Posted in home improvement loans

Rate and Term Refinance: When to Consider It

A rate and term refinance is a loan improvement. You exchange your old mortgage for a new one that (hopefully) leaves you in a better financial position.

You may be able to accomplish one or more goals with a rate and term refinance, such as:

  • Lowering your monthly payment.

  • Reducing the amount of interest you pay over the long term.

  • Building equity in your home and paying it off faster.

  • Changing the type of loan you have, from an adjustable-rate to a fixed-rate mortgage or an FHA to a conventional loan, for example.

  • Eliminating mortgage insurance.

When to consider a rate and term refinance

Several situations might prompt you to consider a rate and term refinance. Mortgage rates moving significantly lower might be one. Having an adjustable-rate mortgage approach the end of its initial fixed-rate guarantee could be another.

Other scenarios that might present an excellent opportunity to refinance your

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Posted in home improvement loans

Here Are Today’s Best Mortgage & Refinance Rates for September 10, 2020

Borrowers with 700 credit scores were quoted an average rate of 3.433% to secure a 30-year fixed-rate purchase mortgage on Wednesday, according to Money’s survey of over 8,000 lenders across the United States. At this credit score, roughly the national average, the average rate for a 30-year refinance was 4.366%. Our rates include discount points and are for borrowers putting 20% down.



a close up of a sign: Mortgage-Rate-Sept-10


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Mortgage-Rate-Sept-10

30-year fixed-rate purchase mortgage
3.433%
Rate of September 9, 2020

Borrowers in Washington, D.C. were quoted the lowest mortgage rates on Wednesday—at 3.258%. Those in Georgia saw the highest average rate at 3.678%. Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 3.088%, while those with credit of 640 or below were given rates of 4.892%—a 1.804 percentage point spread.

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You may be able to negotiate a lower rate if you shop around or if you

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Continue Reading Here Are Today’s Best Mortgage & Refinance Rates for September 10, 2020