Mortgage Refinance Education

Latest Guides

  • Reasons to Refinance?
    Interest rates can rise and fall sharply over a short time, or remain almost static for extended periods. If you locked in your mortgage at an interest rate that is 2% or more than what the current market is offering, it's a good idea to consider refinancing. You will pay a penalty, which can be based on the balance of your borrowing term, and by when your loan was taken out or renewed.
  • Refinancing Costs
    Refinancing your mortgage incurs many of the same cost you encountered when first taking out the loan. There'll be an application fee levied by the lender to cover your loan request, and the cost of getting your credit report. You'll also have to pay for a title search, as well as title insurance. However, if the company who presently holds that policy will renew it, you can save up to 70%.
  • Renewing an Adjustable Rate Mortgage
    If you have chosen to finance your home purchase through an adjustable rate mortgage, you'll be faced with renewing or refinancing at the end of the rate period. This may be every year, every three years, or every five years. As the time for renewal approaches, consider what the prevailing rates are, and whether it is going to mean a significant rise in the amount of your monthly payments.
  • Market Conditions Affect A Home Equity Loan Rate
    Curious about how a home equity loan rate is set? It's to your benefit to understand the market dynamics. It can save you money in the long run. Like other rates, a home equity loan rate is determined by where the government sets their benchmark rates. Many people think that if the government lowers interest rates, home equity loan rates naturally go lower as well. Not so fast. They may rise.
  • Considering A Different Type Of Refinance Mortgage
    "Know When to Refinance Mortgage. If you have an adjustable rate mortgage with high or no limits on interest rate increases. Switch to a fixed-rate mortgage or to an adjustable that limits changes in the rate at each adjustment date and over the life of the loan. Plus, SPENDonLIFE.com shows you how to lock in that rate, and find the best deal. Know what 5 disclosures lenders must give you. "
  • Time For A Refinance Loan?
    When is a Refinance Loan Worth Doing? The old rule of thumb used to be that you shouldn't refinance unless the new interest rate is at least two percentage points lower. However, many lenders are now offering zero point loans and low-cost refinancing. We cover how much a mortgage refinance costs, and how many points you should expect to pay.

Latest Blog Posts

  • Friday Grab Bag - 12/4/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag! Here we share some of the week's more interesting tidbits from the world of credit. Enjoy!
  • Denied for a Home Loan Mod...Is Foreclosure Next?!
    Denied for a home loan modification, credit score in the gutter, debt through the roof...how can I keep my house and avoid foreclosure?
  • Careful! A Loan Modification Can Hurt Your Credit
    When foreclosure seems imminent, a loan modification seems like a godsend. The benefit is a mortgage payment borrowers can afford, but the true cost, many are discovering, is a damaged credit score.
  • Round-Up of FTC Consumer Resources
    The Federal Trade Commission is the government agency designed to "protect America's consumers." It was created in 1914, and has gained greater and greater authority through the years. Here's a round-up of the key online resources the FTC offers you.
  • Beware! 15 Common Scams That Can Steal Your Money
    One of the worst things that can happen to you financially is to become the victim of a scam. The good news is that you can do a lot to protect yourself. Knowing what the most common scams are can help you to avoid becoming a victim. Here’s a look at fifteen scams that you should know about.
  • New Website Tells if You Qualify for Mortgage Relief
    Do you know if you're eligible for help under the U.S. Treasury's new "Making Home Affordable" plan? 7 to 9 million homeowners in the U.S. will qualify for a loan modification or refinance under this initiative. A new website quickly lets you know if you're one of them.
  • Friday Grab Bag - 4/17/2009
    Each week we point you to interesting news tidbits, personal finance advice, and scam alerts that we think you’ll find interesting or helpful. Check here every Friday for informative and slightly off-the-wall takes on issues related to the economy, credit, and identity theft.