As a multiple property owner, I’ve done a lot of refinances over the last twenty years. So just how long does it take to refinance a mortgage loan nowadays? The short answer is: 2-3 months on average. This is up from one month on average before the global financial crisis. With rising mortgage rates in […]
Let’s look at the best time of the month or year to refinance a mortgage. If you can refinance at a better time of the year, you might be able to get a lower mortgage rate and save. The best time of the month to refinance your mortgage is the last two weeks of the
When Is The Best Time Of The Month Or Year To Refinance A Mortgage? Read More »
It’s not easy refinancing a rental property mortgage nowadays. The lending market has tightened up with higher rates and fears of another recession. This article will discuss the documents needed to refinance a rental property mortgage. Rental property mortgages are always between 25 to 50 basis points higher than a primary home mortgage due to
Documents Needed To Refinance A Rental Property Mortgage Read More »
Years ago, I announced why I’m paying down my mortgage early. I ended up paying off a mortgage in 15 years and feel great about it. As an early retiree who started the FIRE movement in 2009, I suggest paying off your mortgage early too. Ideally, we should all pay down our mortgage before we
Why I’m Paying Down My Mortgage Early And Why You Should Too Read More »
As stocks sell off in part due to higher interest rates, the question now turns to how higher mortgage rates will affect the housing market? You might automatically think higher mortgage rates are negative for the housing market. But let’s look at the other side. One of the reasons why I like investing in real
Why Higher Mortgage Rates May Be Great For The Housing Market Read More »
A forced savings account will help make you rich over time. It forces you to save versus relying on your own discipline to save. A mortgage is exactly this, a forced savings account where the homeowner pays down principal each month and builds equity. One of the main reasons why the average net worth of
Mortgage As A Forced Savings Account To Build Wealth Read More »
Buying rental properties is a smart move. Interest rates are still relatively low, which means the value of rental income has gone way up. Therefore, there’s good value in owning rental property, especially with inflation so elevated. However, getting a rental property mortgage is more expensive than getting a primary residence mortgage. In this article,
Why Are Rental Property Mortgages More Expensive Than Primary Home Mortgages? Read More »
Are you wondering why does it take so long to refinance a mortgage? The simple answer is because lending standards have tightened tremendously since the 2008-2009 Global Financial Crisis. Underwriters are asking for more documentation to prove your income and net worth. The banking sector lent too loosely before the crisis. Then the banks lost
Why Does It Take So Long To Refinance A Mortgage? Read More »
As a homeowner with a mortgage, the holy grail is having a mortgage rate below the 10-year bond yield. When you have this situation, it’s like living for free and you should not pay down extra principal. If you had the money, you could invest an amount equal to your mortgage into a 10-year Treasury
Negative Real Mortgage Rates Means Don’t Pay Down Extra Principal Read More »
The Federal Housing Finance Agency (FHFA) has announced new 2022 conforming loan limits for conventional loans. The baseline conforming loan limit for 2022 will be $647,200, up $98,950 from 2021’s limit of $548,250. That is a record-high increase of 18% based on the FHFA House Price Index. In higher-cost areas, the new loan limit increases
2022 Conforming Loan Limits Increase To Record Highs, Improving Affordability Read More »
