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.
Mortgage market: a pulse check
No surprise that mortgage rates fluctuate. If you are thinking about purchasing a home or maybe considering refinancing your current mortgage, then you want to be up to date on 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 reflects a 6 basis points increase from the previous week's rate.
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%.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 10, 2024 is 6.16%, indicating a 10 basis points increase from last week’s rates.
What does the mortgage rate mean for you?
Mortgage rates are one of the key factors that determine your monthly payment. Here are avergage interest rates (APR) for April 14, 2024 based on Zillow date for borrowers with a high credit score (680-740) in the United States:
- 30-year conventional loan is 7.09%
- 15-year conventional loan is 6.29%
Using the rates mentioned above, the monthly payment for a $279,082 30-year-year mortgage would be $1,874. A 15-year mortgage would require a monthly payment of around $2,399.
Experience a smooth mortgage process: Shop around and get pre-approved today!
Shopping around for mortgages and getting pre-approved can make your home-buying or refinancing process easier. Ready to take the plunge? Check Out mortgage rates now for the best options available.
