Mortgage Information | Online Lender Search Blog

How Does a Cash-Out Refinance Work?

November 16, 2022

Is a Cash-Out Refinance the Right Mortgage Product for You?

Need extra money? Have at least 20% equity in your home? If you answered yes to these two questions, then you’re probably considering a cash-out refinance. But do you know how a cash-out refinance works?

Before you start applying for a cash-out refinance, you should learn all there is about it, so you can make the best decision for your current and future financial goals. Here’s everything you need to know about cash-out refinances, including how they work, their requirements, and more. more “How Does a Cash-Out Refinance Work?” …

Are There Reasons Why Refinancing Your Mortgage Is a Bad Idea?

November 2, 2022

Is Refinancing a Mortgage Always the Right Idea?

After several years of historically low interest rates, 2022 saw the rates change direction. As you might expect, this sudden shift has more homeowners than ever wondering if now is the best time to refinance, or if the smarter move is to wait to see if the coming months bring a return to rates lower than six percent.

If you are thinking about refinancing, there are certain things you need to consider to help ensure that your refinance delivers the results you’re looking to achieve. Two of the most common things you need to think about are where your interest rate currently stands and how long you are planning on staying in the home after you refinance.

But perhaps even more importantly is the reason why you are refinancing. This is something that is often overlooked, but the truth is – not every reason is an ideal reason for refinancing a mortgage. Here are three of the most common “bad reasons” for refinancing. more “Are There Reasons Why Refinancing Your Mortgage Is a Bad Idea?” …

What’s the Best Way to Find a Mortgage Lender—Referral, Bank, Broker, or Otherwise?

October 19, 2022

How Will I Ever Find My Mortgage Lender?!

When you’re buying a new home, you might be surprised by how many people are involved in the process. From your real estate agent to the home inspector to the title company, there are many people who you are going to have to be putting your trust in to ensure that you get the home you want.

But as many people as you’ll have to work with, none are as important as your mortgage lender. After all, your lender is the one responsible for matching you with the best mortgage loan for your unique situation and for ensuring that you get the best rate possible. Remember, who you choose as your mortgage lender will impact your path to homeownership and your overall experience with that person will come rushing back at you with every monthly payment you make, so you want to choose wisely.

So, because of the important role your lender plays, you might be wondering – what’s the best way to find a mortgage lender? This guide will go over your options. more “What’s the Best Way to Find a Mortgage Lender—Referral, Bank, Broker, or Otherwise?” …

How You Can Get the Most from Your Home Mortgage Refinance

October 5, 2022

Mortgage Refinance Questions Answered

With 2022’s mortgage rate climb finally taking a few steps backwards, all thoughts are once again on refinancing. This is because despite their recent climb, interest rates remain low enough for a lot of homeowners to still save money by refinancing their mortgages.

But of course, whether you are looking to save money on your monthly payment or want to take advantage of your home’s equity to cover a major expense, you want to get the most from your mortgage refinance. To make sure this happens, there are several things you need to consider. more “How You Can Get the Most from Your Home Mortgage Refinance” …

What Should You Watch Out for When Finding a Mortgage Broker?

September 20, 2022

What Should You Watch Out for When Finding a Mortgage Broker?

Whether you are buying your first home or your next home, the person you choose to serve as your mortgage broker will become one of the most important people in your life over the coming weeks. They will be responsible for helping you get the right mortgage product based on your unique needs and situation, and for guiding you through the process of borrowing the funds you need to finance your home.

Because of the role your mortgage broker plays, it is vital that you have complete trust in them to act with your best interests in mind. But unfortunately, while you would think that all mortgage brokers would adhere to a code of ethics and a set of standards, this isn’t always the case. more “What Should You Watch Out for When Finding a Mortgage Broker?” …

Key Questions to Ask Before Refinancing Your Mortgage This Summer

September 7, 2022

Refinancing Your Mortgage? Be Prepared With These Questions

The 2022 housing market is nothing if not unpredictable. With interest rates rising faster than expected through the year’s first six months, the rates have suddenly changed direction and started dropping again, albeit slowly. With rates falling back closer to 5%, more homeowners will no doubt be looking to capitalize on something that they might have been worried about missing out on this year – refinancing their mortgages.

But before you go jumping into the deep end without looking, there is still a lot to consider before choosing to refinance your mortgage if you want to get into a better position to reach your financial goals. Here are six key questions to ask your lender before refinancing your mortgage this summer. more “Key Questions to Ask Before Refinancing Your Mortgage This Summer” …

The Impact of Rising Interest Rates on Homeowners’ Mortgage Refinance

August 17, 2022

How Will Rising Interest Rates Affect Your Mortgage Refinance?

Average rates for a 30-year, fixed-rate mortgage have outpaced all expectations thus far in 2022, hitting as high as 5.81% in late June. At the time of this writing, interest rates have slipped backward slightly to 5.30%, but that is still nearly double the rate of 2.8% from just a year ago.

As a result, the question on every homeowner’s lips who is thinking about refinancing is – how high will the interest rate get? more “The Impact of Rising Interest Rates on Homeowners’ Mortgage Refinance” …

Should I Refinance My Mortgage During the Summer?

August 3, 2022

Is Summer a Good Time to Refinance?

Summer is the time of year when the real estate business is at its busiest because this is when buyers flood the market looking for new homes. But what about refinancing your mortgage? Is this summer a good time to refinance your mortgage?

The truth is – it depends.

There are several factors you should consider before pulling the trigger on your refinance, but one of the most important is your current interest rate. With rates rising, not every homeowner will see the savings they might expect from refinancing, but there are still a lot who will. more “Should I Refinance My Mortgage During the Summer?” …

5 Important Mortgage Questions First-Time Buyers Should Ask

July 20, 2022

Got Questions About Your First Mortgage? Of Course You Do!

Buying your first home is one of life’s most rewarding experiences. That is, when everything goes right. But unfortunately, a lot of first-time buyers wind up suffering from buyer’s regret because they were caught by surprise by things like closing costs and other fees, or they purchased a home that they can’t realistically afford, or they just had misconceptions about the home buying process.

The good thing is that by simply asking your lender the right questions, you can avoid a lot of the pitfalls that can negatively affect your experience. Here are five important mortgage questions you need to be asking your lender. more “5 Important Mortgage Questions First-Time Buyers Should Ask” …

refinance mortgage rising interest rates

How to Determine the Best Time to Refinance Your Mortgage When Interest Rates Are Rising

July 13, 2022

When’s the Best Time to Refinance a Mortgage?

For most American homeowners, their mortgage payment is the single largest expense they pay every month. So, it is no surprise that when interest rates drop, homeowners by the score apply to refinance their loans to lower their rate, so they can save money.

But what happens when interest rates start heading the other way? Is it still a good idea to refinance your mortgage when interest rates are rising?

The answer depends on a few factors. In this guide, you’ll learn how to determine the best time to refinance your mortgage when interest rates are rising. more “How to Determine the Best Time to Refinance Your Mortgage When Interest Rates Are Rising” …