Your Location: Home - Mortgage Loan

Mortgage Loan

Use: mortgage calculator, mortgage rate, mortgage loan, mortgage interest rate, home mortgage, refinance mortgage, mortgage company, second mortgage, online mortgage application.

Mortgage Questions and Answers

1. Is Now A Good Time To Refinance?
2. When should I refinance my current mortgage loan?
3. Should I refinance if I plan on moving soon?
4. What are points?
5. Should I try to pay as many discount points as possible to lower my loan's interest rate?
6. What does it mean to lock the interest rate on a mortgage loan?
7. Should I lock-in my loan rate when I apply for a mortgage loan?
8. I've had credit problems in the past. How does this impact my chances of getting a home loan?
9. I've only been late a couple of times on my credit card bills. Does this mean I will have to pay an extremely high interest rate?
10. How can I tell who has the best deal on financing?
11. Should I choose the lender with the lowest interest rate and costs?

Q. When should I refinance my current mortgage loan?

A . It is often said that you should refinance when mortgage rates are 2% lower than the rate you currently have on your loan.

Refinancing may be a viable option even if the interest rate difference is less than 2%.

A modest reduction in the loan rate can still trim your monthly payment. For example, the monthly payment (excluding taxes & insurance) would be about $770 on a $100,000 loan at 8.5%.

If the rate were lowered to 7.5%, the monthly payment would be about $700, a savings of $70. The significance of such savings in any scenario will depend on your income, budget, loan amount and the change in interest rate.

Your trusted lender can help calculate the different scenarios.

MORTGAGE :: AUTO LOAN :: PAYDAY LOAN :: BUSINESS LOAN :: STUDENT LOAN :: PERSONAL LOAN
BAD CREDIT LOAN :: HOME EQUITY LOAN :: DEBT CONSOLIDATION