Keith Gumbinger
Keith Gumbinger
less mortgage pay ultimately
If you're making a pre-payment on your mortgage principal, ultimately you'll pay less interest,
borrower challenge credit good seem
If you're a good credit borrower you can challenge fees if they seem excessive.
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If you re-extend from 15 years back out to 30 years, that might reduce your monthly payment by 30 percent, ... If there isn't a likelihood that you'll pay off your mortgage, the re-extension of the term of your loan could measurably improve your cash flow.
borrowers harder low money pay points rates trim
If you pay points up front, it's harder to get your money back. When rates are high, borrowers have to pay points to trim rates any way they can, but with rates so low there is really no need to pay those points.
good
If you've already got one set up, you're good to go.
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If you're the gambling sort, you could get into an interest-only product and bet that the market will build equity for you.
last low months rates
If you've refinanced in the last 18 months or two years, this movie's a rerun. Rates aren't at compellingly low levels.
Could there be some 50s? There could be some 50s.
home late night purchases saw
No-money-down home purchases used to be the kind of thing you only saw on late night TV.
cash draw equity home improve lets money popular resist temptation
This is very popular right now because it lets you draw some money out of your home and improve cash flow. If you do this, resist the temptation to draw too much equity out of your home.
activity catch chance home prices trying
They're trying to make home prices more expensive, so some of this speculative activity will decrease, and incomes will have a chance to catch up.
borrowing costs influence mean stop
Does that mean (consumers will) stop borrowing because it costs them another $5 a month? Probably not. It may influence decisions. I don't think it halts decisions.
borrow change consumers couple fed might raises rates
There's no way for consumers to borrow more cheaply. But that might change if the Fed raises rates a couple more times.
aware five higher home interest likely money rates reality road save seven somewhat three within
Someone who will be out of their home within five years to seven years can save some money with an ARM. But you have to be aware of the reality that interest rates are likely to be somewhat to significantly higher in three years, five years, 10 years down the road from today.