Tri-City Refinance Rates
Interested in refinancing your Tri-City mortgage? There are a number of reasons you may want to consider a mortgage refinance loan. With rates still historical low, now could be a great time to lock in a low fixed rate. Below you will find some reason many people end up refinancing their Tri-City, OR home loan.
Reasons to Refinance:
Cash-out Refinance: Over time many Tri-City homeowners have been able to build up substantial equity in their home. This usually occurs through a combination of appreciation in home value and paying down of your mortgage principal. This home equity can be tapped into a number of different ways. With a Tri-City cash-out refinance mortgage, refinancing the first mortgage with a loan greater than the current balance but less than the properties value allows you to get a lump sum pay out. This cash payment can then be used by you to any purpose. Many Oregon homeowners take this opportunity to pay down credit card debt, fund a child’s college education or pay off a car loan.
Lock in a Low Fixed Rate: Do you currently have an adjustable rate mortgage on your Tri-City home? If so, now could be a great time to lock in a low fixed rate. If your Oregon home loan has begun to adjust higher or if you are afraid that rates may begin to rise, refinancing into a fixed rate loan could take away the interest rate risk you have today. While the fixed rate may or may not be lower that the current ARM you hold you will gain a piece of mind in knowing that your mortgage rate will not change and you monthly payment will be set for the life of the loan. Speak with a qualified Tri-City mortgage lender and see if today is the right time to lock in that rate.
Lower Interest Rate: While you have little control over where interest rates are in Oregon, you do have total control over those factors that affect your opportunity to get the best refinance rates in Tri-City. If your credit score has improved, your income has increased or your debts have been paid off since the last time you took out a loan you may be in a better position to get the best mortgage rate possible. Refinancing now could put you in a position to lower the rate on your Tri-City home loan. By lowering your interest rate you will be able to lower your monthly payment or even pay off your mortgage sooner by paying the same but allowing more to go into paying down your mortgage principal.
Shorten the Length on Mortgage by Refinancing: You may have started out with a 30, maybe even 40 year mortgage. However, if you have seen a decrease in interest rates since you took out your current Tri-City mortgage, you may be able to refinance into a 10, 15 or 20 year mortgage and pay off the loan faster. Paying off your loan faster could save you a lot on interest payments over the life of the loan.
Removing PMI (Private Mortgage Insurance): Were you unable to come up with a 20% down payment when you purchased your Oregon home? If so, you probably had to pay private mortgage insurance on your mortgage. However, if your home has appreciated in value enough you may be able to refinance your Tri-City mortgage and remove the PMI all together. This could save you thousands over the term of the loan.
Tri-City Mortgage Refinance News
So it?s up to me, a lowly mortgage guy, to speak to the general public who pay their bills and are financially responsible. I have to tell them they aren?t eligible for a refinance because the lenders suddenly aren?t accepting HARP.
Mortgage refinance demand has risen for a third consecutive week, driven by sagging rates that fell to the latest in a seemingly never-ending series of new record lows. Applications to refinance an existing mortgage were up 5.6 percent last week ...
The new fees will be implemented come June 11, 2012 however certain mortgage lenders are already starting to underwrite the loans today to get a jump start on the anticipated refinance boom. In order to qualify for an FHA streamline refinance your current ...
A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been previously unable to refinance to finally take advantage of ...
When Dwayne Hamm thinks back to when he bought his Spartanburg home 9 years ago, he's amazed by how much times have changed for homeowners. Some for the worse... "There's a lot of problems with people who can't afford their home and I don't want ...
Canada?s mortgage brokers are warning the banking regulator that its proposed mortgage underwriting rules could result in people losing their homes. The brokers are concerned about a number of the potential rules, but the one that worries them most ...
Record-low mortgage rates spurred the third straight increase in refinance applications last week. Overall, mortgage applications increased 3.8 percent for the week ended May 18, while the refinancing index climbed 5.6 percent to the highest level since ...
Refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate. News Facts Of borrowers who refinanced during the first quarter of 2012, 31 percent ...
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