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[ad_1] Now could be one of the best times to refinance your mortgage over the next ten or twenty years. Mortgage rates are nearing record lows thanks to “declining inflationary pressures,” according to Freddie Mac’s chief economist Sam Khater. At the same time housing prices are not suffering like other parts of the economy right now, mostly due to demand. These factors have created a situation where you can potentially refinance your home using its new, higher value and get cash out in the process. You can also refinance to save money on interest, move into a lower monthly payment, or both. Should you refinance the mortgage on your home? The answer depends on an array of factors as well as whether you have the time and energy to devote to the process. But if you do decide to refinance your home, you should also keep in mind that the steps you take now could leave you in a better position later on. What You Need to Know About Refinancing Right Now As of July 2020, mortgage rates for a 30-year home loan can be as low as 2.75% APR. This makes refinancing your mortgage an attractive proposition if your current interest rate is at least half a percentage point higher than that. Approval requirements for a mortgage can vary from lender to lender, but an array of sources seem to indicate that lenders are making it slightly more difficult to qualify. This can mean tightened credit requirements and more money down. For example, Chase now requires 20% down and a credit score of at least 700 to qualify for one of their mortgage loans, per a news release from HousingWire. While requirements may be somewhat tighter overall, technology has made it easier than ever to shop around for a mortgage. You can compare quotes online and complete the entire refinancing process from the comfort of your home. Some mortgage refinance companies will even send a representative to close your home loan in person. Steps to Take Before You Refinance Your Mortgage If you believe you may be eligible to refinance your mortgage right now, there are steps you can take to prepare your finances and make sure you can qualify for the best rates and terms. Here’s everything you need to do before you move forward and apply. Step 1: Check your credit score. With many lenders tightening their credit requirements for mortgage refinancing, having an idea of your credit score can help you prepare. You may find your score is better than you think, or you may find that it needs some work. Either way, you’ll never know unless you check. If you don’t have a credit card that offers a free credit score on your monthly statement, you can sign up for a free account with Credit Karma or Credit Sesame to see where you stand. Both require some basic personal information to get started, but you’ll get access to at least one version of your credit score as well as credit-tracking tools. Step 2: Get your finances in order. When you apply for a new mortgage or a refinance, several aspects of your personal situation are considered. For the most part, this includes your credit score, your history of employment, your income, your down payment amount, and the amount of debt you have in relation to your income. Saving up a considerable down payment may not matter as much for a refinance, but you may be able to qualify for better mortgage rates and terms if you keep your credit in great shape and keep your debt-to-income ratio on the lower end. Generally speaking, lenders prefer to approve borrowers with a debt-to-income ratio of 43 percent or below, meaning your monthly debt payments make up less than 43 percent of your gross monthly income. If you earn $10,000 per month, for example, your monthly debt obligations would be less than $4,300 each month if you hoped to meet this standard. Step 3: Compare mortgage rates. The mortgage refinancing business is highly competitive, but that doesn’t mean all lenders can offer the best rates to every consumer. Your best bet is shopping around among several different lenders to see which one might offer you the lowest rate based on your credit profile, your income, and where you live. Step 4: Choose a lender and start the process. Once you’ve found a lender who appears to offer the best rates and terms based on your situation, you can move forward with them by filling out a full loan application. However, you may want to spend time comparing estimates from more than one lender, and potentially getting a Loan Estimate from each. This simple document includes the loan terms, how much you’ll owe each month, and the estimated closing costs you’ll be expected to pay to refinance. Getting a Loan Estimate from multiple lenders is the best way to shop around and make sure you’re not overpaying for fees or settling for a new loan with inferior terms. Once you decide to move forward with a lender, you’ll want to lock your interest rate so you are no longer at the mercy of the market. The goal at that point will be closing your loan before your locked rate expires, which should be doable since mortgage mortgage refinance loans take 30 to 45 days to complete. Once you fill out a loan application, you’ll typically need to supply your lender with information required for your home loan. This usually includes two years of tax returns, at least one month of pay stubs, further proof employment or an explanation for any employment gaps, 60 days of bank statements, and proof of any other income you have. Step 5: Prepare your home for the appraisal. Part of the refinance process involves getting an appraisal for your home. After all, you need to be able to prove how much your property is worth before a lender will let you trade out

[ad_1] A Quick Foreword: Although the world is still in Pandemic mode, we are shifting gears back to personal finance mode here at MMM. Partly because we could all use a distraction right now, and even more important because forced time off like this is the ideal time to re-invest in optimizing parts of your life such as your fitness, food and finances. Canadian Readers – we have also collected some recommendations for you at a new Canadian Mobile Phone recommendations page. — Every now and then, I learn to my horror that some people are still paying preposterous amounts for mobile phone service, so I write another article about it. If we are lucky, a solid number of people make the switch and enjoy increased prosperity, but everyone who didn’t happen to read that article goes on paying and paying, and I see it in the case studies that people email me when looking for advice. Lines like this in their budget: mobile phone service (2 people): $160 “NO!!!!”… is all I can say, when I see such unnecessary expenditure. These days, a great nationwide phone service plan costs between and $10-40 per month, depending on how many frills you need. Why is this a big deal? Just because of this simple fact: Cutting $100 per month from your budget becomes a $17,000 boost to your wealth every ten years. And today’s $10-40 phone plans are just great. Anything more than that is just a plain old ripoff, end of story. Just as any phone more expensive than $200* (yes, that includes all new iPhones), is probably a waste of money too. So today, we are going to take the next step: assigning a permanent inner-circle Mustachian expert to monitor the ever-improving cell phone market, and dispense the latest advice as appropriate. And I happen to know just the guy: Christian Smith, along with colleagues at GiveWell in San Francisco, circa 2016 My first contact with Chris was in 2016 when he was working with GiveWell, a super-efficient charitable organization that often tops the list for people looking to maximize the impact of their giving. But much to my surprise, he showed up in my own HQ coworking space in 2018, and I noticed he was a bit of a mobile phone research addict. He had started an intriguing website called Coverage Critic, and started methodically reviewing every phone plan (and even many handsets) he could get his hands on, and I liked the thorough and open way in which he did it. This was ideal for me, because frankly I don’t have time to keep pace with ongoing changes in the marketplace. I may be an expert on construction and energy consumption, but I defer to my friend Ben when I have questions about fixing cars, Brandon when I need advice on credit cards, HQ member Dr. D for insider perspectives on the life of a doctor and the medical industry, and now Chris can take on the mobile phone world. So we decided to team up: Chris will maintain his own list of the best cheap mobile phone plans on a new Coverage Critic page here on MMM. He gets the benefit of more people enjoying his work, and I get the benefit of more useful information on my site. And if it goes well, it will generate savings for you and eventual referral income for us (more on that at the bottom of this article). So to complete this introduction, I will hand the keyboard over to the man himself. Meet The Coverage Critic Chris, engaged in some recent Coverage Criticicism at MMM-HQ I started my professional life working on cost-effectiveness models for the charity evaluator GiveWell. (The organization is awesome; see MMM’s earlier post.) When I was ready for a career change, I figured I’d like to combine my analytical nature with my knack for cutting through bullshit. That quickly led me to the cell phone industry. So about a year ago, I created a site called Coverage Critic in the hopes of meeting a need that was being overlooked: detailed mobile phone service reviews, without the common problem of bias due to undisclosed financial arrangements between the phone company and the reviewer. What’s the Problem with the Cell Phone Industry? Somehow, every mobile phone network in the U.S. claims to offer the best service. And each network can back up its claims by referencing third-party evaluations.  How is that possible? Bad financial incentives. Each network wants to claim it is great. Network operators are willing to pay to license reviewers’ “awards”. Consequently, money-hungry reviewers give awards to undeserving, mediocre networks. On top of this, many phone companies have whipped up combinations of confusing plans, convoluted prices, and misleading claims. Just a few examples: Coverage maps continue to be wildly inaccurate. Many carriers offer “unlimited” plans that have limits. All of the major U.S. network operators are overhyping next-generation, 5G technologies. AT&T has even started tricking its subscribers by renaming some of its 4G service “5GE.” However, with enough research and shoveling, I believe it becomes clear which phone companies and plans offer the best bang for the buck.  So going forward, MMM and I will be collaborating to share recommended phone plans right here on his website, and adding an automated plan finder tool soon afterwards. I think you’ll find that there are a lot of great, budget-friendly options on the market. A Few Quick Examples: Mint Mobile: unlimited minutes, unlimited texts, and 8GB of data for as low as $20 per month (runs over T-Mobile’s network). T-Mobile Connect: unlimited minutes and texts with 2GB of data for $15 per month. Xfinity Mobile: 5 lines with unlimited minutes, unlimited texts, and 10GB of shared data over Verizon’s network for about $12 per line each month (heads up: only Xfinity Internet customers are eligible, and the bring-your-own-device program is somewhat restrictive). Cricket Wireless: 4 lines in a combined family plan with unlimited calling, unlimited

[ad_1] This post may contain affiliate links. Read my disclosure policy here. If you have a child interested in woodworking, don’t miss this discount on the brand new Young Woodworkers Kit Club Box! (And if you’re looking for more kids subscription boxes, be sure to check out Annie’s Creative Girls Club, KiwiCo, and more!) Have a child interested in woodworking or crafts? Ever since we posted about the Creative Girls Club Kit, SO many of you have asked if they might come out with a craft kit for boys. Well, great news — Annie’s now has a brand new woodworking kit that boys OR girls can enjoy! Yay!! If you have a child interested in woodworking or you’re looking for a craft kit that’s not specifically tailored to girls, this kit is for you! The Young Woodworkers Kit Club is a woodworking craft kit series designed for children from 7-12 years of age. These kits introduce a wide variety of woodworking skills including learning to use small screws and nails, becoming practiced in using sandpaper to round off edges, handling a hammer, learning the importance of making careful measurements, and so much more! Kids will make a variety of crafts and toys they can enjoy immediately, and have fun learning as they go! Get 75% off your first Young Woodworkers Kit Club Box! If you want to try this woodworking craft box, you can currently get an exclusive 75% off when you use coupon code SHARE75 at checkout. With this discount, you’ll pay just $4.99 + shipping for your first craft kit — so $10.94 shipped total. These woodworking craft boxes are regularly $25.94 shipped, so this is a great opportunity to try a box at a much lower price! {Note: After your first discounted box, you’ll be charged at the regular monthly price each month after that. But it’s really easy to pause or cancel your membership at any time after receiving your first box. Simply log in to your account and follow the instructions to cancel.} Go here to use code SHARE75 and get your first woodworking craft kit for $4.99 + shipping! [ad_2] Source link

[ad_1] This post may contain affiliate links. Read my disclosure policy here. If you love free magazine subscriptions, don’t miss this HOT freebie deal! Yay!! This deal has finally returned! Get a free one-year subscription to Real Simple magazine right now. Here’s how: Sign up for RewardSurvey. Take a quick survey to get $30 in Reward Points. Redeem your points for a free magazine subscription of your choice — with Real Simple being one of the choices! Skip any additional offers that pop up by clicking the “x” in the corner of the pop-up! You won’t have to give any credit card information and it will be completely FREE. (Psst! Real Simple only costs $10 in Reward Points, so you’ll have an extra $20 to spend if you see another magazine title you’d like to grab for free!) This is a super popular magazine that we rarely see a deal on, and almost never for FREE! Valid while supplies last. Note: This is for new subscribers to Real Simple magazine, only. [ad_2] Source link

[ad_1] Softbank and Toyota are partnering on an effort to use autonomous vehicles and other technologies to change the world of transportation. [ad_2] Source link

[ad_1] Asia's factory pain eases as China's activity jumps [ad_2] Source link

[ad_1] SpaceX splashdown replay: See NASA astronauts safely return to Earth  CNET NASA astronauts splash down in SpaceX capsule as historic mission returns to Earth  Fox News Here’s the biggest news you missed this weekend  USA TODAY SpaceX Crew Dragon astronauts return to Earth  CNN From Space to the Gulf of Mexico: Watch SpaceX’s capsule make a historic splashdown  Washington Post View Full Coverage on Google News [ad_2]

[ad_1] SpaceX splashdown replay: See NASA astronauts safely return to Earth  CNET NASA astronauts splash down in SpaceX capsule as historic mission returns to Earth  Fox News Here’s the biggest news you missed this weekend  USA TODAY SpaceX Crew Dragon astronauts return to Earth  CNN From Space to the Gulf of Mexico: Watch SpaceX’s capsule make a historic splashdown  Washington Post View Full Coverage on Google News [ad_2]

[ad_1] SpaceX splashdown replay: See NASA astronauts safely return to Earth  CNET NASA astronauts splash down in SpaceX capsule as historic mission returns to Earth  Fox News Here’s the biggest news you missed this weekend  USA TODAY SpaceX Crew Dragon astronauts return to Earth  CNN From Space to the Gulf of Mexico: Watch SpaceX’s capsule make a historic splashdown  Washington Post View Full Coverage on Google News [ad_2]

[ad_1] While Amit Shah tested for Covid-19 on Sunday, Madhya Pradesh Chief Minister Shivraj Singh Chouhan contracted the virus last week. [ad_2] Source link