|
Mortgage Refinancing Help: Labor Economics
“The majority of your mortgage payment goes toward paying interest. To save an astounding amount of money over the long term, choose a mortgage loan with a lower rate and a shorter payback term. A 15-year mortgage may be just what the financial planner ordered. This type of loan carries a larger monthly payment; but if your budget can withstand the jolt, you can save big bucks over the long haul.
”
|
| |
Mortgage Refinancing Help
: Science: Social Sciences: Economics
: Labor Economics (35)
 For both new buyers and refinancers, it's important to understand what a no-cost mortgage loan or a no-cost refinance loan really means. "No cost" does not mean that closing costs (also known as settlement costs) have been erased. It means that the closing costs will be factored into the interest rate associated with the loan. Of course, this also means that, all other things being equal, the interest rate associated with a no-cost mortgage will always be higher than one where the borrower pays the closing costs up front.
 See also:
 Workers Compensation Research Institute »
An independent, not-for-profit research organization providing objective information about public policy issues involving workers' compensation systems.
|
 European Association of Labour Economists »
Newsletter, and membership and conference information.
|
 International Labour Organization »
The UN specialized agency which seeks the promotion of social justice and internationally recognized human and labour rights.
|
 The Society of Labor Economists »
A labor economics bulletin board. Includes membership information and annual meetings.
|
 Losing Work, Moving On: Worker Displacement in International Perspective »
A collection of papers edited by Peter Kuhn
|
 Introduction to Labor Economics »
The theory of labor supply and demand from a neoclassical economics perspective.
|
 How the United States Government Measures Unemployment »
Bureau of Labor Statistics report explains methodology, definitions, and seasonal fluctuations.
|
 Inequality.org »
News, information and expertise on the divide in income, wealth and health.
|
 The labour market - interactive Java applet »
interactive Java applet
- Features an interactive Java applet with a guided exercise. Designed to familiarize undergraduate students with labor demand, labor supply and unemployment.
|
 Entropy and Inequality »
A comparison of different measures of income and wealth inequality, with a focus on entropy measures. Shows changes in the global disparity of income using these measures.
|
 Labor and Employment Relations Association (LERA) »
Publications, news, meetings, links, and membership information for practitioners and researches in labor and employment relations.
|
 Bureau of Labor Statistics »
Principal fact-finding agency for the Federal Government in the broad field of labor economics and statistics. Collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress, other Federal agencies, State and local governments, business, and labor.
|
 European Public Employment Service Monitor »
Provides a database of public employment service reforms, targets and strategy and performance measurements.
|
 WebEc Labor and Demographics Resources »
Links of interest to labor economists
|
 Labour Economics Gateway »
Links to research centers, economists, journals, documents, and data sources.
|
 The Low-Wage Labor Market »
A volume of papers prepared at the Urban Institute in 1999.
|
 Labor and Employment Statistical Resources on the Web »
A directory of mainly U.S. statistical resources.
|
 Labor Institutes and Research Centers in the World »
A directory maintained by Christian Zimmermann.
|
|
|
 Resist "no cost" refinancing. No cost doesn't mean free. On the contrary: The closing costs are usually bundled into the new mortgage, which means you pay interest on them. The fees associated with a 30-year mortgage could cost you more than double what they would have had you simply written a check for them at closing. Or, if the costs aren't bundled in, you'll be charged a slightly higher interest rate. Either way, the lender wins.
Stick with a simple loan. It is easier to understand and less likely to get you into trouble. Adjustable-rate mortgages may seem like a way to get a bigger house now or to keep more money now, but when the rates adjust you can get into trouble. Avoid anything with a balloon payment. Just choose a simple 30-year mortgage you can easily afford.
There is a refinancing myth that says you should not refinance your mortgage unless your interest rate will be at least two points less. This myth is not necessarily true if there are other benefits to the refinance or other reasons behind it.
There is no such limit on the number of times you can go for home refinance loans. Most lenders prefer that you have no late payment for the past 12 months before you switch over to a new loan.
|
|