Windy City Media Group Frontpage News
Celebrating 30 Years of Gay Lesbian Bisexual and Trans News
home search facebook twitter join
Gay News Sponsor Windy City Times 2017-04-26
DOWNLOAD ISSUE
About WCMG Publications News Index  Entertainment Features Bars & Clubs Calendar Videos Advertisers OUT! Guide    Marriage

Sponsor
Sponsor
Sponsor

  WINDY CITY TIMES

Refinancing and low mortgage rates
Special to the online edition of Windy City Times
by Broadridge Investor Communication Solutions, Inc. Copyright 2012
2012-02-28

facebook twitter google +1 reddit email


Historically, low mortgage interest rates have prompted many homeowners to think seriously about refinancing, but there's a lot you need to consider before filling out a loan application.

Start by determining why you want to refinance. Is it primarily to reduce your monthly payments? Do you want to shorten your loan term so that you can save interest and possibly pay off your mortgage earlier? Are you interested in refinancing from one type of mortgage to another ( e.g., from an adjustable rate mortgage to a fixed-rate mortgage ) ? Establishing a goal will help you determine if refinancing makes sense for you and which type of loan will best suit your needs.

Keep in mind that the low mortgage rates that are advertised aren't available to everyone. To get the best rate, you'll need to meet the lender's criteria. For example, you generally need to have an excellent credit score, stable income, and substantial equity in your home—e.g., 20 percent or more.

The type and length of the loan will also affect the rate you receive—in general, the shorter the loan term, the lower the rate. Advertised mortgage rates sometimes also include points that you'll have to pay to obtain the lower rate—each point is equal to 1 percent of the mortgage amount. Because so much can affect the rate you receive, it's important to shop around and compare interest rates, loan terms, and costs to make sure you're getting the best deal.

Finally, you'll need to consider refinancing costs as well as the new interest rate you'll receive. Refinancing costs may include points, closing costs, and private mortgage insurance premiums ( if any ) that you'll have to pay when you take out the new loan. Will you be able to recoup these costs while you still own the home? To calculate this, divide your total refinancing costs by the monthly mortgage payment savings you'll realize by refinancing. The result indicates how many months you'll need to stay in the home to recoup your costs. If you don't plan to remain in your home long enough to recoup your costs, then refinancing may not be worthwhile, no matter how low your new interest rate is.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2012

If you have any questions about this article or need help with your financial goals, please contact Phillip Sitar, a financial advisor for Ameriprise Financial Services, Inc., 33 N. Dearborn St., Suite 1400; 312-346-1000; cell: 773-791-4508; Phillip.j.sitar@ampf.com; or www.ameripriseadvisors.com/phillip.j.sitar.


facebook twitter google +1 reddit email




Windy City Media Group does not approve or necessarily agree with the views posted below.
Please do not post letters to the editor here. Please also be civil in your dialogue.
If you need to be mean, just know that the longer you stay on this page, the more you help us.


  ARTICLES YOU MIGHT LIKE

Gay News

May 1 Workers' Day actions in Chicago 2017-04-26 - May 1—International Workers' Day—will be a national day of action with large marches expected around the country. In Chicago, a coalition of organizations ...


Gay News

TransWorks Program publishes open letter to LGBTQ-friendly businesses 2017-04-18 - Chicago, IL, April 17, 2017 — Chicago House's TransWorks Program sent an open letter to over 40 businesses that are located in Chicago ...


Gay News

Gestalt Series, Inner Workings of Secrets solo exhibit by Sandra Antongiorgi 2017-04-12 - CHICAGO, IL ( April 3, 2017 ) "Gestalt Series:The Inner Workings of Secrets", a solo exhibition by Chicago-based Puerto Rican Artist Sandra Antongiorgi, ...


Gay News

VIEWS Emmett Till work raises concerns of appropriation 2017-04-05 - When artist Dana Schutz presented "Open Casket"—an abstract painting of the open casket of Emmett Till, the 14-year-old African-American from Chicago who was ...


Gay News

BUSINESS Autobarn Fiat of Evanston aims to be all-inclusive 2017-04-05 - Grayson Petty's no stranger to cars and their drivers: He serviced Toyotas and Hyundais for years. But until he became the service manager ...


Gay News

Landmark Federal Court Decision Extends Workplace Protections to Lesbian, Gay People 2017-04-04 - ( Chicago, IL, April 4, 2017 ) —In a groundbreaking, 8-3 decision, the full Seventh Circuit Court of Appeals has ruled that workplace ...


Gay News

May 1 Workers' Day actions in Chicago 2017-03-31 - May 1st, International Workers' Day, will be a national day of action with large marches expected around the country. In Chicago, a coalition ...


Gay News

On anniversary of King assassination rally planned for $15, Black Lives, Fair Economy 2017-03-30 - CHICAGO—On the anniversary of Dr. Martin Luther King Jr.'s assassination, hundreds with the Fight for $15, Black Lives Matter Chicago, and Fair Economy ...


Gay News

Chicago House offering free career counseling 2017-03-29 - Chicago House & Social Services Agency has announced that it is offering free career counseling to all LGBTQ adults. The organization's employment-services program ...


Gay News

LGBTQ business expo on March 31 2017-03-29 - An LGBTQ business expo and a nighttime event called an "Executive Realness Ball" will take place Friday, March 31, 10 a.m.-8 p.m., at ...


 



Copyright © 2017 Windy City Media Group. All rights reserved.
Reprint by permission only. PDFs for back issues are downloadable from
our online archives. Single copies of back issues in print form are
available for $4 per issue, older than one month for $6 if available,
by check to the mailing address listed below.

Return postage must accompany all manuscripts, drawings, and
photographs submitted if they are to be returned, and no
responsibility may be assumed for unsolicited materials.
All rights to letters, art and photos sent to Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago
Gay and Lesbian News and Feature Publication) will be treated
as unconditionally assigned for publication purposes and as such,
subject to editing and comment. The opinions expressed by the
columnists, cartoonists, letter writers, and commentators are
their own and do not necessarily reflect the position of Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago Gay,
Lesbian, Bisexual and Transegender News and Feature Publication).

The appearance of a name, image or photo of a person or group in
Nightspots (Chicago GLBT Nightlife News) and Windy City Times
(a Chicago Gay, Lesbian, Bisexual and Transgender News and Feature
Publication) does not indicate the sexual orientation of such
individuals or groups. While we encourage readers to support the
advertisers who make this newspaper possible, Nightspots (Chicago
GLBT Nightlife News) and Windy City Times (a Chicago Gay, Lesbian
News and Feature Publication) cannot accept responsibility for
any advertising claims or promotions.

 

 

 

TRENDINGBREAKINGPHOTOS

Sponsor
Sponsor
Sponsor
Sponsor


 


Sponsor

Sponsor

About WCMG Publications News Index  Entertainment Features Bars & Clubs Calendar Videos Advertisers OUT! Guide    Marriage


About WCMG      Contact Us      Online Front  Page      Windy City  Times      Nightspots      OUT! Guide     
Identity      BLACKlines      En La Vida      Archives      Subscriptions      Distribution      Windy City Queercast     
Queercast Archives      Advertising  Rates      Deadlines      Advanced Search     
Press  Releases      Event Photos      Join WCMG  Email List      Email Blast     
Upcoming Events      Todays Events      Ongoing Events      Post an Event      Bar Guide      Community Groups      In Memoriam      Outguide Categories      Outguide Advertisers      Search Outguide      Travel      Dining Out      Blogs      Spotlight  Video     
Classifieds      Real Estate      Place a  Classified     

Windy City Media Group produces Windy City Queercast, & publishes Windy City Times,
The Weekly Voice of the Gay, Lesbian, Bisexual and Trans Community,
Nightspots, Out! Resource Guide, and Identity.
5315 N. Clark St. #192, Chicago, IL 60640-2113 • PH (773) 871-7610 • FAX (773) 871-7609.