If you've been considering refinancing your home, these lower interest rates could be an opportunity. Refinancing isn't always the right answer — if you've recently seen your credit score drop, or are planning on selling soon, it may not be right for you. Remember that refinancing essentially resets your loan's term, meaning you won't be mortgage-free for another 15 or 30 years.
The recent interest rate drops are likely to make refinancing worth it. Joe Tyrell, COO of mortgage software company Ellie Mae,, "A good rule of thumb is that if you're going to get at least half a percentage point reduction in rate, it might make sense for you to refinance." If your mortgage payment is high or your circumstances have changed since you bought your home, refinancing could help. Reducing your interest rate could lower your monthly payment, especially if you got your mortgage several years ago when interest rates were substantially higher. Refinancing can also help expedite3. You could refinance away private mortgage insuranceeach month.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the Apple Museum, which is building its own Steve Jobs garage - Business InsiderInside the Apple Museum, the huge private shrine to Apple products that will soon have a replica of Steve Jobs' garage It was totally him right?
Source: BusinessInsider - 🏆 729. / 51 Read more »
Coronavirus recession outlook: Why Morgan Stanley is best positioned - Business InsiderLow interest rates usually eat away at banks' net interest income, but Morgan Stanley's business is far less exposed than its peers, analysts said.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Student loan interest is suspended — here's how to use the cash - Business InsiderPresident Donald Trump announced on Friday that interest on federal student loans would be suspended 'until further notice.' If ... lol
Source: BusinessInsider - 🏆 729. / 51 Read more »
4 reasons to buy life insurance, even if you already have it through work - Business InsiderIt's usually worth enrolling in life insurance through work if it's free, but it's not customizable or portable, and may not be enough coverage.
Source: BusinessInsider - 🏆 729. / 51 Read more »
How coronavirus death rate in South Korea compares to flu - Business InsiderSouth Korea has reported lower coronavirus death rates than other countries. But even those rates indicate COVID-19 is far more deadly than flu. This chart is meaningless, because we don't know how many people get it, are asymptomatic, and are never tested. It is most definitely more deadly than the flu, but trying to guess the death rate right now is ridiculous. Put that chart next to cancer, smoking, aids death rates ....more cancer deaths already this year than Corona Virus total cases What is the denominator? To make this a valuable comparison it HAS to be those admitted to the hospital in need of critical care. That can be counted and counted reliably.
Source: BusinessInsider - 🏆 729. / 51 Read more »