I Need a Mortgage Quote to Refinance My Home - 3 Tips For Getting The Best Rate [mortgageapply.blogspot.com]
Mark Zuckerberg just refinanced his Palo Alto home with a 30-year, 1.05 percent adjustable mortgage rate. Why do billionaires like Zuckerberg take out home loans, when they could easily buy their properties outright? Zuckerberg's 1 percent mortgage: Why does a billionaire need a loan?
www.c-spanarchives.org GOV. PALIN: Darn right it was the predator lenders, who tried to talk Americans into thinking that it was smart to buy a 0000 house if we could only afford a 0000 house. There was deception there. And there was greed, and there is corruption on Wall Street. And we need to stop that. Again, John McCain and I, that commitment that we have made, and we're going to follow through on that, getting rid of that corruption. One thing that Americans do at this time also, though, is let's commit ourselves -- just everyday American people -- Joe six-pack, hockey moms across the nation -- I think we need to band together and say, never again. (View cut data)Never will we be exploited and taken advantage of again by those who are managing our money and loaning us these dollars. We need to make sure that we demand from the federal government strict oversight of those entities in charge of our investments and o ur savings. And we need also to not get ourselves in debt. Let's do what our parents told us before we probably even got that first credit card. Don't live outside of our means. We need to make sure that as individuals we're taking personal responsibility through all this. It's not the American people's fault that the economy is hurting like it is, but we have an opportunity to learn a heck of a lot of good lessons through this and say never again will we be taken advantage of. MS. IFILL: Senator. SEN. BIDEN: Well, Gwen, two years ago, Barack Obama ...
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Being able to make payments on your mortgage each month is a good feeling. It means that you are keeping yourself and your family safe, warm and dry each day and night. It also means that you are building equity over time, since your home is also an investment.
There can come a time, however, when it makes sense to refinance your home. There are various benefits to refinancing a home, including the opportunity to reduce your monthly payment amount and the chance to reduce your total interest paid each month. Both mean more money in your pocket each month to use as you please.
People usually choose to refinance when they believe they can qualify for a lower interest rate than what they have on their existing home loan. It is usually a good idea to refinance if you calculate that you will be able to recover your closing costs within a reasonable period of time (e.g., 6-12 months) due to the resulting lower monthly payments after your refinance.
If you are saying, "I need a mortgage quote to refinance my home," here are 3 tips for getting the best rate:
1. Estimate your home's value or get it appraised:
Start the process by getting your facts straight. Usually, an appraisal fee will be baked into your mortgage refinance. But, it is a good idea to get a sense of your home's value now. You could hire an appraiser to do so, which will help you obtain a more exact value. Or, you can simply contact a real estate agent you know and ask him or her to pull "comps" (comparable listings) on your home. This is a bit less accurate, but it is free.
2. Look up the details of your first mortgage:
Next, get out your latest mortgage statement and determine how much you still owe on your existing mortgage.
Then, subtract that amount from your home's appraised value. This will determine how much equity you have in your home. The more equity you have, the better your chances for qualifying for a low-interest rate.3. Compare quotes from at least 5 lenders:
Finally, compare mortgage quotes from at least 5 different lenders. Many homeowners make the mistake of applying to 1-2 lenders, including their current mortgage holder. This is a mistake because it would mean that you are not sufficiently exploring all of your options for a loan.
Be sure to negotiate with each lender so as to make sure you are getting their very best rate.
When you are in need of a mortgage quote to refinance your home, consider these 3 tips for qualifying for the best rate.
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