Aug 30

Low Mortgage Rates Spark Serial Refinancing

Low Mortgage Rates Spark Serial Refinancing.

Low Mortgage Rates Spark Serial Refinancing

Low Mortgage Rates Spark Serial Refinancing

Mortgage rates have been hovering at record lows, causing more home owners to lock-in the Low Mortgage Rates by refinancing their mortgages again … and again.

Nearly 2.2 million home owners have refinanced at least twice since 2009, according to research compiled for The Wall Street Journal.

Besides the low-rate attraction, lenders are offering to waive many closing costs, which has made refinancing cheap for many home owners. Lenders who waive closing costs usually charge a slightly higher interest rate, however.

The Low Mortgage Rates and closing costs have prompted home owners to refinance even when the rate drops just three-eighths of a percentage point, The Wall Street Journal reports.

“The traditional rules of refinancing are no longer in play,” Bruce Thielen, a vice president at NASB Financial, told The Wall Street Journal.

Still, serial refinancing isn’t smart for all home owners. Every time home owners refinance for Low Mortgage Rates and opt for a 30-year fixed-rate loan, for example, they are extending their repayment period as well as the overall amount in interest they’ll pay for the life of the loan.

Source: “The Serial Refinancers,” The Wall Street Journal (Aug. 24, 2012)

 

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