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How Often Should You Refinance Your Primary Home Mortgage?

Because I have several properties (primary, rental, vacation/rental, vacation), people ask me all the time how often they should refinance their mortgage. My answer is always, “As many times as it takes to save you money!

I’ve refinanced my primary mortgage four times in seven years and I won’t stop as long as rates keep going lower. The Federal Reserve has conducted so much monetary easing over the past 10 years that everybody with a mortgage should have refinanced at least a couple times!

In the fall of 2011, I refinanced my jumbo 5/1 ARM at 3.625% down to 3.125% with no fees or cash outlay. It took about 70 days, but it was well worth it because I only had two years left before my fixed rate expired. My interest payments went down by a several hundred bucks.

I thought I was set for another five years until I checked again at the end of January, 2012 when the 10-year yield dropped to 1.85% from 2%. To my surprise, I discovered I could refinance AGAIN just 5 months later. This time, at a rate of only 2.625% for 5 years! Banks began lending again, sacrificing margins for market share.

Although my mortgage refinance took around 100 days to complete, I’m now so thankful that it’s done because I no longer have a W2 paycheck, making it brutally difficult to ever refinance or get a mortgage again! By taking action, I’m able to save around $20, 000 in interest expense over the next five years.


The entire mortgage refinance process seems daunting for the inexperienced. I have many friends who are eligible to refinance and happy to pay their 5.5% 30-year fixed rate mortgage they took out five years ago because they don’t know where to start! They are crazy for leaving so much money on the table because 30-year fixed rate conforming mortgages are now at 3.75% or below! By refinancing down to 3.75% from 5.5%, they would save $8, 750 a year in interest expense on a $500, 000 mortgage.

Mortgage Refinancing Boom To Benefit Banks

2012-10-11 10:16:07 by Pelham-Bay

October 11, 2012
Federal stimulus has ignited a boom in mortgage refinancing, benefiting both homeowners and banks. And the good times could continue as the government steps up its support of the broad housing market.
The proof will be in the profits.
On Friday, Wells Fargo and JPMorgan Chase, the top two mortgage lenders in the country, are scheduled to report quarterly earnings. Their results — and the wave of other bank reports that follow — will offer clues as to whether the current mortgage boom is sustainable or set to fizzle.
“We expect mortgage revenue to continue to be elevated in the third quarter and possibly into next year,” said Jason Goldberg, a banking analyst at Barclays

Home Owners' Association Fees

2012-08-28 08:43:04 by FWLittle

Ever see a discount HOA fee? No? Me, either.
What's so special about HOA fees that they don't
undergo competitive marketing elasticity?
We negotiate home prices, we haggle closing costs.
We wait or rush due to interest rates. We swap upgrade possibilities. We switch realtors to
secure a 3% break. We shop mortgage lenders for
an ideal package. But we go-along on HOA fees.
We request the country tax assessor reappraise the property. Merchants offer "no-tax this weekend" specials, but HOA fees remain stagnant. Workers accept temp jobs sans benefits and for fewer hours but HOA fees remain constant

Banks Hiring for Home Loans as U.S. Rebounds

2012-11-20 10:06:05 by SadRenter44

U.S. banks that have been earning record profits from home loans are adding or transferring thousands of staff to catch up with demand for refinancing after shortages blocked homeowners from getting lower rates.
Employment tied to mortgages rose 9 percent this year through September to 285,000, the most since 2008, according to the Bureau of Labor Statistics, as lenders responded to Federal Reserve efforts to push down borrowing costs, President Barack Obama loosened requirements, and housing recovered from a six- year slump. Even as banks added staff, they failed to keep pace, and kept mortgage rates “much higher” than they should be to curb demand, said Vipul Jain, an analyst at Morgan Stanley

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Slideshow: Memphis' top home mortgage lenders  — Memphis Business Journal
Slideshow: Memphis' top home mortgage lenders. Slideshow: Memphis' top home mortgage lenders. View Slideshow. Ed Arnold: Digital producer and social engagement manager- Memphis Business Journal: Email | Twitter | Google+ | LinkedIn.

Top 30 lenders--new-home loans.(Marketrac[R])(mortgage banks)(Illustration): An article from: Mortgage Banking
Book (Mortgage Bankers Association of America)

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