| No Closing Cost Refinance (mortgage refinance)
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No Closing Cost Refinance
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Mortgage Refinancing - Lock Your Mortgage Loan
Locking in your loan is the process where your loan originator guarantees your rate and any points you have agreed to pay. "Locking" is a deceptive term; what you think you're getting isn't actually what you were qualified for. Here are several tips regarding rate locks to help you avoid overpaying when mortgage refinancing.
Your loan originator is the retail mortgage company that provi... Read mortgage refinance article
Best Way to Access the Equity In Your Home
Over the past several years, many fortunate homeowners experienced huge gains in equity as home prices skyrocketed. In less than five years (since the beginning of 2002), the median sales price of a home in California has more than doubled, increasing over $300,000 in price.
How does a homeowner access this equity? You could sell your home, but for most people, that isn't going to cut i... Read mortgage refinance article
No Closing Cost Refinance
Mortgage Loans
When you refinance or purchase a property you will typically have many different closing costs.
These are the costs incurred to get the loan. It can include legal, financial, insurance, government and other charges.
These charges can add up to thousands of dollars, or even more.
Lenders often give the borrower the opportunity to "avoid" paying these closing costs with a "no closing cost option".
You will have these costs no matter what. The people involved with the loan need to get paid.
What a "no closing cost" loan mean is that your closing costs are folded into the loan. This usually comes in the form of a higher interest rate and a prepayment penalty.
When you are refinancing to take cash out of your property you may choose a "no closing cost" option. This makes sure that you get as much cash out of the transaction as possible. Otherwise some of the cash you take out will be used to pay for your closing costs.
If you are planning to keep the loan for the long-term you may want to pay your closing costs up front. This gives you the chance to get a lower interest rate. This will give you lower overall payments over time.
Keep in mind that even though you may keep a property for a long time you may refinance more than once. This means that the loan you intend to keep for a while may be something you refinance in only a few short years.
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Fixed Rate Mortgage
Fixed Rate Mortgages
When most people think of fixed rate mortgages they think of a 30 year fixed mortgage.
This is the classic loan - one where the interest rate does not change at all for 30 years.
The "fixed" part of the mortgage refers to how long the interest rate is fixed. It is not the term of the loan.
You can have a loan that is 30 years long, but fixed for only 1 year. After this year is up the mortgage rate becomes adjustable. The interest rate will adjust based on what the loan rates are at the time.
The specifics of how the loan changes depends on what the loan note says. The interest rate adjustments may change up to the rate cap, which is the maximum interest rate over the term of the loan.
You generally want to fix the mortgage on your loan to cover the time you will live in the property.
If you plan on being in a property for 5 years than a loan where the interest rate is fixed for 10 years may give you enough interest rate protection.
Generally speaking the longer your loan is fixed for the higher your interest rate will be. A higher interest rate translates into a higher monthly payment each month.
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