• Click Here to Subscribe to Email updates

  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
  • RSS Colonial Williamsburg News

    • Welcome to the Reconstruction of the Market House
      This week we introduce a new blog that will follow all major reconstruction projects at Colonial Williamsburg. Our first project is the reconstruction of Williamsburg’s 18th-century Market House. Local readers will have noticed a recent flurry of activity on Market Square. Just to the east of the Magazine the site has been readied, and at various trades loca […]
    • Changing Seasons
      Monday marked an important day in our archaeological calendar. On Friday, final samples were collected from the Wren Yard Site, and on Monday morning Colonial Williamsburg’s archaeologists arrived at their offices, cleanly attired and ready to begin a new “season” of work. Archaeologists are sometimes mistakenly accused of having active and inactive times of […]
    • The Early Music Festival: Examining Colonial Passion for Music
      By Ben Swenson Thomas Jefferson expressed a common mood among 18th-century Americans when he said music was “the favorite passion of my soul.” Now, more than 200 years later, guests to the Revolutionary City have a special opportunity to take in the music that lit a fire inside Jefferson and his contemporaries. The 5th Annual Colonial ... Continue Reading » […]
    • Throwback Thursday: Bassett Hall
      Bassett Hall, once was the Williamsburg home of John D. Rockefeller Jr. and his wife Abby Aldrich Rockefeller, is a key part of the story of the restoration of Colonial Williamsburg. Philip Johnson, a member of the House of Burgesses from King and Queen County, Va., is believed to have built the 18th-century frame house sometime ... Continue Reading »
    • Welcome to The Tavern
      To celebrate Constitution Day – and the debut of The Tavern blog – we’ve decided to start at the beginning. The Tavern, we hope, will be a place to talk about citizenship and all its aspects. Discussion and debate have been the bedrock of this nation from its inception. The conversation continues – and we ... Continue Reading »
  • Flickr Photos

    front1

    upstairs closet

    upstairs bedroom2

    More Photos

Analysis Shows Homeowners Overpaying an Average of $471 per month

A Credit Sesame analysis of January 2012 user data reveals that, on average, homeowners who would qualify for a refinance based on their credit profiles, income and equity in their homes, are overpaying an average of $471 per month on their mortgages.

According to the findings, only 30% of all qualified homeowners will pursue a refinance, while 7 in 10 qualified households will continue foregoing average savings of $56,520 over the course of 10 years. This means 14 million homeowners are throwing away $56,520 in savings.

With mortgage rates at record lows and the potential savings advantages, why aren’t more people refinancing? According to Adrian Nazari, Founder and CEO of Credit Sesame, Inc., “Many homeowners simply aren’t aware that there are better options available to them—options that could potentially save them thousands of dollars on their mortgage.”

 

Sufficient home equity: Don’t expect to be able to refinance right out of the gate after buying your home. Lenders will be looking for a healthy amount of equity before they agree to refinance your loan. But figuring out your equity can be tricky in this market – especially if your local market is wildly different than when you first bought (which is likely even if you bought only two years ago. Read more about the topic here

Cash to close the refinance: Yes, refinancing will cost you money to do, which is another reason you’ll want to thoroughly examine the math before jumping into a decision. Sometimes it may not make financial sense. Get an estimate of costs involved from your lender before making any decisions.

When to Refinance

Lower interest rates are often one of the big reasons why many homeowners might choose to refinance their mortgage. The general rule of thumb on refinancing is to refinance when you can lock in an interest rate that is ½ to 1 full point lower than your existing mortgage or, when mortgage rates drop 2% below your existing rate.

1. Higher Credit Scores. The best mortgage rates and loan terms are typically reserved for consumers with the highest credit scores. If your credit score has improved significantly since you bought your home, it’s possible that your new credit standing will qualify you for a much better rate and loan terms.

2. Reduce Risk with Fixed-Rate Loan. Adjustable Rate Mortgages (ARMs) usually have much lower interest rates initially than the Fixed Rate mortgages. However, once the variable rates start, depending on the economic conditions, the payments may rise significantly.

3. Reduce Mortgage Terms. To save money by reducing the length of your mortgage, you may have to take on higher payments, but in the long run, you will be paying less in interest.

Refinancing isn’t always the right decision. But with the prospect of potentially saving $471 a month, it’s well worth considering!

If you want to explore refinancing I would be happy to put you in touch with one of our preferred lenders.

Or you can apply online here

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 1,430 other followers

%d bloggers like this: