It took a lot to successfully refinance my mortgagee. The mortgage industry is tight due to the pandemic. There’s a rent moratorium and millions more unemployed. Banks are much more stringent now, especially with higher rates and a potential recession. Here’s a recap of what it took to successfully refinance my last mortgage. It was […]
What It Took To Successfully Refinance My Mortgage Read More »
Have you ever heard of a zero percent mortgage? Getting a zero percent is likely impossible, unless we are in a significant deflationary environment. You can have a negative real interest rate mortgage in a high inflationary environment. However, getting to live for free, which is what a zero percent mortage means, is possible. Let
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In a rising interest rate environment, you need a mortgage pay down strategy. With high inflation, mortgage rates and the Fed Funds rate have been rising. Therefore, you need a good game plan if you have mortgage debt. Below is a case study on how to think about paying down your mortgage when mortgage rates
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This post is dedicated to those who refuse to welch on their mortgage debt, even if they bought at the wrong time or got into a high interest rate mortgage that cannot be refinanced. I know your pain and frustration. I’ve got a confession. I’ve been reluctant to pay down my 4.25%, 30-year fixed vacation property
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In the past, I used to be perturbed by how long it took to refinance a mortgage. The whole process almost got derailed on its 97th day due to a bad credit report unbeknownst to me. Luckily, the refinance eventually went through. I want to share the upside to a long drawn out mortgage refinance. What used
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When the is raising interest rates, your adjustable rate mortgage probably needs to be refinanced. The reason is because adjustable rate mortgages (ARMs) are priced based off a short-term rate index plus a margin, such as the Fed Funds rate or LIBOR. When the Fed Funds or LIBOR rate starts rising, so will your ARM
Your Adjustable Rate Mortgage Probably Needs To Be Refinanced! Read More »
Are you wondering how often should you refinance your primary home mortgage? You’ve come to the right place because I’ve refinanced dozens of mortgages since buying my first property in 2003. The shorter answer is you should refinance your mortgages as many times as possible to save money! Mortgage rates collapsed during the global pandemic.
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Back in 2015, I was rejected for a mortgage refinance. Banks didn’t even offer me a higher rate. They simply refused to refinance my loan. I was a mortgage refinance failure. Let me share with you my experience so you can increase your chances of refinancing or taking out a new mortgage at a great
Mortgage Refinance Failure: Lending Standards Remain Very Tight Read More »
This post will look at the average FICO credit score for approved and denied mortgage loans over time. Since the global financial crisis in 2008, the average FICO credit score for approved mortgages has gone up. The real estate market is ever changing. Low mortgage rates help increase demand while rising rates can soften buyers
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The average credit score for approved mortgages is finally declining a little bit. As thousands of homeowners smartly refinance their mortgages during the global pandemic, banks are getting more competitive. Before the 2008 – 2009 recession, the average credit score for approved mortgages averaged around 720. 720 is actually the cut-off point between “Good” and
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