Ethan Ewing, President of Bills.com, gives you free information on mortgage refinancing cost.
Visit bills.com for free mortgage quotes and more information.
in this dollars & sense video ethan ewing, president of bills. com, gives you free information on mortgage refinancing costs. there are some costs involved in refinancing and we want to make sure we keep our readers informed on some of these. you always want to take into consideration the interest rate and the costs associated with refinancing. visit bills. com and find the best mortgage refinancing rate and save the most money you can.
video transcription;
hi, my name is ethan ewing i am the president of bills. com and welcome back to “dollars and sense. ” today i wanted to talk to you about refinancing cost, refinancing is blazing hot right now, everybody is doing it, your neighbor is doing it, rates are tremendously low. really good time if you are a current home owner really good time to look at refinancing, of course keep in mind that your credit has got to be good in this market.
so a couple of things about refinancing costs, there are costs involved when you are refinancing, so you are going to look at your mortgage rate and then you are going to look at the cost that it is going to take you to refinance, you want to consider that if you do a refinance and you do it more than, say, once every two years, every time you incur a cost you’re basically adding to your principal balance, you will pay that off in interest, but you are adding to your principle balance. so you want to be sure that you look very, very, very closely at what it cost you to do that refinance when you are getting that lower rate. generally, the rule of thumb is the cost should not exceed a couple of year’s worth of payments. uh, a couple of year’s worth of savings on payments sorry about that, so a couple of years of savings on payments. so, if you are taking your payment from $1,500 dollars to $1,200 dollars, that’s $300 dollars a month, you shouldn’t be paying more than $2,500 to $3,500 dollars in fees. so again, just keep in mind again refinancing cost they are out there, make sure you pay attention to them when you consider a refinance. thanks again we’ll see you next time.
The Latest on Mortgage Rates
Mortgage rate fluctuations should come as no surprise. If you are buying a home or refinancing your existing mortgage, it is important to stay informed about the current mortgage rates.
Mortgage rates April 10, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of April 10, 2024 stands at 6.88%. This 6 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 10, 2024 is 6.16%, indicating a 10 basis points increase from previous week’s rates.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.
What does the mortgage rate mean for you?
Mortgage rates play a vital role in determining your monthly payment. Let's take a look at the avergage interest rates (APR) for April 14, 2024 based on Zillow data for borrowers with a high credit score (680-740) in the United States:
- For a 30-year conventional loan, the interest rate is 7.09%.
- If you opt for a 15-year conventional loan, the interest rate stands at 6.29%.
Using the rates mentioned above, a $279,082 30-year-year mortgage would result in a monthly payment of $1,874. On the other hand, a 15-year mortgage would require a monthly payment of approximately $2,399.
Explore your options and secure pre-approval today!
To make your life easier, we highly recommend shopping around for mortgages and getting pre-approved. This will streamline the home-buying or refinancing process and make it a breeze. Ready to get started? Check Out mortgage rates now for the best options available.
