There are many factors to consider beyond the interest rates being offered, and you need to make a choice based on what is important to you. For example, one lender might give you a cheaper interest rate but another might let you borrow more.The mortgage market is constantly changing. The...
There are many potential benefits to refinancing your mortgage. You can lower your interest rate or reduce your monthly payments. But when is the right time?
In the case of Viewpoint #1, we can currently afford the payment for a 15-year mortgage. On the other hand, subscribing to Viewpoint #2 this would leave us wanting a 40-year mortgage at a relatively low 6% rate. However, while I see the merits of the arbitrage argument, I don’t ...
While 15-year mortgages certainly have their "pros", they may be too costly in terms of monthly payments and this is why you should consider a 30 Year Mortgage before making a financial decision about which mortgage to apply for. While you will need to pay more interest on a 30 Year Mor...
3) Planning to refi before even taking up a loanThis mistake has been briefly explained in the previous point.But the magnitude of this mistake deserves a closer look.For starters, there is absolutely nothing wrong with refinancing a mortgage. Thinking about it is a pragmatic approach to ...