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Mortgage Refinancing
Mortgage Refinancing; how to refinance for a super low mortgage rate; Rocket Mortgage rates
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GENERAL INQUIRY | MORTGAGE REFINANCING

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Mortgage Refinancing | Highlights

Calculator worksheet.  

Documentation requirements.  

Free consultation. 

When to refinance.

Cash out refinancing.

No App Fee! 

Mortgage Calculator Worksheet


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$

5%

1%

5%

0%

$
$

$1421

Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Monthly PMI $0

Worksheet Summary | Highlights

Down payment.
Find out how much of a down payment is right for you.

Closing costs.
Review the out of pocket expense for your transaction.

Custom tailored for you.
By far, our summary is uniquely distinguishable.

Mortgage Refinancing | Consultation
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CALCULATION

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SIMPLICITY

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Mortgage Refinancing Required Documentation

Conventional mortgage financing. Required documentation to apply.1.  W2’s (most recent two years)
2.  Two months of bank statements (all pages).
3.  Copy of your current driver’s license

On paper the process is extremely simple.  Essentially, all that a borrower needs to begin the underwriting process are the above docs.  All in all, these are the items to start your mortgage journey!

What is mortgage refinancing?

Mortgage refinancing; Royal Oak mortgage refinancing; home mortgage ratesMortgage refinancing is paying off your existing home loan with a new one.  The purpose is explicitly up to the homeowner, and in almost every case it’s to lower the rate.  Mortgage interest rates fluctuate on a regular basis.  It can happen daily, monthly, up, or down.  The bottom line, all homeowners should be aware of the current market.  Whether applying for a purchase money mortgage, or mortgage refinancing, it’s important to follow the interest rates.  In most cases, the main objective to mortgage refinancing is lowering the existing note rate.  In all cases, paying less interest on borrowed money is the goal.  It is always cheaper to pay less interest on borrowed money.  In a nutshell, this is the meaning of refinancing a house.  Let’s dig a little deeper into reasons for refinancing!

When to refinance a mortgage | refinancing the term of your mortgage

When to refinance your mortgage; Fortress Home MortgageWhen to refinance a mortgage is dependent on many factors.  As mentioned, interest rate activity is directly tied to refinancing.  In general, existing mortgage borrowers should follow the 1% rule.  Meaning, when the existing note rate can be reduced by 1% is when to refinance your mortgage.  Doing so will immediately save money per month.  And, it saves thousands over the life of the loan.  However, the more aggressive route is to lower the rate AND term!  In this scenario, the borrower may not save money per month.  In fact, the monthly payment could be a bit higher.  The upside is reducing the term of your mortgage.  Taking years off of an existing note will save ten’s of thousands of dollars.  Paying less to the bank puts more money back into your pocket!

Mortgage refinancing; cash out refinance; lower mortgage ratesA cash out refinance pulls the equity from your home.  Borrower’s have multiple reasons for doing so.  Consolidating debt, or paying off a second mortgage are two examples.  The amount of available cash depends on the amount of equity.  Lenders allow up to 80% of the appraised value.  In other words, 80% of the home value is the maximum loan amount.  Any existing liens on title must be paid off first.  Thereafter, any leftover cash is given to the borrower.  So, take out the cash and put it to good use.  After all, money doesn’t grow on trees!

Mortgage rate predictions; mortgage refinancing

Mortgage Rates | The 10 Year Treasury Yield

Mortgage rate predictions for refinancing (or purchase money mortgage programs), is difficult.  Unlike the stock market, there are not multiple indexes to follow.  Ultimately, the Federal Reserve Bank plays a major role in mortgage interest rates.  However, it does not set mortgage rates.  One main indicator of mortgage rates is the 10 year treasury yield.  In simple terms, mortgage rates traditionally follow the 10 year treasury yield.  Below, is a sample image.  It reflects how the 10 year treasury yield and mortgage rates are close in proximity.  Other factors affecting mortgage rates are inflation, supply and demand, and the secondary mortgage market.  In general, a good rule of thump is to simply watch the news.  When rates drop it goes mainstream.  Lower rates generates a buzz, and people start talking.  The best crystal ball for mortgage rate predictions is using your common sense!Mortgage rates and the 10 year treasury yield.

Why Your Mortgage Credit Score Matters

credit scores; new home mortgage; fortress home mortgageApplying for a home mortgage requires a tri-merge credit pull.  Every lender will run a credit check.  And, every lender will have rate adjustments based on the borrower's score.  This applies to purchase money mortgages as well as mortgage refinancing.  In general, for Conventional financing the credit score should be 680 or better.  For FHA financing the credit score should be 620 or better.  Lenders pull credit to determine risk factors associated with lending money.  The stronger the payment history, the stronger the credit score.  Click here to learn more about credit scoring for home financing. 

 

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