• 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

    • Campbells Awarded the Churchill Bell, Foundation’s Highest Honor
      The Colonial Williamsburg Foundation Saturday bestowed its highest honor for public service, leadership and stewardship, the Churchill Bell, on Chairman on Emeritus and former President and CEO Colin G. Campbell and his wife, Nancy N. Campbell. The Campbells are only the 12th recipient of the award, first given in 1992 and reserved for those who exemplify .. […]
    • Colonial Williamsburg Foundation Announces Campaign for History and Citizenship
      The Colonial Williamsburg Foundation has embarked on a $600-million campaign to both reinforce and reimagine its role in the 21st century as a leader in history education and historical preservation. Colonial Williamsburg Foundation President and CEO Mitchell B. Reiss speaks Saturday during the announcement of $600-million ... Continue Reading »
    • Throwback Thursday: The Great Oak
      The Great Oak in 1994 In 1926, the Rev. Dr. W.A.R. Goodwin of Bruton Parish Church showed Bassett Hall to visiting philanthropist and Standard Oil heir John D. Rockefeller Jr. Goodwin wanted to persuade  Rockefeller of the value of restoring Colonial Williamsburg. Of particular interest to Rockefeller was ... Continue Reading »
    • Keeping the brick fires burning
      It’s time to fire the hand-molded bricks that are used throughout the Historic Area. From Nov. 19-23, the brickmakers will be at work at the kilns from 9 a.m. to 10 p.m. Here’s a preview. The kiln is essentially an oven, about 12 feet tall ... Continue Reading »
    • This Thanksgiving, Consider the Pumpkin
      Pumpkins are hearty gourds, most often used for front porch decoration and the occasional pie. But for our colonial forebears, these sturdy squash were a life-sustaining source of calories for man and beast. Listen to this week’s podcast with author Mary Miley Theobald as she reveals the complex history of the ubiquitous harbinger of fall. Listen ... Continu […]
  • 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 1,447 other followers

%d bloggers like this: