I want to refinance my house. What are the current interest rates. Is it a good idea. Do Ineed to spend money?

Question

How does refinancing profitable to lending companies.Will Ibe anyway lose money either now are in future. Iam confused. Idont want to mess up without complete knowledge of how it works

Answer 1

Check your local Sunday newspaper. There may be a table showing available interest rates. It would be near the classified ads for houses for sale.
You might be able to get a 15 year mortgage for under 6%. Compare the interest rate to your current rate. If there is a 3% difference, it is probably worth doing.
Yes there will be closing costs if you refinance. Maybe as much as $3,500.00.
Lenders make money on interest payments. A lender does what is necessary to get business and be profitable.

Answer 2

Lending companies make money on the interest rates. To determine if you will lose money or not you need to look at your house's value, the equity, etc. Also, if you are going to refinance, make sure the fees are taken out of the equity, not out of your pocket. Hopefully there is enough equity for you to get some cash and pay the fees while not increasing your liabilities too much.

Is it a good idea? Weigh the risks vs. reward so you can make and educated decision.

Answer 3

The rates are all about the same wherever you go. The difference is service. It sounds like you need to get a good loan officer working for you. I recommend Hamlin Mortgage. They do business in 48 states and are a smaller , more personable office. If you get a chance, check out the free evaluation form at the source website--it will put you in touch with the Hamlin group. Good luck.

Answer 4

the concept of refinanceing the personal loan at a later repayment time table isn't reliable as truly some the activity due on the personal loan could were paid and the important could be due. because the preclosures attraction to penal prices, no longer a wise theory. even as preclosng a private loan contained in the initial ranges could also attraction to penal prices, the web funds outflow universal can provide a more suitable positive photo

Answer 5

Interest rates are about 5.875 and go up from there. Rates are only going to go up, so you may want to lock in now. Lending compines (like mine) make their money in the closing costs of the loan, which are also usually refinanced. I Can do this loan. Contact me whenever conveient.

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513-860-2940 ext 10

Martin Smith

Answer 6

Interest rates vary and they depend on the type of loan you want they also depend on your credit history and the loan to value.You should discuss your situation with a professional. If you would like a consultation I would be more then happy to talk with you on the phone. you can also find a lot of use full information on my website at http://homefrontmortgage.us or fill out a secure application