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The 7 mistakes I made when refinancing my mortgage
UNITED STATES, JUL 12 – Linda Bell highlights errors like ignoring APR and home equity, noting that over 5 million U.S. properties remained underwater a decade after the 2008 housing crisis, per ATTOM Data Solutions.
- In 2009, Linda Bell, writer for Bankrate.com, refinanced her U.S. mortgage, feeling confident she was making the right move, as she states.
- Having exceptional credit, Linda Bell and her husband sought a rate cut, leading them to focus narrowly on the 1.25% rate drop, though they overlooked other costs.
- Data from ATTOM Data Solutions shows more than 5 million homes underwater, highlighting equity risks in 2019.
- Resetting the mortgage to 30 years, resulting in increased long-term interest costs despite a lower rate.
- Today, she recommends using a refinance calculator, using it to factor total interest and closing costs, as Linda Bell advises.
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The Baltimore Sun+24 Reposted by 24 other sources
The 7 mistakes I made when refinancing my mortgage
By Linda Bell, Bankrate.com When my husband and I refinanced our mortgage in 2009, we felt confident we were making the right move. Since both of us had exceptional credit, we knew we could reduce our mortgage rate by one percentage point or more, as is considered de rigueur when refinancing. A no-brainer, right? In retrospect, I wonder. We should have considered other factors beyond the rate, ranging from the overall cost of refinancing to its …
·Baltimore, United States
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Total News Sources25
Leaning Left3Leaning Right3Center13Last UpdatedBias Distribution68% Center
Bias Distribution
- 68% of the sources are Center
68% Center
L 16%
C 68%
R 16%
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