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Mortgage Refinancing Help: Federal Reserve System
“Lenders like pristine credit reports. If you have a bunch of open credit card accounts that you never use (and who doesn't?), consider closing them. It will boost your credit score and make you a much more attractive borrower to a lender. Then, a month after you've closed your accounts, go over your credit report with a fine-tooth comb. It should read that the accounts were closed at your request. (You don't want lenders to think someone cut you off and that you're a bad credit risk.)
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Mortgage Refinancing Help
: Science: Social Sciences: Economics: Publications
: Federal Reserve System (10)
 Refinancing may not be that useful if you have already used up 90% or more of your home value in taking out a mortgage or any home equity loan. You won't be able to get the best rates available in the market as when you refinance a 90% LTV loan, you will probably require a loan of that value or higher. This will be quite closer to being a 100% financing option and hence mortgage refinance rates will be comparatively higher. Moreover, 100% loans are hardly available in times of mortgage market crisis.
 See also:
 Chicago Federal Reserve - Economic Perspectives »
Economic Perspectives
- A quarterly journal reporting on the Bank's research in the financial and international sectors. Index and articles as pdf-files.
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 San Francisco Federal Reserve - Economic Review »
Economic Review
- Index and articles as pdf-files.
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 Federal Reserve Bank of Boston: Research Review »
A journal examining economic and public policy issues on regional, national, and international topics.
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 Minneapolis Federal Reserve - Quarterly Review »
Quarterly Review
- An academic journal that presents economic research aimed at improving policymaking by the Federal Reserve System and other governmental authorities. Index, abstracts and papers as pdf-files.
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 Federal Reserve Bulletin »
A monthly journal published by the Federal Reserve Board containing reports and analysis of economic developments, regulatory issues, and new data. Index, abstracts and papers as pdf-files.
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 Kansas City Federal Reserve - Economic Review »
Economic Review
- Quarterly journal with articles about business, finance, agriculture, and related policy topics. Index, abstracts and articles as pdf-files.
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 San Francisco Federal Reserve - Economic Letter »
Economic Letter
- Provides short essays on current topics covering local, national, and international economic issues.
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 Philadelphia Federal Reserve - Business Review »
Business Review
- a bimonthly journal featuring college-level discussion of current economic issues. Abstracts and papers as pdf-files.
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 Minneapolis Federal Reserve - The Region »
The Region
- a quarterly magazine exploring banking and economic policy issues that relate to Federal Reserve activities. Regular features include interviews with noted economists or central bankers. Index and articles.
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 Federal Reserve Bank of St Louis Review »
Discussions of national and international central banking, policymaking, and monetary issues.
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 Many financial advisers caution against cash-out refinancing to pay down unsecured debt (such as credit cards) or short-term secured debt (such as car loans). You may want to talk with a trusted financial adviser before you choose cash-out refinancing as a debt-consolidation plan.
Calculate the financial benefit of refinancing in one, two, or three years. Does the benefit compare with your plans for staying in your home?
Be Inquisitive. It's your responsibility to make sure that you understand the terms of your loan. Ask questions and listen carefully to the answers. Don't sign your loan documents until you are satisfied with the information and confident that you have made the right decision.
When lenders offer a "no-cost" loan, they may include a prepayment penalty to discourage you from refinancing within the first few years of the loan. Ask the lender offering a no-cost loan to explain all the fees and penalties before you agree to these terms.
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