Mortgage rates are going up in Australia so why refinance, First thing first why are you looking to refinance. As an owner of a mortgage broking firm I see this question all the time and the the answer is somewhat surprising!    ”I want a better rate”  but really it all comes down to less payments.

If you can get cheaper repayments without paying to much to switch is the key. Often when a client hears about a cheaper interest rate they immediately think this will save them money but in real terms this sometimes isn’t the case.

You need to take into consideration:

• Payout fees
• Stamp duties
• Application fees
• Mortgage insurance (If Applicable)

These are costs you need to understand as you refinance. Refinance almost always costs you money at the start – normally more than $1000 and sometimes more than $3000.

So look at the entire cost to refinance and work out how long it would take to get back to even then you can work out if refinancing is right for you.

Shane
Refinance Report

Thursday 5PM 01/28/10 Today’s Current Mortgage Rates Update News

I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates “rose” again on Thursday, despite “shocking” news on the sustained increase in first-time claims for weekly state unemployment benefits, and a triple-digit plunge in stock prices, which took the Dow Jones Industrial average closer toward the 10,000 level. Shortly after the president’s State of the Union address on Wednesday night, U.S. Treasury yields had spiked higher in Asian trading. So, finishing the Thursday session almost unchanged was a relief to many traders.

The national-average 30-year fixed-rate mortgage is now at four-and-seven-eighths percent with two points, “up” an eighth of a point from Wednesday, for an extra cost of $125 on a one-hundred thousand dollar loan.

The five-and-one-eighth percent rate held steady at “half” of one point.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average 15-year fixed-rate mortgage was higher, with the four-and-a-quarter percent rate now at one-and-three-quarters points, up an eighth of a point from Wednesday. The four-and-a-half percent rate was up an eighth of a point as well, to three-eighths of one point.

In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have “an Early Warning” system with immediate news on changes in current rates & points +before+ they occur throughout every business day. That’s where my “Rate Alert Now” service becomes essential to your “rate lock” strategy. I’ll tell you via regular e-mail and/or mobile “text messaging” when current rates are about to go up, and if you act quickly, you may be able to reach your local mortgage originator by phone to lock your rate +before+ the mortgage company becomes aware of what’s going on, and changes its rates. The cost of my service is less than one dollar a day.

As mentioned, first-time claims for weekly state unemployment benefits remained in the 470,000 area, when economists had “expected” a drop to 450,000.

On Friday, we-will-see the first estimate of 4th Quarter Gross Domestic Product, for the three-month period, which ended on December 31st. The “guess” is that growth “more than doubled” from the third quarter of last year.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here on Friday morning for my next *free* mortgage rate update.

Mortgage market and interest rate commentary for Thursday January 28, 2010

Mortgage market and interest rate commentary from Bruce Brown, CMPS with Pulaski Bank Home Lending and radio host of Dollars and Homes on KCMO Talk Radio 710 in Kansas City.

Thursday 8AM 01/28/10 Today’s Current Mortgage Rates Update News

I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates reversed direction and header higher again on Wednesday, after the Federal Reserve said it truly “will” stop purchasing mortgage-backed securities at the end of March. The Fed has been purchasing about 80 percent of “all” the new fixed-rate mortgages coming to market, to keep “home loan rates” low. Many Wall Street traders believe the task of buying most of the loans will be given to Fannie Mae, Freddie Mac and the FHA, when the Spring buying season commences.

The national-average 30-year fixed-rate mortgage is now at four-and-seven-eighths percent with one and seven-eighths points, “up” a quarter of a point from Tuesday, for an extra cost of $250 on a one-hundred thousand dollar loan..

The five-and-one-eighth percent rate rose an eighth of a point to “half” of one point.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average 15-year fixed-rate mortgage was “UP” as well, with the four-and-a-quarter percent rate now at one-and-five-eighths points, up an eighth of a point from Tuesday. The four-and-a-half percent rate “rose” to a “quarter” of one point.

In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have “an Early Warning” system with immediate news on changes in current rates & points +before+ they occur throughout every business day. That’s where my “Rate Alert Now” service becomes essential to your “rate lock” strategy. I’ll tell you via regular e-mail and/or mobile “text messaging” when current rates are about to go up, and if you act quickly, you may be able to reach your local mortgage originator by phone to lock your rate +before+ the mortgage company becomes aware of what’s going on, and changes its rates. The cost of my service is less than one dollar a day.

New home sales fell 7.6 percent last month, to an “annualized” pace of only 342,000 units. This “was” down substantially, from an “upwardly” revised result, for the month of November.

Today, we-will-see first-time claims for weekly state unemployment benefits. A “decline” to the 450,000 mark, is expected.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here later today for my next *free* mortgage rate update.

One of the greatest symbols of the financial sustainability of their own home. Any person who shall, in any case, in order to have the courage, hard work and determination, the key to financial prosperity. Again and again called on a house now more mortgage financing home purchases. In general, includes a mortgage that you have given a monthly payment over a long period, often called the constant term of more than 10 to 30 years.

Once you get Home Mortgage, he frequently refers to the four variables, especially the principal amount of debt you’re interested in the scales, home insurance, in addition to various taxes. There are two types of mortgages, fixed rate, where your monthly payment remains the same, and the variable interest rate in monthly fees that vary depending on the money market. In addition to several others, your mortgage, as well as ordinary, not conventional, interest only, reverse mortgages and equity loans.

There are only three steps that need to apply for a mortgage loan.

First, you just have to fill out an application and schedule an appointment with your lender. They still, all evidence of your identity, financial and credit situation. They usually pay about $ 150 to $ 250. The next step is to wait for your lender take possession of your credit information for you and check on your demand and economic conditions. After these two steps, the next step is whether to be approved or not. Sentence your lender will depend largely on your credit, provide your credit ratings and safety evaluation. You can expedite the application process completed the first test of whether you are eligible for such loans. If you feel that you meet all your requirements and formalities, in advance, you are ready to give your lender at any time in need. He is also a good idea to trace the evolution of demand from time to time, as they are known in all cases for consideration.

One man, a reliable source of income and has an excellent economic situation could also be considered for bail. People who have bad credit may also meet the requirements, often at the expense of increasing the interest rate. In addition, you can achieve faster economic stability to the housing loans of several possible options. Can they, for example, make a big contribution to reduce the interest rate and make it easier to get approved for a mortgage.

The key to the success of your home mortgage plan too far ahead.

Buying a home is indeed a very important decision, and planning what should be done. You must begin aggressively to keep as much money as you can wait for years before you plan your purchase of the largest of the house. Get what you can sell your investments and assets to help if necessary, use your pension funds and personal savings, which are good resources for the transport you want. In addition, you can contribute to a good mortgage broker in person or online application you can with the best offer leadership.