Mortgage

April 11, 2018 by

How The 2018 Tax Changes Can Affect Your MortgageWhen the chatter was at its peak on the 2018 tax law changes being proposed, one of the big areas of concern for homeowners was the elimination of the mortgage interest deduction. Right behind that issue was a similar treatment with regards to property tax deductions.

As the rumors swirled and Congress moved, many feared both deductions had finally met their day and were going to be entirely eliminated, resulting in a major financial hit that many homeowners and particularly those in high real estate cost states would have felt painfully. As it turned out, there’s no reason to panic or suddenly dump titled real estate just because it has been bought with a mortgage. 

Yes, both issues were impacted by the 2018 tax law changes, but neither the mortgage interest deduction nor the property tax deduction were eliminated entirely. Instead, they were modified.

The changes include:

  • Mortgage interest deduction – the new laws cap the eligible debt to $750,000. While old loans originated prior to the law change date are still eligible up to $1 million, new mortgages created after the enactment date are caught in the lower universe. However, being realistic, most homebuyers are not in the bracket that afford a $750,000 plus priced home except maybe in a few communities such as New York City or the San Francisco/Bay Area in California. So the change basically means business as usual for 9 out of 10 homeowners in the U.S.
  • Real estate property taxes – total state and local taxes eligible for deduction are now capped at $10,000. This is where some homeowners could feel a pinch as a typical home in higher cost states easily generates property tax levels of $5,000 to $7,000 for a $300,000 home. So those units assessed a higher value by tax auditors will likely feel this new limitation take effect.
  • The standard deduction increase – remember, the above items are only useful to the extent that a tax filer itemizes his deductions. With a standard deduction now at $12,000 for an individual and $24,000 for a married couple, filing jointly, the option to itemize could go away entirely if the standard deduction provides a higher level of tax savings overall. And then that makes the above two deductions entirely moot and useless. Of course, it’s not entirely a plus since the personal exemption is also eliminated, thus reducing the benefit of the higher standard deduction by as much as $4,150 per person. In essence, the change is a wash, but could be enough to bar use of itemization, which would hurt greatly.

So the changes did not wipe out any benefit entirely (except the personal exemption). Instead, the real impact depends on which change applies to a specific taxfiler’s situation.

This is why two homeowners in the same town with the same house and market value could end up having very different tax results with the 2018 changes. Because there is so much variance.

As always, work with a trusted tax professional in order to understand how these changes will affect your personal tax situation.

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Questions and Answers Regarding The Veterans Loan Program

April 4, 2018 by

Questions and Answers Regarding The Veterans Home Loan ProgramOwning a home is important to military veterans just like the majority of other consumers.  The Veteran’s Administration has provided an exceptional benefit for those who have served (or are currently serving) in any of the armed forces. And this VA Loan Program is helping thousands of service members achieve the goal of home ownership.

There are a number of questions that come up regarding the fees and qualifications of the VA Loan Program.  

What Are The Specific VA Fees?

Many veterans and active military personnel like the fact that VA loans don’t require private mortgage insurance (PMI). PMI has served as a thorn in the side countless home buyers who couldn’t manage a 20 percent down payment. The good news is that VA loans don’t requre mortgage insurance, even with no down payment at all.

To compensate for the absence of mortgage insurance, the government charges most borrowers a VA Funding Fee. Depending on individual circumstances and the type of funding you need (first-time home purchase versus refinance, for example), this fee can range from.5 percent to 3.3 percent of your mortgage amount.

Fortunately, applicants on disability and surviving spouses may be exempt from this requirement. 

Are There Any Administrative Concerns Regarding VA Home Loans?

VA loans are generally as easy to attain as any other government or conventional mortgage loan products, but they do have some unique qualifications to consider. These issues just need to be known and addressed appropriately throughout the transaction to ensure it goes smoothly.

For instance, if you and your spouse both serve in the military and you want to buy a home together, each of your VA entitlements must go through separate processing and approval procedures.

A VA loan also calls for a specific type of home appraisal called a Minimum Property Requirements (MPR) inspection. This should not be confused with the traditional home inspection. The MPR is the required appraisal by an independent VA appraiser. These appraisers typically dig into the home’s tiniest details, which can also be helpful by uncovering potential issues with the home.

Any home improvement or construction work currently under way may delay the approval process. You can minimize these issues by making sure that both your lender and your REALTOR have extensive experience in working with VA loans.

How Can A VA Loan Save Me Money?

Properly finessed, a VA loan for the right amount, and at the right interest rate, can edge out conventional loans. For instance, that VA Funding Fee, unwelcome as it might seem, could cost substantially less than the down payment you might otherwise put down on a conventional loan — without the need to pay mortgage insurance premiums for the first several years of your home ownership.

While the monthly mortgage payments might not look dramatically different on paper, even a savings of $100 a month can make an enormous difference to your financial health over the life of your mortgage loan.

VA loans can indeed provide some important benefits and buying power for our nation’s past and present military service professionals. Take the time to examine all your options so you can obtain the mortgage loan package that best serves your specific needs and goals.

Ultimately, however, you should probably sit down with a skilled mortgage professional who can run these numbers for you in detail and advise you on your wisest course of action.

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The Younger Mortgage Market: Move Over Millennials, Gen Z Is Moving Into Home Ownership

April 3, 2018 by

The Younger Mortgage Market Generation ZAlthough the majority of the Generation Z population make $25,000 or less per year, they really have embraced the American Dream of home ownership. According to a recent survey by Zillow, 97 percent of Gen Z renters asked were confident they will be homeowners in the future, whereas only 55 percent of Millennials were

82 percent of Gen Zers who were renting identified home ownership as the most important component of the American Dream — more than Millennials, even though that group is presently the largest segment of homebuyers, according to data from the National Association of Realtors.

So Who Exactly Are Generation Z?

While precise definitions vary, Generation Z are generally known as people born from the late 1990s to early 2000, and they are just beginning to come of age in the housing market. Many currently are renters, but they do not appear content to stay renting for long.  

That could be due to seeing rental prices skyrocketing across the country, or less than ideal rental situations may be a factor — nearly half are living in spaces less than 1,000 square feet, and 82 percent of those Gen Zers share rent with another person, according to MarketWatch.

This Generation Is Bigger Than The Millennials

The Generation Z crowd outnumbers their older Millennial peers by about one million, positioning them to be a force driving the home buying and building market soon. While they are experiencing one of the most competitive housing markets in recent history, that doesn’t seem to phase Gen Zers.

More than 77 percent say they would forgo business ownership in favor of home ownership, and more than 50 percent would be willing to give up social media networking for a year to obtain their dream home, according to a recent Time Magazine survey.

Three in five teens have already begun saving toward their dream home, so while most Gen Zers hope to be homeowners by the age of 28, (three years lower than the national average) they are getting a good start toward meeting that goal. Due to their savvy tech skills and inherent digital nature, Gen Zers are poised to buy homes more efficiently and faster than previous generations of renters.

When navigating the rental market, 33 percent of Gen Z renters are able to find new accommodations in a month or less, probably because they submit more applications per search, at approximately 3.1 applications per property search versus 2.4 for Gen Xers and 2.2 for Baby Boomers, according to a recent Zillow report.

 

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A Mortgage Pre-Approval Can Help You In Your Home Purchase Negotiations

March 29, 2018 by

A Mortgage Pre-Approval Can Help You In Your Home Purchase NegotiationsA mortgage pre-qualification is an initial estimate of what type and size of mortgage a borrower could get. It is limited, though, because it’s only based on what the borrower tells the lender, which might not be the same as what the lender finds out when it goes through a full process of analyzing the borrower and his credit.

The Initial Loan Pre-Qualification

To get pre-qualified, a borrower starts by finding a lender. Typically, he will give the lender basic information on his ability to borrow. This includes his income, how much money he has in the bank, his current payments and an estimate of his credit worthiness.

The lender takes the pre-qualification information that he gets and compares it to the loan programs of which he is aware. For instance, if he knows that a borrower doesn’t have a lot to put down, but the borrower mentions that he’s active-duty military, the mortgage lender might offer a VA loan as an option.

Based on the programs he sees and the information the mortgage professional gets from the borrower, he will tell the borrower what kind of mortgage to expect.Typically, this gives the borrower a sense of the likely interest rate and of the loan amount he can borrow. Generally, this is enough to let a borrower start looking at real estate listings with a realistic sense of what will be affordable.

The Power of A Mortgage Pre-Approval

When it comes time to start writing offers, though, a mortgage pre-qualification might not be enough. A pre-qualification is missing one important factor — underwriting the borrower’s income and credit.

When a borrower goes beyond a pre-qualification to get a mortgage pre-approval, he submits his credit for the lender to check. That way, his qualifications get confirmed and the lender can issue a more binding letter that not only lets him know what he can afford but also lets him show a seller that he is truly qualified to get a loan.

With that letter, his offer may be viewed as stronger and he can be more likely to get the ability to buy the house he wants.  Talk with your trusted mortgage professional to discuss your options before looking at homes.  It may very likely give you a bit more purchasing leverage.

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Over 5 Trillion Dollars In Home Equity May Lead To More Cash Out Transactions

March 27, 2018 by

Over 5 Trillion Dollars In Home Equity May Lead To More Cash Out TransactionsUS homeowners now have over 5 trillion dollars in home equity which is a very large amount of money! So this year may be the year for a lot of cash out refinances and other home equity mortgage products. Most often, when you are purchasing a home, you are buying at or below the appraised value and you are making a down payment.

The good news is this means you have “instant equity” in your home. And over time you build more equity as you make your monthly mortgage payments as well as any potential home price appreciation.

This build up of equity gets some homeowners thinking about taking cash-out from your home to pay off credit card bills, purchase a car or pay for college expenses. However, it is important understand, there are rules as to what can and can’t be done.

Cash out refinance, equity loan or second mortgage

There are three basic ways to access the equity in your home which are common these include:

  • Cash out refinance – you refinance your current mortgage and you request cash-out for the equity. For example, if your home is worth $200,000 and you have a current mortgage of $100,000 you may be able to access an additional $60,000 to $70,000 in cash depending on your lenders requirements
  • Home equity loan – a home equity loan is typically a line of credit that you take out with your local bank. These loans are typically what are known as “revolving” where you can access the funds over and over again as you make payments. Home equity loan interest payments are not tax deductible after the recent tax reform plan
  • Second mortgage – in order to qualify for a second mortgage on your home, the lender would require you to meet specific credit requirements as well as certain debt-to-income ratios. 

In most cases, lenders will require borrowers to have had their mortgage at least one year before they are allowed the option of any type of cash-out refinance. However, Ginnie Mae (GNMA), the investor for FHA and VA home loans allow cash out transactions after 6 monthly payments and a minimum of 210 days in the home.

While you may already have a substantial amount of equity in your home, lenders are taking an additional risk if you are allowed to “tap into” that equity. Before you make the decision to access the equity, talk to your trusted mortgage professional regarding possible restrictions.

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What Changes Occurred In FHA And FNMA Rules During 2018?

March 22, 2018 by

What Changes Occurred In FHA And FNMA Rules During 2018?

The FNMA HomeReady Program

Those who are involved in the mortgage industry must keep updated on changes to FHA, and Fannie Mae (FNMA) loans. Since loan limits and other changes are often made annually, keeping up with these changes helps make sure consumers get the right information at the time of their application.

Many of the changes for 2018 are modest, but still impact existing, and new homeowners.

Changes To Loan Limit Amounts

FHA loan limits change on an annual basis as per the Housing and Economic Recovery Act of 2008. Using this, the FHA is required to base the insured mortgage amounts on 115 percent of median housing prices by county.  While many counties in the United States did not see changes this year, 3,011 counties saw a change for loan applications submitted after January 1, 2018. These changes mean the upper loan limits in higher-priced markets increases to $679,650 and the lower limits are $294,515. These limits are for new home purchases and for refinancing existing FHA loans.

Another significant change which must be considered is what FHA or FNMA considers a conforming loan. In prior years, this amount was $424,100, it has now been increased to $453,100. This is important because for many homeowners, jumbo mortgages seem out of reach.

Changes To Down Payment Requirements

While FNMA did have a minimum requirement for down payment at five percent, FNMA and Freddie Mac are both offering three percent down payment programs in 2018. It is important to be aware that FNMA limits this program to those borrowers who intend to use the home as their primary residence. The following conditions must be met to qualify for the 97 percent loan to value program:

  • The mortgage securing the property must be at a fixed rate
  • The property must be a co-op, PUD, condo or other one-unit home.
  • The property cannot be a manufactured home
  • The borrower must intend to occupy the property as their primary residence
  • One of the buyers cannot have owned a home in the last three years
  • Loans must be equal to or less than $453,100
  • Borrower’s credit score should be 620 or higher

FHA loans do require borrower to put down a minimum of 3.5 percent of their new mortgage. However, the also offer greater flexibility with credit requiring borrowers have a credit score of 580 and further allows the entire down payment to be gifted to the buyer. Borrowers with credit scores between 500 and 579 who can put down 10 percent are eligible for FHA mortgages.

Another important program FNMA offers is for first-time buyers. Specifically, the idea was to make owning a home easier for a larger market of buyers. This program offers some flexibility that standard FNMA loans do not offer including:

  • Lower private mortgage insurance (PMI) rates
  • 100 percent gifted down payments and closing costs
  • 97 percent loan to value
  • Co-borrower income may be used to qualify for a loan
  • Household member income may be included, even if not a borrower
  • Rental income and/or boarder income may help a borrower qualify
  • Borrowers must complete a home buyer’s education course

These changes are significant for many borrowers and include some flexibility with income limits. Borrowers living in low-income areas face no maximum income limits. Borrowers in other areas cannot exceed 100 percent of the median income for the area.

Do Not Overlook FHA Streamline Refinance

Borrowers who have an existing FHA loan can take advantage of this program. Borrowers who changed jobs, have faced credit issues, or who have homes who lost some value may be able to refinance their home into a lower interest rate, or eliminate mortgage insurance premiums. To qualify, borrowers must be current on their mortgage payments, cannot have been late on their mortgage payments more than 30 days in 12 months, and have had their current mortgage for a minimum of 210 days. Because of this seasoning requirement, borrowers must have made six mortgage payments at the time of the refinancing.

Thanks to the flexibility of this program, borrowers need not worry about income verification, appraisals, or credit score. The refinance terms must benefit the borrower in a tangible way. For example, a borrower who currently has a six percent adjustable mortgage and now qualifies for a six percent fixed rate mortgage can demonstrate a tangible gain. Therefore, assuming they meet the other requirements, their mortgage would qualify for the streamline finance. For many borrowers, this could help significantly, particularly if their home has lost value, or they have suffered a temporary decrease in their income.

Mortgage programs change frequently making it imperative to verify all program requirements before presenting them to borrowers. Fortunately, FNMA and FHA are making home ownership attainable for more borrowers than ever before thanks to more flexible down payment options, credit scoring changes and increased loan limits.

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The Four Best Questions To Ask Before Refinancing Your Mortgage

March 20, 2018 by

The Best Questions to Ask Before Refinancing Your Mortgage1) Do I have enough equity to get a mortgage?

To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to get a $200,000 loan. If you have less equity, you could end up having to pay for private mortgage insurance, which can easily add $100 or more to your monthly payment.

2) How’s my credit?

Most lenders will look at your credit score as a part of determining whether or not to make you a loan. With conventional lenders, your rate will depend on your score and the higher it is, the lower your payment will be. Other lenders, like the FHA and VA programs have an all or nothing rule. If you qualify, your rate won’t be based on your credit, but if your score is too low, you won’t be able to get any loan. 

3) What do I want to accomplish?

Mortgages typically offer a choice as to their term. While the 30-year loan is the most popular, shorter term mortgages save you money since you pay less interest over their lives. They also get you out of debt sooner, at least with regard to your house.

The drawback is that they carry higher payments since you pay off more principal every month. This can make them less affordable for some borrowers.

4) How’s my current loan?

If you have an adjustable rate mortgage, you may want to switch to a fixed rate mortgage simply for the additional security it offers you. On the other hand, if you are planning to move relatively soon, your current mortgage could be a better deal whehter it’s fixed- or adjustable-rate.

When trying to decide what to do, compare the cost of refinancing with what it would cost you in additional interest to hold on to your existing loan. While the breakdown is different for every borrower, generally, you’ll need to keep your current house and loan for anywhere from three to six years to break even on the costs of refinancing.

Deciding what to do with your mortgage can be complicated. Working with a qualified loan broker that can consider every angle with you can help you to make a better decision.

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