Refinance Your Home Before It"s Too Late
Refinance your home and save.
With interest rates hovering around 3 1/2% for a fixed rate 30 year mortgage, we have refinanced our home for the fourth time in the last three years.
With our primary source of income being Social Security every penny that we can save on a monthly basis allows us to enjoy our retirement and spend our money on things that we enjoy.
Underwriting rules have made refinancing your home a bit more difficult...
even though I refinanced with the same company each of the four times, I had to jump through some hoops, to meet the underwriting requirements.
Common sense and the fact that I have not missed a house payment for 38 years does not seem to register with underwriters that are looking for a square peg in a square hole.
Be prepared for some frustration...
but it's worth it in the end.
Even though I have banked with the same institution for the last 10 years, they have refused to refinance my home because of failing to meet their own underwriting requirements.
The irony of that situation is that they have purchased my mortgage from the mortgage broker...
from themselves...
that's right, they turned down my request for refinancing and ended up buying the mortgage...
and paying several thousand dollars to the mortgage broker, when they could have avoided paying the brokerage fees and refinanced my home themselves.
Despite the hassles of underwriting, and the paperwork that they require, refinancing your home is the most efficient way for you to lower your monthly costs.
This latest refinance is saving us $400 a month when compared to our original mortgage...
our interest rate started at 6 3/8 % and is now locked in at 3 1/2%.
Even though I will be 97 years old when my mortgage is due...
that does not seem to be of any concern to lenders...
so my advice is don't waste time making sense of the process...
just take advantage of the current low interest rates while you still can and reduce your monthly budget.
A few days of gathering information and answering inane questions is worth it when you take a look at the end result...
a lower monthly budget.
For the vast majority of Americans, mortgage payments are the largest single item in their monthly budget...
don't miss this opportunity to refinance your home while rates are so low.
Avoid kicking yourself later, if rates increase, it is worth the effort...
I have endured it four times in the last three years.
With interest rates hovering around 3 1/2% for a fixed rate 30 year mortgage, we have refinanced our home for the fourth time in the last three years.
With our primary source of income being Social Security every penny that we can save on a monthly basis allows us to enjoy our retirement and spend our money on things that we enjoy.
Underwriting rules have made refinancing your home a bit more difficult...
even though I refinanced with the same company each of the four times, I had to jump through some hoops, to meet the underwriting requirements.
Common sense and the fact that I have not missed a house payment for 38 years does not seem to register with underwriters that are looking for a square peg in a square hole.
Be prepared for some frustration...
but it's worth it in the end.
Even though I have banked with the same institution for the last 10 years, they have refused to refinance my home because of failing to meet their own underwriting requirements.
The irony of that situation is that they have purchased my mortgage from the mortgage broker...
from themselves...
that's right, they turned down my request for refinancing and ended up buying the mortgage...
and paying several thousand dollars to the mortgage broker, when they could have avoided paying the brokerage fees and refinanced my home themselves.
Despite the hassles of underwriting, and the paperwork that they require, refinancing your home is the most efficient way for you to lower your monthly costs.
This latest refinance is saving us $400 a month when compared to our original mortgage...
our interest rate started at 6 3/8 % and is now locked in at 3 1/2%.
Even though I will be 97 years old when my mortgage is due...
that does not seem to be of any concern to lenders...
so my advice is don't waste time making sense of the process...
just take advantage of the current low interest rates while you still can and reduce your monthly budget.
A few days of gathering information and answering inane questions is worth it when you take a look at the end result...
a lower monthly budget.
For the vast majority of Americans, mortgage payments are the largest single item in their monthly budget...
don't miss this opportunity to refinance your home while rates are so low.
Avoid kicking yourself later, if rates increase, it is worth the effort...
I have endured it four times in the last three years.
Source...