What are two cons to fixed-rate mortgage? admin, What are two cons to fixed-rate mortgage? If interest rates fall, fixed-rate mortgage borrowers have to refinance to take advantage. It could cost more in interest over the life of the loan if you secure the loan at a higher rate and you don’t refinance if rates drop. What is… Continue Reading
What’s the difference between FHA and conventional? admin, What’s the difference between FHA and conventional? Key Takeaways. FHA loans are backed by the Federal Housing Administration and offered by FHA-approved lenders. Unlike FHA loans, conventional loans are not insured or guaranteed by the government. Mortgage insurance is mandatory with FHA loans; you can avoid it on a conventional… Continue Reading
What are the 4 types of interest? admin, What are the 4 types of interest? Interest comes in various forms, and its primary types include Fixed Interest, Variable Interest, Annual Percentage Rate, Prime Interest Rate, Discounted Interest Rate, Simple Interest, and Compound Interest. What mortgage rate means? A mortgage rate, or mortgage interest rate or interest rate, is… Continue Reading
How much is a 50000 home equity loan payment? admin, How much is a 50000 home equity loan payment? Loan payment example: on a $50,000 loan for 120 months at 7.30% interest rate, monthly payments would be $588.30. Payment example does not include amounts for taxes and insurance premiums. Is refinancing a hard pull? Credit check: When you apply to… Continue Reading
What is the difference between refinance and cash-out refinance? admin, What is the difference between refinance and cash-out refinance? You can extract some of the equity in your home with a cash-out refi. In a rate-and-term refinance, you exchange the current loan for one with better terms. Cash-out loans generally come with added fees, points, or a higher interest rate,… Continue Reading
Does refinancing break your mortgage? admin, Does refinancing break your mortgage? If you refinance before your mortgage is up for renewal, your mortgage lender can charge hefty mortgage penalties as you will be breaking your mortgage. To see whether you will be able to save money through a lower interest rate after mortgage prepayment penalties are… Continue Reading
What is mortgage refinancing? admin, What is mortgage refinancing? Refinancing the mortgage on your house means you’re essentially trading in your current mortgage for a newer one – often with a new principal and a different interest rate. Your lender then uses the newer mortgage to pay off the old one, so you’re left with… Continue Reading
What is the prime rate today? admin, What is the prime rate today? The current Bank of America, N.A. prime rate is 8.0% (rate effective as of March 23, 2023). What is a mortgage rate example? Example: A $200,000 fixed-rate mortgage for 30 years (360 monthly payments) at an annual interest rate of 4.5% will have a… Continue Reading
Is it too early to refinance? admin, Is it too early to refinance? If you want to refinance your conventional loan to a new one with a different rate or term, there’s no waiting period, and you can do this as soon as you’d like. Just understand: It may cost you. Some lenders impose prepayment penalties if… Continue Reading
What is fast refi? admin, What is fast refi? FASTRefi® allows for the refinancing of eligible home loans from Other Financial Institutions (OFI) to occur within days of CommBank receiving your completed and signed loan contract and other required documents. CommBank utilises First Title’s FASTRefi® settlement process to manage the refinance on your behalf. What… Continue Reading