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| Name | What Are The Different Types Of Mortgage Refinancing? - Mortgage Advice W/Mortgage Loan Officer |
| Video Uploader | Video From Jose Luiz Morales en Español |
| Upload Date | This Video Uploaded At 12-03-2021 16:59:49 |
| Video Discription | This is a clip from Episode #48 of the Morales Group Show. Mortgage rates 2021 W/ Loan Officer Martha Salas. Martha talks about the Most Common Types of Mortgage Refinancing! Want to Sell Your Home? Get an instant value of your Southern California Home. http://www.myhomeseekers.com/cma/property-valuation/ Looking to Buy a Home?Search All Homes on the Southern California MLS. http://www.myhomeseekers.com/ Jose Luiz Morales CalBRE #: 01891119 601 Daily Dr Ste 102, Camarillo, CA 93010 805.228.4672 joseluiz@moralesregroup.com What Is A Mortgage Rate: "A mortgage rate is the rate of interest charged on a mortgage. Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Mortgage rate averages also rise and fall with interest rate cycles and can drastically affect the homebuyers' market" (investopedia.com). Mortgage Rate Indicators: "There are a few indicators potential homebuyers can follow when considering a mortgage loan. The prime rate is one indicator. This rate represents the lowest average rate banks are offering for credit. Banks use the prime rate for interbank lending and may also offer prime rates to their highest credit quality borrowers. The prime rate typically follows trends in the Federal Reserve’s federal funds rate and is usually approximately 3% higher than the current federal funds rate." (Investopedia.com) "Another indicator for borrowers is the 10-year Treasury bond yield. This yield helps to show market trends as well. If the bond yield rises, mortgage rates typically rise as well. The inverse is the same; if the bond yield drops, mortgage rates will usually also drop. Even though most mortgages are calculated based on a 30-year timeframe, after 10 years, many mortgages are either paid off or refinanced for a new rate. Therefore, the 10-year Treasury bond yield can be an excellent standard to judge. You can use Investopedia's mortgage calculator to estimate monthly mortgage payments." (Investopedia.com) How Mortgage Rates Are Determined: "A lender assumes a level of risk when it issues a mortgage, for there is always the possibility a customer may default on his loan. There are a number of factors that go into determining the mortgage rate, and the higher the risk, the higher the rate. A high rate ensures the lender recoups the initial loan amount at a faster rate in case the borrower defaults, protecting the lender's financial investment." (Investopedia.com) "The borrower's credit score is a key component in assessing the rate charged on a mortgage and the size of the mortgage loan a borrower can obtain. A higher credit score indicates the borrower has a good financial history and is more likely to repay his debts. This allows the lender to lower the mortgage rate because the risk of default is lower. The rate charged ultimately determines the overall cost of the mortgage and the amount of the monthly payment. Therefore, borrowers should always seek the lowest rate possible." (Investopedia.com) How Does Refinancing Work: "When you refinance, you replace your current loan with a new one. Depending on interest rates, your financial criteria and what you hope to accomplish, refinancing can help you: Lower your monthly payments, reduce the amount of interest you pay over the life of a loan, pay your loan off faster & use your equity to pull out cash. If you think you can secure lower interest rates, any time could be a good time to consider refinancing your mortgage, auto loan or even your student loans. But first think about your current credit and financial picture." (experian.com) More About Martha: Martha has worked in the mortgage industry for almost 40 years, holding positions from entry level to management and sales, and becoming a highly respected model and mentor in her profession. She has a lifelong interest in community work, serving on numerous boards, including running for Santa Barbara School Board. She has an innovative spirit, intelligent focus, years of experience, and a desire to help people. She demonstrates this daily through working to help people achieve their potential through education and homeownership. About this video: In this video Martha Salas talks about the Most Common Types of Mortgage Refinancing. In the original interview She also talks about interest rates today in California & how mortgage interest rates have changed in the past couple of years emphasizing in the significant mortgage rate drop in 2020. l5GvPioXBSU |
| Category | Education |
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