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 2018-03-21
About WCMG Publications News Index  Entertainment Features Bars & Clubs Calendar Videos Advertisers OUT! Guide    Marriage



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

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;; or

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.


Gay News

Cheyenne Jackson to be at workshop benefit 2018-03-16 - On Sunday, March 18, Chicago Theatre Workshop will hold its spring benefit on the Main stage at Victory Gardens Theater, 2433 N. Lincoln ...

Gay News

Point Foundation hosts networking event at Salero 2018-03-12 - Approximately 80 people attended Point's 2018 Chicago Cornerstone Society Reception at Salero restaurant on March 8. Point board members Alexia Ward and ...

Gay News

Lakeview East chamber holds annual meeting, awards ceremony 2018-03-05 - A packed house of Lakeview East Chamber of Commerce members and other luminaries gathered for the organization's annual meeting and awards ceremony Feb. ...

Gay News

LGBTQ working people lose if Supreme Court guts unions in Janus v. AFSCME 2018-03-01 - Washington-DC: LGBTQ advocates call out the dangerous threat to LGBTQ working people that the Janus v. AFSCME Supreme Court case represents. On ...

Gay News

2nd Federal Appeals Court Rules LGBT Workers Protected Against Employment Discrimination 2018-02-26 - On Feb. 26, a U.S. appeals court in New York City ruled that a federal law banning sex discrimination in the workplace—Title VII ...

Gay News

Tony Award-winner Laura Benanti headlines Chicago Theatre Workshop benefit 2018-02-25 - Join Chicago Theatre Workshop on March 18 for its Spring benefit headlined by Broadway Tony Award-winner, Laura Benanti. The benefit will include two ...

Gay News

LGBT Chamber of Commerce hosts Black LGBT biz event 2018-02-24 - The LGBT Chamber of Commerce of Illinois hosted a celebration of Chicago's Black LGBT business advocates and owners Feb. 22 at the Currency ...

Gay News

Civil, Human Rights Coalition urges Labor Dept. to let workers to keep tips 2018-02-06 - WASHINGTON — Today, The Leadership Conference on Civil and Human Rights submitted comments to the Department of Labor ( DOL ) in response ...

Gay News

Dining Out for Life April 26 to benefit Test Positive Aware Network 2018-02-05 - "Chicago's restaurants are in large part the cornerstone of our community—going above and beyond in giving back to their local neighborhoods each and ...

Gay News

HRC first-Of-its-kind survey of LGBTQ need for paid family, medical leave 2018-02-05 - WASHINGTON — Today, the Human Rights Campaign Foundation, the educational arm of the nation's largest LGBTQ civil rights organization, released a report detailing ...


Copyright © 2018 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.








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.