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 2017-02-15
DOWNLOAD ISSUE
About WCMG Publications News Index  Entertainment Features Bars & Clubs Calendar Videos Advertisers OUT! Guide    Marriage

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

HRC releases buying guide 2017-02-15 - To help direct consumers to companies that value LGBTQ inclusion in their workplaces, the Human Rights Campaign ( HRC ) Foundation has released ...


Gay News

United Working Families endorses Berwyn United slate in 2017 primary elections 2017-02-14 - BERWYN - United Working Families, an independent political organization powered by progressive labor and community organizations, today announced its endorsement of Berwyn United ...


Gay News

World premieres in Joffrey Academy's Winning Works free weekend 2017-02-14 - CHICAGO — February 14, 2017 The Joffrey Academy of Dance, Official School of The Joffrey Ballet in collaboration with Chicago Public Library present ...


Gay News

NUNN ON ONE: MUSIC Colin Hay on Men at Work, Sia, Fierce Mercy album 2017-02-14 - By selling more than 30 millions records worldwide, Men at Work left a mark on the music scene. Songs such as "Down Under," ...


Gay News

Lambda Legal, EEOC win settlement for healthcare worker fired for being HIV+ 2017-02-09 - ( Austin, TX, February 9, 2017 ) — Yesterday, a federal judge in Texas approved a settlement secured by Lambda Legal and the ...


Gay News

Male sex workers face challenges obtaining healthcare 2017-02-08 - Chicago researchers seek funding and partners to provide better outcomes for an overlooked population Sex is a way of making a ...


Gay News

Tangible Things immerses visitors in African culture 2017-02-06 - To stop at the unassuming storefront and walk through the doors of Tangible Things is to immediately allow all the senses to become ...


Gay News

LGBTs included in EEOC report 2017-02-01 - The U.S. Equal Employment Opportunity Commission ( EEOC ) released detailed breakdowns for the 91,503 charges of workplace discrimination the agency received in ...


Gay News

Project&'s "Working in America," extends run at Chicago Public Library 2017-01-30 - CHICAGO—January 30, 2017—Due to extraordinary popularity, Project& today announced that its multimedia art exhibit, "Working in America," will extend its five-month run and ...


Gay News

CPD investigating death of Steamworks customer 2017-01-25 - Police are investigating after a man was found unresponsive in the jacuzzi area of Steamworks, 3246 N. Halsted St., the night of Jan. ...


 



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

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.