Tagged : mortgage

Found 2 blog entries tagged as "mortgage".

A recent article in the New York Times argued it was time to refinance your mortgage since interest haven fallen to their lowest point in years.

“The average rate on a 30-year fixed-rate mortgage was 3.8 percent at the end of last week. That is down from 4.5 percent as recently as last spring, the lowest since May 2013 and far below the 5 percent-plus rates that prevailed as recently as early 2011.”

Is it a good time to refinance your mortgage? Is that always a good decision? Here are some things you need to know about refinancing your mortgage.

How Does Refinancing Work?

Refinancing your mortgage mean you effectively pay down your current mortgage and take out a new one with a new interest rate. As the New York Times article points

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If you haven’t applied for a home loan in the last few years, things may be a little different. The financial crisis and burst housing bubble caused the Consumer Financial Protection Bureau (CFPB) to create new housing rules for borrowers and lenders. These rules won’t necessarily make loan approval more difficult, but knowing what to expect before you shop is a good idea. Here are the basics of the new rules.

Ability to Pay

The new rule is sometimes referred to as the “Ability to Pay.” Mainly, this law forces people to prove they can pay for a new home. Instead of just writing down annual salaries, which was sometimes acceptable before, borrowers have to show a proof of income. For those working regular jobs with a weekly or bi-weekly paycheck,

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