Wisconsin mortgage loans is committed to helping you find the right mortgage product for your needs in Grafton. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
You've heard that interest rates are down and you think it could
be time to refinance your existing mortgage, but the entire loan
application process was so exhausting during the initial loan
that you aren't sure it's worth the hassle. You could very well
be right, but there are some things you can do to help decide
whether it's time to refinance your mortgage.
The first thing you need to verify is the interest rate for your
existing mortgage and the interest rates being offered across
the board for new loans. If there's not at least a one and a
half to two point difference, you're probably not going to be
significantly better off to refinance your mortgage. Here's why.
Remember those closing costs on your initial mortgage? You
probably paid for an appraisal, perhaps a home inspector's
services and even a survey if you have rural property. Depending
on how long it's been since your original loan, you may be faced
with having all those processes repeated. Especially if you are
going with another lender, have had the existing mortgage for at
least two years, have made major modifications to your home or
property, or have seen some significant variations in property
values in your area, you're probably going to be required to
have an appraisal at the very least. While it's not a huge cost
for an appraisal, comparing that with the amount you're going to
save on a slight drop in interest rates could show that it will
take months to recoup that expense. Don't forget that you'll
likely have some additional closing costs from the lender on the
new mortgage (you are, after all, taking out a new mortgage even
though you have an existing loan) and you may even be facing
penalties for paying off your existing loan early. Weigh those
costs against what you expect to save before you take this step.
So does that mean that you should never refinance an existing
mortgage? Actually, there are plenty of opportunities when
refinancing your mortgage makes good financial sense. If you've
significantly increased the value of your home or have been
paying for several years, you may have enough equity to qualify
for a better interest rate. You may also lower monthly payments
or refinance to make improvements. In the end, it's up to you to
weigh the costs of refinancing your mortgage and decide if the
time is right for you to take this step.
About the author:
Mark Lambie is the founder of The Loan House a website that
allows consumers to quickly and easily get free mortgage quotes
and mortgage information.