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Credit Union Refinancing Rates For Mortgage Article
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from: How to tell it's the right time to refinanceDeciding to refinance your mortgage can be a tricky task, as you can never be sure if the rates are going to drop further and if you wait, those rates just may inflate which means you missed out on a great deal. The financial industry is a best guess beast which makes it difficult for even experienced financiers to know exactly where the market it heading. So, how can you tell what the right time is to refinance is?
One rule of thumb is that if your current interest rate is not more than two points above the new rate, then refinancing will simply not save you enough money to justify the process. You will have to pay a new closing cost along with other fees such as appraisals and the amount of time it will take to pay that off may not be worth the refinance in the long run. If you plan to move soon then you may not be in your home long enough in order to pay off the expenses that it took to refinance. If this is the case, then it may not be the time to refinance.
There are other instances where refinancing is just simply not wise even if the interest rates are going down at a record rate. A bad credit score may result in not receiving the deal that you are hoping for. In fact, a bad credit score can even carry penalties and additional fees such as the need to purchase mortgage insurance.
If you happen to have good credit, a stable job, and a good history of payment you may want to consider refinancing based on where you live. Sure, interest rates are at an all time low, but if you live in a declining market such as Florida or California, the cost of refinancing will carry heavy fees, such as a hefty down payment. While this scenario may not be accurate for all parts of Florida, California, or other areas facing severe housing problems, it is definitely something to take into consideration.
Generally it is the right time to refinance if you live in an urban area that is seeing significant financial prosperity. If your credit score is over 650 or if your current mortgage, either a fixed rate or an adjustable rate is over 6 percent then now is the time to look into refinancing. Ultimately, the decision is yours. It would be wise to discuss all of your options with your lender or financial advisor before deciding.
Refinancing your mortgage just may save you hundreds of dollars each month, however if you do not act wisely and weigh both the positives and negatives, refinancing will end up costing you more money.
Credit Union Refinancing Rates For Mortgage News
Low Rates Keep Local Lenders Busy - Patch
 The Money Times | Low Rates Keep Local Lenders Busy Patch Nancy Orlando, senior vice president of credit at Teachers Federal Credit Union, which has also seen an increase in mortgage activity, thanks to low rates, ... As mortgage rates drop, refinancing rises |
Mortgage Applications Increase As Rates Drop Further - Credit Unions Online
 Telegraph.co.uk | Mortgage Applications Increase As Rates Drop Further Credit Unions Online Credit Unions have money to lend, whether you are looking to refinance or get a first mortgage. Check with your local credit union for your mortgage loan. ... Business Briefs |
Include credit unions when shopping for mortgage, refinancing rates - Minneapolis Star Tribune (blog)
Include credit unions when shopping for mortgage, refinancing rates Minneapolis Star Tribune (blog) In Sunday's article comparing mortgage rates, I neglected to include another important source in your comparison shopping--credit unions. ... |
Time to Refinance Your Mortgage with Your Credit Union? - Credit Unions Online
 ABC News | Time to Refinance Your Mortgage with Your Credit Union? Credit Unions Online Contact your local credit union about refinancing your existing mortgage. Someone at your credit union will be able to answer all your questions, ... 15 and 30 Year Mortgage Rates At Another Record Low Mortgage rates fall yet again Low rates spark interest in refinancing |
Refinancing can drive down auto payments - Chicago Sun-Times
 The Express Times - LehighValleyLive.com | Refinancing can drive down auto payments Chicago Sun-Times It's easy to overlook the cost of auto loans with mortgage rates grabbing all the attention. Rates on auto loans have edged lower, ... Unlike redoing mortgages, refinancing a car loan is quick, easy, and profitable Bottom Line: Auto loan refinancing |