tag:blogger.com,1999:blog-55850721170746676862024-03-12T21:00:23.019-07:00Refinancing InformationRefinancing is basically paying off one loan by obtaining another. Refinancing is generally done to lower your interest rate, recieve cash against the property for whatever reasons, or to combine a 1st and second mortgage.Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.comBlogger55125tag:blogger.com,1999:blog-5585072117074667686.post-4482427033350340782014-03-25T16:28:00.001-07:002014-03-25T16:28:20.826-07:00Refinancing Home Loans - 7 Benefits to Be Achieved From Refinancing a Home Loan<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s1600/mortgage+refinance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s1600/mortgage+refinance.jpg" height="260" width="400" /></a></div>
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<b>Refinancing Home Loans - 7 Benefits to Be Achieved From Refinancing a Home Loan</b></div>
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If you are thinking about Refinancing a Home Loan you should be sure of the benefit that you will achieve before proceeding. To assist you in your decision of whether to refinance or not, here are 7 benefits that can be achieved when Refinancing Home Loans.</div>
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7 Benefits of Refinancing Home Loans:</div>
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• Lower Repayment - Extra Cash in your Pocket</div>
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If you obtain a replacement home loan with a lower interest rate and at least the same loan term you will prove your cashflow as your new home loan repayment will be less than your current repayment. If you negotiate a new loan term longer than your existing loan term, this will also lower your repayment. By choosing an Interest Only Loan Repayment, this will also lower your monthly repayment as compared to that of a Principal & Interest Loan Repayment.</div>
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• Shorter Loan Term - Own your home sooner</div>
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You can request a shorter loan term with larger repayments or retain the same loan term and make larger repayments and/or make more frequent repayments. This will enable you to be mortgage debt free in a shorter time and/or create equity in your property quicker. A Mortgage Reduction Plan can also effectively shorten the time it takes you to pay off your homeloan and significantly reduce the overall amount of mortgage interest that you will pay.</div>
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• Money for a Lifestyle Expense - Borrow More, Enjoy Now</div>
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If you have equity in your property you may be able to increase your current homeloan giving you access to extra money to pay for a holiday, wedding, education expense, home improvement and/or purchase a motor vehicle. This is generally a cheaper option than accessing money via a higher interest rate credit card or personal loan.</div>
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• Money for Investment - Borrow More, Build Wealth</div>
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Similar to the Lifestyle Expense Benefit but you are accessing money to be used for investment purposes i.e. purchasing shares or collectibles, depositing into managed funds or supplying a deposit for an investment property. Interest on the investment portion of the loan may be tax deductible and if so, this may result in a reduction in the overall amount of personal tax payable effectively increasing your cash flow.</div>
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• Lower Loan Costs, Financial Services Costs and Interest Rate - Economy of Scale</div>
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The larger the loan amount the more likelihood of receiving a lower interest rate along with extra Home Loan Package Benefits like No Loan Setup Fees, No Ongoing Fees, Discounts on Fixed Interest Rates and other Financial Services i.e. Bank Account Fees, Household Insurance, Credit Card Fees, Financial Planning & Investment Fees. This can be achieved by combining 2 or more home loans into 1 larger home loan or Loan Package and often at no cost or very minimal cost.</div>
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• Reduce your Total Monthly Debt Repayment - Consolidate Debt, Improve your Cashflow</div>
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By combining all debts i.e. Homeloan, Credit Cards, Store Cards, Personal Loans etc into a single homeloan you will effectively reduce the interest rate of the short term debts to that of the homeloan. The resultant monthly homeloan repayment will be lower than the combined monthly repayments of the individual debts thus lowering your total monthly outgoings and leaving you with more cash in your pocket at the end of the month.</div>
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• Certainty in Managing Cashflow - Control of your Money, Peace of Mind</div>
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By converting a Variable Rate Homeloan to a Fixed Rate Homeloan you can protect yourself from the damaging effects of rising interest rates by locking in the interest rate for a set period of time, giving you certainty in managing your cashflow as well as peace of mind and more control of your money.</div>
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As you can see, there are many benefits to be had from Refinancing Home Loans and it is very important to understand how you can fully reap the benefits from Refinancing a Home Loan before attempting to make a decision.</div>
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Kezz Roby is a leading Australian Mortgage Planner well known for his Refinancing Tips, Tricks & Strategies and information about selecting Homeloans that has greatly benefited many Australian Homeowners. </div>
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Article Source: http://EzineArticles.com/?expert=Kezz_Roby</div>
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Article Source: http://EzineArticles.com/3805469</div>
Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-66394072460100292262013-12-17T16:04:00.004-08:002013-12-17T16:04:41.817-08:00Is Mortgage Refinancing Right for You<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s1600/mortgage+refinance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="260" src="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s400/mortgage+refinance.jpg" width="400" /></a></div>
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<b>Is Mortgage Refinancing Right for You</b><br />
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Refinancing your mortgage can be a great way to save you money. When fixed mortgage rates go down, meaning the amount you are currently paying in interest would be less and you could save money over time, it may seem like a great deal.<br />
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However, refinancing is not always a great option. Refinancing does not pay off your mortgage or decrease the amount you owe; it just has the potential to decrease the amount of interest you pay and will alter the terms.<br />
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Although mortgage rates may seem better than what you currently have, when you consider the full equation, you may end up hurting your financial situation through refinancing. You especially never want to refinance more than once, so if you are going to do it, you want to do it smartly. Before you speak to your lender about refinancing, you should consider a few important facts about your home and financial situation.<br />
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What Is Your Goal<br />
Knowing why you want to refinance your mortgage is key to ensuring you end up with the right deal for your situation. If you are looking to save money through reducing your interest payments, then refinancing might be for you.<br />
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Some people also opt for refinancing in order to consolidate their loan debt, especially if you have a mortgage and home equity loan. If you are attracted to a new interest rate, look further into its terms and conditions. Just being attracted to a low sounding rate is not a good enough reason for refinancing, especially as sometimes it is not as great a deal as it seems. Often, the smaller interest rate is an adjustable rate term. It may be lower now, but it might just increase in the future, costing you more money if you already have a fixed rate.<br />
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Consider Your Situation<br />
Refinancing only makes sense if you have enough payments left on your mortgage to actually benefit from the savings. Regardless of the refinance rates, the deal has to make sense in practice, and not just in theory. If you are almost done paying off your loan, then changing the interest rate will not matter, and likely will save you nothing, and could even end up costing you more. Additionally, you will want to ensure you are planning on staying in the home for enough time to make a difference. Look into your current mortgage and its terms and see where you stand. Calculate the difference, with the new loan details. Do not forget there is a closing cost involved with a new mortgage. You will need to have enough payments under the new term to make it worthwhile to pay the closing costs.<br />
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Think of Your Credit<br />
If you have decided to refinance, you should consider your current credit score. Even if the current mortgage rates are excellent, you will most likely not benefit if you do not have a great credit score. You can get copies of your credit report online, and you are entitled to an annual free check. Typically, you will have to pay to see what your credit score is. If you are going to refinance, spend some time ensuring you have a strong credit.<br />
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Pay off any loans or credit cards that you can easily manage. Have a strong, reliable source of income. Do not take out any unnecessary loans, especially if you know you are going to be refinancing soon. You also do not want to make any big purchases before refinancing. You want to have a strong income to debt ratio. If you find you do not have strong credit, then refinancing might not be for you at this time.<br />
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The author is associated with creditsesame, which is a leading analyst offers advisory services to ensure a healthy financial status like best credit monitoring, free credit report score, refinance rates, mortgage refinance calculator.<br />
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Article Source: http://EzineArticles.com/?expert=Barbara_Campbel<br />
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Article Source: http://EzineArticles.com/7977543Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-8799713452764563802013-01-03T20:21:00.000-08:002013-01-03T20:21:20.404-08:00Facts About Refinancing Your Home<br />
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<a href="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s1600/mortgage+refinance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="260" src="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s400/mortgage+refinance.jpg" width="400" /></a></div>
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<b>Facts About Refinancing Your Home</b><br />
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In short, refinancing means using a new secured loan to pay off an existing loan on the same property. Under many circumstances, refinancing your home can reduce monthly expenses and result in an improved credit score. Lower interest rates, extended payment time and access to equity are all attractive incentives for refinancing when the market is right, but refinancing is not always the best option. To determine whether refinancing will benefit your financial situation, there are several things to consider.</div>
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Lower payments by lowering interest rate</div>
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Interests rates, driven by economic forces in the market, are subject to frequent change. The market determines the interest rate at the time of purchase. If the current lowest rate that you can qualify for is significantly lower than your original rate, it may be financially beneficial to refinance. A lower interest rate will not only reduce payments immediately, it can result in huge savings over the life of the loan.</div>
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Trade Adjustable Rate for Fixed Rate</div>
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Adjustable-rate mortgages (ARM) are an attractive lure when interest rates are low, but homeowners can quickly find themselves in trouble when rates begin to climb. If you plan to stay in your home for an extended time and interest rates are low, refinancing for a low fixed rate is a smart move.</div>
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Time Frame</div>
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Another consideration is time frame. If a 30-year mortgage can be refinanced at a lower rate to a 10-, 15- or 20-year mortgage, the result will be thousands--possibly even tens of thousands--of interest dollars saved. While the payment might remain the same, the house will be paid off much sooner and equity will build quickly because a bigger percentage of the payment will be paid to the principal.</div>
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Cashing Out</div>
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One compelling reason to refinance when interest rates are low is to cash out all or some of the equity built up in the home. If you have paid on the house for a number of years, borrowing that money back form the lender to pay off high-interest loans, remodel or expand your property, or finance a new business venture could prove to be a smart investment strategy.</div>
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Ending Private Mortgage Insurance (PMI)</div>
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Private mortgage insurance is often required for houses purchased with less than a 20 percent down payment. Once the equity in the home has accumulated to 20 percent or more and payments have been made in a timely manner, the lender will be willing to drop this insurance on refinance, saving an unnecessary monthly expense.</div>
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A home is the biggest investment most people will ever make. Treating it like an investment and carefully managing assets for best financial reward can make home ownership a rewarding component of your financial portfolio. But be aware that refinancing your home can generate fees and taxes that override the benefits of a lower interest rate, so before you sign, get the facts about refinancing your home: consider the market rates and your circumstances, do the math, and make sure that a new mortgage will pay off in the long run.</div>
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http://www.ehow.com/about_5263186_refinancing-home.html</div>
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Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-14233947281619350682012-11-02T01:09:00.002-07:002012-11-02T01:09:50.006-07:00How VA Refinancing Can Help Your Finances<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s1600/mortgage+refinance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="208" src="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s320/mortgage+refinance.jpg" width="320" /></a></div>
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<b>How VA Refinancing Can Help Your Finances
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With the help of a loan, folks can easily purchase a residential property even if they do not have the cash to make such a great purchase. These things help people who are planning to settle down and grow roots make the big move, which is why these things are also seen as great commitments.
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However, not because you qualify to borrow money does it mean that you can automatically pay everything back along with the interest that comes with the package. A lot of people, especially those who find it difficult to manage their finances, tend to find them in a pickle once they cannot make regular payments any more. Luckily, with the help of a VA home refinancing option, veterans need not worry about being in such a position.
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Taking Out a VA Loan
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Loans are among the top things you can get to help you with big life decisions involving purchases. Getting one is as good as entering adulthood, as it means bigger responsibilities and taking on a great commitment. With the aid of special offers for veterans, though, even those who have been out of the country for tours of duty can settles down and purchase a property easily. It is a nice way to help soldiers to get back on their bearings and restart a life in the country.
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Buying a home with loans is pretty easy and can even be a more attractive opportunity for vets. With the special mortgage loans available to those who have served the country in the Armed Forces, the money you borrow can be a lot easier to pay back as they have lower interest rates, giving you a good leg up in the situation.
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Refinancing Loans
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Despite the lower interest rates, a VA loan doesn't necessarily guarantee easy payment. Some can still get caught up with their finances, making it difficult for some to keep their properties. However, with a different kind of loan, you can buy more time with the bills and get a better deal at handling money. With a VA loan refinance option, you can pay back the money you owe and enjoy lower interest rates.
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The best thing with VA refinancing is that loans of this sort is a lot easier to apply for. You do not even need to get a certification again, as you've already qualified the first time around for the loan. However, there are some limitations that apply, such as you can only get a new loan if you have an existing VA loan. You also need to be the actual occupant of the property you are paying for and you cannot take more than the amount your currently owe. You can even qualify even if you are a delinquent payer, depending on the lender you choose.
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VA Loan Refinancing
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Whatever the reason you may have in mind to make you go for VA home loan refinancing, you will definitely get a good deal out of it. Opportunities like these can really provide you the help you need in handling your finances well.
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Get a best deal for loan here VA Home Loan Refinancing and VA Refinancing.
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Article Source: http://EzineArticles.com/?expert=Virendra_Smith
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Article Source: http://EzineArticles.com/7289491</div>
Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-25352930467606458742012-08-08T01:46:00.001-07:002012-08-08T01:46:09.488-07:005 Tips for Refinancing Private Student Loans<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-5cOBhpzjNWU/Sev-1SL2xqI/AAAAAAAAA0Y/NVseiHE8low/s1600/home+loans.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="260" src="http://2.bp.blogspot.com/-5cOBhpzjNWU/Sev-1SL2xqI/AAAAAAAAA0Y/NVseiHE8low/s400/home+loans.jpg" width="400" /></a></div>
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<b>5 Tips for Refinancing Private Student Loans</b></div>
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Are you thinking of refinancing your private student loans? After college, several graduates look to loan refinancing as a way to ease their financial obligations. While refinancing does have several benefits, there are potential drawbacks as well. If you don't do your homework on your new loan, it could end up negatively impacting your financial life. Keep these five tips in mind to ensure you get the best possible deal.
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1. Understand What Loans You Can Refinance
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Federal loans typically have a low, fixed interest rate, so it's not in your best interest to refinance them. Focus on refinancing your private loans to lock in a lower interest rate. Even private lenders can have stipulations concerning refinancing, frequently requiring a minimum balance and that you have no loans with an "in-school" status. Do some research about which lenders can work with the loans you have before attempting to refinance your loans.
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2. Know Why And How Your Payment Is Changing
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The two biggest ways to lower your monthly payments are lowering the interest rate and extending the repayment term. While lengthening the life of your loan will result in lower payments from month to month, you will eventually end up paying more because of accruing interest. If you're struggling financially and cannot afford to make your monthly repayments, it may be worthwhile to pay more in the long run to secure lower payments now. Otherwise, it's in your best interest to make higher payments now with a shorter repayment term to save money over the life of the loan. The best deals will offer a lower interest rate on your loans to lower your payments as opposed to a longer repayment term. Not only will your payments shrink, you'll pay less money to the lender in the end. To save even more money, continue to pay the same amount you did before to pay off the loan early and save even more on interest.
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3. Read The Fine Print
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It's great to refinance your loan to get a lower monthly payment, but your savings may be lost to fees if you don't know the specifics of your new loan. Make sure you understand all the terms of your contract before you refinance. Also, it's a good idea to see if your repayment term resets when you refinance. Several loan programs forgive any remaining debt after a certain number of years, and you may lose any progress you make towards meeting that benchmark if you refinance.
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4. Check Your Credit Score
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Private lenders may be willing to offer you a lower interest rate if you have a good credit score. Your credit score reflects characteristics that signify a responsible borrower who is likely to repay their debt, like a history of making timely payments. Do what you can to repair your credit if it is damaged to get the best possible rate.
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5. Look For Incentives
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Many private loan programs offer discounted interest rates for participating in special programs such as online billing an automatic debit. Enrolling in these programs is a simple, painless way to get a lower interest rate.
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Refinancing can be a great move for some borrowers, and if you carefully research all your options, you could save hundreds or even thousands of dollars on your student loans.
If you found this article informative, then go to http://www.studentloananswer.com/ to read more detailed articles on student loans.</div>
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Article Source: http://EzineArticles.com/?expert=Ryan_Losada
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Article Source: http://EzineArticles.com/7149079</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-70302286214700185702012-06-01T01:20:00.002-07:002012-06-01T01:20:48.054-07:00Refinancing Home Mortgage Reason<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s1600/mortgage+refinance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="208" src="http://2.bp.blogspot.com/-HzjVpF8ckJ8/SfhzFrbXYeI/AAAAAAAAA3Q/lWic024_sgc/s320/mortgage+refinance.jpg" width="320" /></a></div>
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<b>Refinancing Home Mortgage Reason </b><br />
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Refinancing home mortgage is a wise choice if you're desperate to get money and think about the loan.<br />
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Why? You have a long-term debt (25 years or more), you had made payments regularly every month.<br />
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If you need money as soon as possible, you are entitled to do home mortgage refinancing. Without considering the reasons why you need money.<br />
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All people have several reason to do refinancing.<br />
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Some People want to pay your her son college fee.<br />
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While another people want to buy new cars or do renovations on their home.<br />
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So you should remember. You already have the equity that you have to pay each month.<br />
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Then you can submit your loan that is secured by your equity.<br />
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You have options for refinancing, doing with your current lender, or ask a refinancing to a new lender.<br />
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Whatever your choice, make sure you get a lower interest rate than your first loan. This is what you get if you have a good credit score.<br />
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The better your credit score (850 is highest), then the easier you make refinancing with a low-level relations. vice versa if your credit score is low (300 is the lowest number), then the lender will give credit to offset your risk by wearing high interest to you.<br />
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So make sure you to check your credit score before refinancing.
You can also do refinancing with the aim of consolidating your debt. Two different mortgages combine your mortgages into one.<br />
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Overall This will give you a lower interest rate and monthly payments more lightweight. So if you have some mortgage loan, consolidation them to only one mortgage account is very good idea.<br />
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Refinancing home mortgage is one of the way to stabilize your financial condition, Some get fresh money, Increase your credit score and to get bright futures.<br />
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By: John Proleap
Article Directory: http://www.articledashboard.com
John Proleap, Financial Consultant and Freelance Write To get Information about refinancing home mortgage visit our web.<br />
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<br />Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-87444996181798575452012-04-06T03:58:00.000-07:002012-04-06T03:59:44.090-07:00Arm Yourself For Refinancing<div style="font-family: Georgia, serif; font-size: 100%; font-style: normal; font-variant: normal; line-height: normal; text-align: justify; "><b style="font-size: 100%; ">Arm Yourself For Refinancing</b></div><div style="text-align: justify;"><span ><br /></span></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Refinancing loans should not be taken lightly. After all, if you're not careful, they can end up as liabilities, rather than helping you. Before you take the plunge and get a refinancing loan, know the different refinancing strategies involved. Here's to give you an idea why.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Are you qualified to take a refinancing loan?</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Different people get refinancing loans for different reasons. Generally speaking, a refinancing loan is designed to reduce monthly payments. Some people refinance to shift to another type of loan, others to build equity faster. Whatever your reason is, there are a few things you should know about refinancing loan policies, so listen up.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Before you put on your hat and head off to your lender to refinance your loans, you should assess your personal eligibility to refinance. Ask yourself basic questions like:</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">o How long do I plan to stay in my home?</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">o How many years are left on my current loan?</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">o Do I have enough resources to cover the expenses that come with refinancing mortgage loans?</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Answer these questions as best as you can. No cheating! These questions will not only determine your personal qualifications for a refinancing loan, but will also help you decide the type of mortgage you're better off with. Depending on your needs, you can choose from the different terms and interest rates offered by a lender.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">As if a personal assessment isn't bad enough, be prepared for another evaluation - this time by the lender. Based on your income, property value, existing mortgage information, and other pertinent data, the lender will confirm your eligibility for a refinancing loan. Sounds scary? Not to worry. As long as you have all your finances in order, getting a refinancing loan should be a cinch.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">What does it take to get a refinancing loan?</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">If all goes well with your evaluation, you can begin the process of refinancing. Mortgage loans may be refinanced by the original lender. However, it is a very good idea to contact other companies and compare rates. If you find better deals from other lenders, by all means, switch.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Once you've picked a lender, be prepared to face additional expenses. Other expenses that came with a refinancing loan may include closing fees, application fees, title insurance and title search fees, appraisal costs, discount points, loan origination fee, prepayment penalties, and legal service fees. The cost of refinancing mortgage loans varies from one case to another. In some cases, a new appraisal will not be required. Other fees may be negotiated or waived, so put that power of persuasion to work.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Getting around refinancing fees</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">If you want to refinance your loan without spending too much on "additional expenses", you may contact lenders that offer "no-cost" refinancing. Ask around for lenders that do not require up-front payments such as closing fees and application fees. While some lenders stick to their promise of "no-cost" refinancing, others don't.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">If you have time, try visiting all your prospects. Be prepared with a list of questions to ask the lender. Compare the offers and other important information gathered, and start narrowing down your list. Look out for hidden charges and other unnecessary fees charged by the lender.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">If you want to speed up the application process of refinancing, work with lenders that use automated underwriting. Automated underwriting decreases the amount of time it takes to produce a loan approval. It also reduces the initial refinancing fees. Lenders using automated underwriting do not require property appraisal, therefore eliminating this expense.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">As long as you come prepared and know everything you need to know about refinancing loans, you're in good shape. Good luck to the lender who tries to cross you.</span></div></span><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Article Source: http://EzineArticles.com/?expert=Rony_Walker</span></div></span><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><br /></div><span ><div style="text-align: justify;"><span style="font-size: 100%; ">Article Source: http://EzineArticles.com/724558</span></div></span>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-58487347713267453172011-09-22T06:54:00.000-07:002011-09-22T06:54:31.691-07:00Pros and Cons of Refinancing Your Mortgage<div style="text-align: justify;"><b>Pros and Cons of Refinancing Your Mortgage</b></div><div style="text-align: justify;">By Murray Anderson</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">If you're like many of us, you've got a mortgage on your home and you plod along making your regular monthly payments. However, maybe you've heard about someone in your family or someone at work that refinanced their mortgage and claims to have saved thousands of dollars. Unlike many of these "get rich quick" stories, they just could be telling the truth. Refinancing your mortgage can dramatically improve your finances.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Right now, mortgage rates are low and an old rule of thumb says if prevailing mortgage rates are 2 points lower than your existing mortgage rate, you should consider refinancing. Refinancing your mortgage could save you significant money over the long run. Alternatively refinancing could provide you with a source of capital to reduce your debt, improve your home or make </div><div style="text-align: justify;">a large purchase (like that new car to replace your eight year old rust bucket). However, mortgage refinancing isn't a magic bullet and you need to figure out if it's right for you.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">How do I save money by refinancing my mortgage?</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Some of the advantages of refinancing your mortgage could be,</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> You could make lower monthly payments.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> You could build equity in your home faster (if you continue to make the same payments based on a lower mortgage interest rate).</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> If you have an adjustable rate mortgage you could lock into a fixed rate mortgage and gain the security of knowing what your mortgage payments will be for the life of your mortgage.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> Or move from an existing adjustable rate mortgage to one with a lower rate and possibly more protective features (like better payment and rate caps).</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> Finally, refinancing could allow you to take advantage of some of the equity (i.e. cash) you have built up in your home over the years.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Sounds good, what are the drawbacks to refinancing?</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Basically the drawbacks are costs and risk. Everyone's situation is different, and your personal situation will dictate if it makes sense for you refinance your mortgage.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Refinancing a mortgage is very similar to getting your first mortgage, so there are often numerous fees associated with refinancing. In fact, according to Lending Tree.com, because of the fees associated with refinancing, it can take over three years to realize the savings from a mortgage refinancing.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Typical refinancing costs and risks</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> Fees related to refinancing likely include origination fees, title searches, survey fees, property appraisals and in addition, the lender may want "points" or an up front payment of a percentage of the property's value. All these fees together can run into thousands of dollars. If you're planning on staying in your house for a number of years, it may be worthwhile to pay the fees to get a lower mortgage payment. However, if you're thinking of selling in the next few years, your monthly savings may not recapture the fees.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> You may be able to save some of these fees by dealing with your present mortgage holder, but they are under no legal obligation to reduce the fees. Also don't be fooled by ads talking about no fee mortgages, all mortgages have fees, they just call them something else or add the cost to the interest rate.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> Your existing mortgage likely has a prepayment penalty built into it, so you will need to pay that to get out of your first mortgage.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> Finally there is always the risk that your home could go down in value and you could end up with a mortgage bigger than the value of your home.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Refinancing as a source of funds.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">While refinancing can provide a ready source of funds (a cash out mortgage) for large expenses, the fees can be a major deterrent. However you may not have to pay refinancing fees to unlock some of your home equity. As a homeowner you have other sources of funds available to you, such as a second mortgage, a home equity loan (a HEL) or a home equity credit line (sometimes called a home equity line of credit or HELOC).</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Second mortgage</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> While a second mortgage puts an additional mortgage on your home (and will require higher total monthly payments), you will receive money in a lump sum usually with a fixed interest rate and fixed monthly payments. The advantage is, up front costs won't be as high as a total refinancing of your mortgage.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Home Equity Loan</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> Similar to a second mortgage, you receive a lump sum of money that is secured by equity you have in your home. Again interestis usually a fixed rate (usually close to prime rate plus a margin of 1 - 2%) and is repaid through regular monthly payments.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Home Equity credit line</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"> Unlike a second mortgage or a home equity loan, a home equity line of credit allows you access to money as you need it(usually through checks or credit cards). The money you borrow from the credit line is once again secured by the equity you have in your home. You only pay interest when you have an outstanding balance, and the interest rate charged is usually based on prime rate plus a 1-2% margin.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Any of the above options that use your home equity as a basis for guaranteeing a loan will have some set up fees associated with them. The good news is, they shouldn't be as high as the costs for refinancing your mortgage. Another drawback to most home equity loans is they impose some restrictions on what you can do with your home while the loan is outstanding, for example, you might not be able to rent out your house. Plus, the loan obviously needs to be repaid if you sell your house.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">However, for many people looking for a source of funds, home equity loans with their flexibility, lower costs and limited hassles can be just what they need. An added bonus is that and in many cases, the interest paid on home equity loans is tax deductible.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Undoubtedly, refinancing your mortgage can improve your personal financial situation. However, refinancing isn't for everyone. You need to evaluate the costs for refinancing and determine if the payback from refinancing will be fast enough or large enough to make sense for you. Also, remember, if you're looking to tap into your home equity, refinancing isn't your only option.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Article Source: http://EzineArticles.com/?expert=Murray_Anderson</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Article Source: http://EzineArticles.com/199055</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-47208987602807162552011-01-27T06:33:00.000-08:002011-01-27T06:33:24.634-08:00Information About Home RefinancingInformation About Home Refinancing<br />
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Many people have to take loans and opt for financial facilities if they have to buy any kind of residential property. The main reason behind this is the increasing rates of real estate and properties. People do not have enough savings or income so as to meet the current market rates and trends and thus, have to opt for the various finance facilities that are granted by banks and institutions. <br />
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However, the repayment period becomes really long along with interest which makes the whole procedure even more difficult. Sometimes people find it very difficult to pay the monthly installments also and thus, need to apply for home refinance options. There are many reasons why a person can opt for this facility. The interest rate that is charged on the monthly basis is quite high and even a slight difference in the rate structure can make a big difference and result in savings.<br />
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Another reason which associated with home refinancing is low monthly installments. You can increase the loan period which means you will have to pay a lower amount every month which will be beneficial for you. You can also opt for the other option where you can decrease the time span so as to pay off the loan faster. However, the monthly payment will increase in this case. Some people also want to take cash against the equity that has been built on their property.<br />
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Equity is the difference between the current property rate in the market and the amount that you owe to the bank. You can also consider home refinancing in this case if you want to take cash against the equity. These were some of the common reasons that are responsible for the high demand of the home refinance facility. There are many ways in which you can opt for this facility.<br />
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The simplest way to opt for this option is to ask your current mortgage company as it will have all the information about the property and the borrower. You can ask them about their loan schemes that are available for refinancing. You can find their contact number on the monthly bank statement you get after you pay the installment. <br />
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This is a good way to opt for this facility. You can also opt for some programs like the NJ refi program that will help you out in this situation. NJ refi is a program that provides information about refinancing and how one can save on their monthly payment amount. You can find more information about this program online. You can also visit some banks and financial institutions to know about their options. The banking officer will also suggest some useful measures that will be beneficial for you. You can also check online refinance companies that provide these kinds of services. You can also check newspapers and magazines to get information about the local home vendors that provide refinance facilities. Thus, this was some essential information about home refinancing and how to get this facility.<br />
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NJ Refi<br />
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Article Source: http://EzineArticles.com/?expert=Michael_C_LoganAnonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-14577975176555269042010-10-12T01:44:00.000-07:002010-10-12T01:44:44.318-07:00Mortgage Refinancing - Why, When And How<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_MQJaanPwgpQ/SfhzFrbXYeI/AAAAAAAAA3Q/9IrTVzieo_w/s1600/mortgage+refinance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="260" src="http://1.bp.blogspot.com/_MQJaanPwgpQ/SfhzFrbXYeI/AAAAAAAAA3Q/9IrTVzieo_w/s400/mortgage+refinance.jpg" width="400" /></a></div><div style="text-align: justify;"><b><br />
</b></div><div style="text-align: justify;"><b>Mortgage Refinancing - Why, When And How</b></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Mortgage Refinancing is a term often heard whenever one deals with mortgage. This is a process of obtaining a lower interest loan and paying off the high interest mortgage loan.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">This is done in several cases.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">* If one had a mortgage loan from a bank and finds another lender who is offering significantly lower rates, </div><div style="text-align: justify;">* Or the interest rates have dropped and mortgage loans are available for lower interest from the same bank, </div><div style="text-align: justify;">* Or one's credit score has improved and one is eligible to get mortgage loans at lower interest rates, </div><div style="text-align: justify;">* Or one has multiple mortgages and wants to consolidate them under one mortgage loan.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">If one wants to go for mortgage refinancing, one needs to ensure that the trade off is profitable in the sense that the refinanced mortgage should provide significant savings or provide longer term for repayment.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">In case one is looking at mortgage refinancing because another company is offering lower interest rates, check out if the interest rate difference is at least two percent. If it is any lower, the interest one saves will go as prepayment penalty and in the end there is no change in the mortgage loan situation at all.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Of one has improved his credit history either due to increased wages, or improved credit management, mortgage refinancing is a good option. Loaners with poor credit score generally are considered riskier and the interest rates are high. If the credit history improves, one can check with the current financier and work out a lower interest rate and a better payment plan. This will result in huge savings.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Also, if the economic conditions are favorable for lower credit rate, then one can take advantage of it. For example some banks offer low interest mortgage loans at some points of the year for various reasons, or sometimes there arises a competition among financiers to lend credit money., In such cases one can bargain and obtain lower interest rates, or waiver of prepayment penalties or waiver of fines or penalties for late payment and much more. Such are the good tidings of mortgage refinancing.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">If one has a poor credit history and wants his mortgage loans refinanced, one can approach a mortgage broker. They are well aware of the happenings in the industry and know the rules, regulations and other legal implications. If one provides the required information, they will be able to work out a better mortgage refinancing plan. People with poor credit score can keep track of the improvements in their credit history, and obtain ARM -- adjustable rate mortgage -- which works out less expensive as compared to regular mortgage or loans.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Another suitable time for mortgage refinancing is when the federal government urges the citizens to refinance their loans. This type of refinancing comes with several perks like low interest rates, no cost of refinancing, or no prepayment penalties and many more. If the loan one is seeking is far less than the value of the property, one can get low interest rates.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The process of mortgage refinancing is similar to the first mortgage application procedure. Once the loaner has determined his refinancing needs and finds that it is suitable to apply for refinancing, the paper work usually takes only a few days.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Mortgage refinancing is a good way to reduce the interest rates and financial burden associated with it. There are several reasons for refinancing and one need to know the advantages before going ahead with the refinancing process.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Article Source: http://EzineArticles.com/?expert=Tasha_Cherry</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-71413689804417207862010-09-28T01:15:00.000-07:002010-09-28T01:15:45.751-07:00Home Refinance Options Guide<b>Home Refinance Options Guide</b><br />
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<div style="text-align: justify;">Home refinancing is one of the most important decisions you may make. You should think of your home refinance options thoroughly before you settle on your decision. Many people consider refinancing their home on what is left on the mortgage, and they do so because they want to lower the interest rate on the house. Other people are thinking about refinancing their home because they want to take extra money out from the value of the house. The main reason people refinance and take some money out of the equity is because they want to spend the money on home improvements, cars, boats, college, real estate, business ventures and many more.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">I am here to help people better understand what actually happens in a mortgage or a home refinance. A home refinance can also be called an equity line of credit. I'll go over a broad example of what happens when you get a home refinance to pull money out in order to buy something. Keep reading for good information.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">It is very smart if you are refinancing your house to get a lower interest rate. If you are doing a home refinance to take money out from your home's equity to spend on something like a car, or a depreciable asset you might want to think the thought through before you decide.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Doing a home refinance can be a an excellent idea, only if you know what you are doing. You should learn what all the terms and conditions are in a mortgage contract before you sign anything. Another thing to keep in mind is the actual total interest you will pay on your refinanced mortgage if you take money out to buy a car, boat or the like.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Case in point:</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The increase of your monthly mortgage payment will be tempting if you look at it thinking your payment won't go up a lot if you use the money to buy a car. Say for instance you are going to buy a car with money you pull out of your home's equity. Your current outstanding principal for the mortgage is $300,000, and your interest rate is 5%. The current payment for the mortgage is $1,600. Your home is valued at $500,000, and you want to take out $30,000 to buy a car. Your new mortgage payment will be $1,770, which is only $170 more than your old payment. Now, this does not sound like a bad deal does it?</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Lets go over what exactly this includes when you buy a car using your home's equity. We took out $30,000 from the home's equity to pay for a car. The mortgage was refinanced at $330,000 with a 5% interest rate. Over 30 years of paying your mortgage, you would paid a total of $28,000 just from interest alone. That means that the car actually costs $58,000, which is almost double of what the value is. During this time, in most cases, the car's value has depreciated to nearly zero or it's unlikely you would still own it.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Some people might decide to change their mind when they discover this fact. Although that is a scary number when you see it written out, you can still use your home's equity and not pay all that interest. In order to avoid the interest, you would need to make extra payments on your mortgage. Doing so will decrease the amount of principal on your refinanced mortgage loan. It also decreases the time your home loan will be paid off.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Another thing people run into when they are talking with a loan officer, is the loan officer will suggest consolidating all of your bills into your mortgage. Now, what is the "good" thing about refinancing your home mortgage and consolidating all of your bills like credit cards with it? Well, your monthly payment for all your bills will go down. You will only have to pay one bill instead of 3, 5, or however different many bills you have. Now lets think of the horrible downside. </div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">When you consolidate all of your bills onto your mortgage, you are now paying those bills over 30 years. Although you are paying a 5% interest rate, the amount of interest you have paid in 30 years amounts to piles of cash. You can refer to the example of pulling out equity money to buy that car. Not only do you pay the interest on that, but you are also paying origination fees and all the other fees that are associated with a home refinance.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Even though I have said the negative points of refinancing to purchase things with your home's equity, it does not hurt to think of all the home refinance options you have. You could use the money from your home's equity to invest in a business or real estate. If planned correctly, you can use this money to earn more money and offset the interest you will pay. Maybe if your business idea turns out well, it might even start making the mortgage payments for you.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">There are a lot of reasons a person might decide to look at their home refinance options. Some people might refinance the mortgage on their house to lower the interest rate, which in turn lowers the payment. Other people will refinance their house to take money out from the equity they have. There is a lot of different types of mortgages, and you should know how each one you are considering works. One misunderstanding or important fact that slips past you can cost you tens of thousands of dollars in the long term.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">There is a Bean Theory of Finance. Put in one bean, get out two. If refinancing your home saves you a bean that you would otherwise have to pay in bills, save that bean and use it to earn two beans, then four beans, then eight beans and so forth rather than spend it on something that only has 1/2 a bean or less in value later and hasn't produced you any beans.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">http://www.tmfinancialsolutions.com</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">By: Tom Maneval</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Article Directory: http://www.articledashboard.com</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-46138527329378441842010-07-13T06:05:00.000-07:002010-07-13T06:29:34.447-07:00Understanding The Downsides Of Mortgage Refinance<b>Understanding The Downsides Of Mortgage Refinance</b><br />
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<div style="text-align: justify;">Refinancing is a valid option for troubled homeowners. But you have to understand that this loan has several pitfalls. Make sure to scrutinize the loan first so that you can get a good deal from lenders.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Like most decisions that you have to make, refinancing your mortgage has positive and negative aspects. For one thing, pitfalls still abound even if the current interest rates are lower. The good news is that most of the downsides of refinancing can be avoided by carefully choosing a loan that you will close.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Refinancing Costs More</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">One of the biggest disadvantages of refinancing is that it costs money. Basically, you are getting a new mortgage to pay off the first one. This means you have to pay all the closing costs again. Most probably, you will also have to pay for a new appraisal because lenders want to know if your home still has value.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Depending on where you live, refinancing will cost 2 to 6 percent of the amount borrowed. The key is to make sure that you will have enough savings by refinancing in order to offset the cost of the loan.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Always Get the Lowest Interest to Save More</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Getting an interest rate that is not low enough is a real hazard when taking out a mortgage refinance. You will have a hard time recovering the cost of the new loan if its interest rate is only half percentage point lower than the rates of the original loan.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The key is to get a loan that will at least save you a full percent or more. This way, you will be able to recoup your expenses in a short period which makes refinancing a worthwhile option.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Hidden Factors to Look For</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The PMI or private mortgage insurance is a common potential problem that you might overlook if you refinance. You can avoid paying the PMI by investing at least 20 percent down payment on your home or acquiring the same percentage in equity.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">But if you refinance, the PMI may rear its ugly head again because the falling prices of homes may have decreased your equity by 20 percent. So you need to pay the PMI on top of the regular interest rate of the new loan.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Simple changes in the terms of the loan can also be a potential source of problems. One of the most common problems could be a change in the prepayment penalty conditions. This may last for several years which could complicate future efforts to pay off the mortgage early or when you sell your home.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Lastly, you have to be smart when getting adjustable rate mortgage. It is true that you can save a lot if you switch from fixed rate to ARM. However, you have to ensure that you will not get stuck with this type of loan if the rates start to reset in the future.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Refinancing provides a way out for troubled homeowners. However, be sure to understand the downsides of this type of loan. This way, you can properly weigh your options so that you can make a sound decision.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">By: Rob K. Blake</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Article Directory: http://www.articledashboard.com</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0United States35.164231088886595 -98.6015599966049190.54896508888659667 -158.36718499660492 69.779497088886586 -38.835934996604919tag:blogger.com,1999:blog-5585072117074667686.post-45747860948410092462010-03-25T01:18:00.000-07:002010-03-25T01:18:07.253-07:00Refinancing Your Mortgage to Save Money<strong>Refinancing Your Mortgage to Save Money</strong><br />
By Addison Holmes<br />
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<div style="text-align: justify;">There are different reasons that people decide to refinance their mortgage loan. Most people that want to refinance their home loan got their original mortgage loan when interest rates were high and they would like to take advantage of the current lower rates thinking that by doing this they will be saving money. This may not always be the case as there are many other factors involved.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">It is true that refinancing your loan may get you a lower rate if the rates have decreased since your took our your current mortgage. Assuming that the interest rate is all that changes, your monthly payments will go down. </div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">When you refinance your mortgage loan there are other things to consider such as how long do you plan to stay in your home, how much will the new loan cost, will you be paying less each month?</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">You may also lengthen the term of your loan which is the length of time you spend paying off your loan. This is another alternative to refinancing your mortgage loan. Each monthly payment will be smaller since the payments will be spread over a longer time period. </div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">There is a disadvantage to lengthening your loan and that is you may end up paying more interest overall since you will be repaying the mortgage principal much more slowly.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Another option is to shortening your loan term which will reduce your total amount of interest paid. Each of your payments will reduce the balance by a bigger amount which means there are fewer monthly payments required to repay your loan. </div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Your interest charges will decrease as your balance decrease faster. There is an advantage to this process because a shorter loan term assists you in building equity in your home faster besides reducing your interest costs. Also, refinancing can help you avoid higher payments if you are potentially facing a rate increase.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">If the current interest rate has decreased it might be the time to refinance your mortgage loan changing to a fixed-rate mortgage. Then these lower interest rates will never change when the rates begin to move upward again. </div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Also, if you currently have an adjustable-rate mortgage (ARM) and you are thinking of moving within a few years you might want to replace your current loan with a new ARM. As an ARM usually begins with a lower interest rate and can stay that way from three months to ten years, depending on your specific mortgage, you can choose a time period on your new ARM that will not adjust until after you plan on moving.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Addison Holmes is really into everything about homes, mortgages, loans, and the statistics that come along with them. </div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">He wants to show and inform everyone of his wide array of information to help people get the best possible deals, rates, tips, and more. If you are looking for more info, visit best remortgages or top remortgage services to find everything else you need to know about these topics.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Article Source: http://EzineArticles.com/?expert=Addison_Holmes </div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0Maine, USA45.253783 -69.445468941.3860605 -76.9161719 49.1215055 -61.974765899999994tag:blogger.com,1999:blog-5585072117074667686.post-39478978365795653322010-01-21T00:35:00.000-08:002010-01-21T00:35:08.300-08:00Refinancing A Mortgage - Considering Refinancing<b>Refinancing A Mortgage - Considering Refinancing</b><br />
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There are many avenues of refinancing available to homeowners who are deliberating whether to refinance their home. To help in deciding the best route, homeowners should first assess what their needs are. After these goals have been calculated, a refinancing expert should be consulted. The refinancing expert will assist the homeowner to wade through the plethora of choices and simplify the process of obtaining refinancing. With this information in hand, the homeowner can decide whether refinancing is indeed the best choice for their situation.<br />
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Assess Your Needs<br />
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The first step a homeowner needs to take is assessing his needs, along with determining his purpose for refinancing. There is no right or wrong answer to this question. In fact, there may be several answers. The essential determination is whether refinancing will assist the homeowner to obtain his financial objectives. Frequent reasons for considering refinancing include:<br />
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· Lowering monthly mortgage repayments<br />
· Consolidation of outstanding debts;<br />
· Reduction of mortgage or loan interest paid to a lender<br />
· Reduce the term of the mortgage or loan<br />
· Earn equity sooner.<br />
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These are not the only purposes a homeowner might have when considering refinancing but they are among of the most common. They have been listed to assist the homeowner in beginning the evaluation process. You may conclude your refinancing goal falls within one of these categories. Likewise, you may realize you have an distinctly different objective. Once again, figuring out your purpose for refinancing is the most important aspect. If you do not decide why you are refinancing, you , or your financial advisor, will be unable to chose a refinancing option appropriate to your needs.<br />
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Refinancing Expert Consultation<br />
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The next step after you have determined what your ultimate goal with refinancing is, is to have a consultation with a refinancing expert. The expert will offer advice on which options will satisfy your goals while still remaining fiscally responsible.<br />
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It is not recommended that you forego a consultation with a refinancing expert, even if you consider yourself knowledgeable about the refinancing market. There is a wide selection of offers available on the market. A homeowner, however educated he or she may be about the subject, may not be informed about the latest products or concepts lenders are presenting.<br />
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Refinancing May Not Be the Best Solution<br />
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If you are thinking of refinancing, you will have researched the options available and determined your end goal. Sometimes, however, the best course of action is to not refinance. You should always explore this thoroughly before committing yourself to refinancing. This is known as the “do nothing” option because it is associated with where your mortgage circumstances will stand if nothing changes.<br />
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There are several items you should evaluate when you investigate potential refinancing options. These are:<br />
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· Estimated amount of monthly payment;<br />
· How much interest you will pay over the life of the loan;<br />
· The length of time (i.e. years) it will take to repay the loan; and<br />
· How long it will take for you to recover the refinancing closing costs.<br />
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You should compare amounts from the above items with the costs of your present mortgage. This may help you to decide which plan is best. While most often these answers will make the obvious choice apparent, you may have to further assess lesser features as well to come to a conclusion.<br />
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By: Myron E. Hunter<br />
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Article Directory: http://www.articledashboard.comAnonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-34461898738088345232009-08-27T18:14:00.000-07:002009-08-27T18:14:18.244-07:00Get The Best Mortgage Refinancing Rate<b>Get The Best Mortgage Refinancing Rate</b><br />
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In order for you to get the best mortgage-refinancing rate available to you, you will have to do a little research and a little math. Because it costs money out of pocket to refinance, it is only beneficial to you if you plan on staying in your home long enough to make up the difference between your refinancing costs and your interest savings. If your loan has a pre-payment penalty, make sure your savings will more than cover the cost of the penalty. Some penalties may be high enough to prohibit refinancing entirely.<br />
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No-Cost Refinancing<br />
Most “no-cost” refinancing options have higher interest rates than similar loans that do require closing costs. Some “no-cost” lenders offer rebates on points to help counteract the higher interest rate and cover some of the fees not covered by the lender. It is always best to make sure that you understand your refinancing paperwork as there may be other fees that you are still your responsibility.<br />
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The higher interest rate on a “no-cost” refinance can be the best mortgage-refinancing rate if you plan to sell your home in a few years and have an interest rate above the current market rate for a “no-cost” refinance. If are able to make the payment up front and plan on living in your homes for more than a few years, you will probably want to seek a lower interest rate.<br />
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Refinance With Your Lender<br />
The best time to refinance with your current lender is after you shop around. Your current lender may be in the position to offer you a better deal than a new lender, but because they are content with your high interest rate, they will not immediately try to help you unless there is a threat that you may obtain a new loan. By shopping around you will know what your other options are before you approach your current lender; if they are not able to offer the best overall deal you can always go with another lender.<br />
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Why Are You Refinancing?<br />
When deciding the best mortgage-refinancing rate for you, it is always important to examine why you are refinancing. If you are refinancing to get a better interest rate on your loan and you still have a substantial balance, refinancing with a term that is close to or shorter than your current term will save you the most money over time. <br />
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If you simply need to reduce your monthly payments, then refinance with the best interest rate and monthly payment breakdown you can get. Unfortunately, this arrangement usually comes with a longer repayment term and may lead you to pay a higher total interest overall. If you would like to take cash out for home improvements or debt consolidation look at both a home equity loan and refinancing before you decide to refinance. If you have an adjustable rate mortgage (ARM) and would like to lock in your rate, shop your options and then talk to your current lender. Your current lender may be able to offer you a better overall plan.<br />
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Remember, any lender wants you to take the deal that nets them the most profit, so it is always best to consult a financial advisor or a neutral third party before you make your final decision.<br />
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By: Justin narin<br />
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Article Directory: http://www.articledashboard.comAnonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0Evesham, Worcestershire, UK52.0914726 -1.949148552.038737600000005 -2.065878 52.1442076 -1.832419tag:blogger.com,1999:blog-5585072117074667686.post-54543617244521700152009-07-30T03:38:00.000-07:002009-07-30T03:38:35.537-07:00Details About Refinancing A Second Mortgage<b>Details About Refinancing A Second Mortgage</b><br />
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According to the Mortgage Bankers Association, 2009 will see the amount of mortgage refinances rise from about $850 billion to over $1.9 trillion. While most of those refinanced mortgages will be primary mortgages, there are many good reasons to consider refinancing a second mortgage on your home. If you are making payments on a second mortgage, also referred to as a home equity loan, refinancing could save you a good deal of money on your loan repayment.<br />
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Why Refinance a Second Mortgage?<br />
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The reasons for refinancing a second mortgage are no different than the reasons for refinancing a primary mortgage. When refinancing a second mortgage you can potentially lower monthly loan payments, get into a fixed rate loan from an adjustable rate loan, shorten the term of your loan, and even get cash back at the closing. In addition to these reasons, refinancing for a second mortgage also helps to combine your first and second mortgage into one loan, so that you will have only one payment to make. Refinancing for a second mortgage can also help to get rid of private mortgage insurance. It is most important to know that refinancing for a second mortgage is essentially the same process as refinancing for your primary mortgage. <br />
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Does Refinancing Your Second Mortgage Make Sense?<br />
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There are many factors to consider when deciding whether or not to refinance a second mortgage. Before you apply for a loan, you should carefully weigh the costs versus the benefits, to see if it makes financial sense for you. In order for a mortgage refinance to make sense, most financial experts suggest that you follow some basic rules of thumb:<br />
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- A mortgage refinance may be a good idea if the interest rates have dropped at least one percentage point below your current second mortgage rate.<br />
- A mortgage refinance only makes sense if you plan to remain in your house for at least four more years.<br />
- The costs of taking out a new loan plus any penalties for early repayment of your old mortgage are less than your savings if you refinance.<br />
- Your financial circumstances have changed enough that you can qualify for an interest rate that is at least one percent lower than your current second mortgage interest rate.<br />
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How to Refinance a Second Mortgage<br />
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Before you decide on a second mortgage, you should first assess your own financial health. Check your credit report to be sure that it accurately reflects your current circumstances. If there are inaccuracies or discrepancies on your credit report that may lower your credit score, contact the credit bureaus to have the situation dealt with and removed. <br />
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If your credit is shaky, do what you can to rehab your credit score. Try to pay off credit card balances as much as you can, and bring all of your accounts to current standings. In certain cases, you may have to resolve to make regular payments on all of your accounts for several months before actually applying for a mortgage refinance loan.<br />
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You also want to decide what your aim is for refinancing your second mortgage in order to figure out what kind of new loan to seek. For example, if you want to lower your monthly payment and save money on your overall mortgage, look for a mortgage refinance with a lower interest rate. If you want to lower your monthly payment but the overall mortgage is not important to you, try to refinance into a longer term second mortgage. If your intent is to pay off your mortgage more quickly, look for a mortgage with a shorter term. Your monthly payments will be larger, but you will save a considerable amount of money over the life of your loan. Lastly, if you want to combine your primary and second mortgage, look for the lowest interest rates and shortest term that you can afford.<br />
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You will also want to get loan quotes from several lenders in order to find the best deal. You do not have to refinance your current second mortgage with the original lender, although your current lender may offer you the best terms. Since each lender has their own criteria for approving loans and deciding on interest rates, the loans that you are offered can vary by as much as a full percentage point. It is to your benefit to shop around and compare several different loan quotes. Not only will you have a wider variety of choices of loans, but you will also have bargaining power if you choose to negotiate with a particular loan company.<br />
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Lastly, you want to choose the best second mortgage refinance loan that you are offered. Once you have all of your loan quotes in line, compare them carefully to choose the best one for your needs. Be sure to count in the closing costs and any special incentives offered by the various loan companies into your calculations. When you have made your choice, contact the winning lender and finalize the arrangements for your mortgage refinance.<br />
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<div class="author">By: AllanY</div><div class="author"></div><div class="articletext">Article Directory: http://www.articledashboard.com</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0Texas, USA33.211116472416848 -101.37084960937532.636634472416844 -102.304687609375 33.785598472416851 -100.437011609375tag:blogger.com,1999:blog-5585072117074667686.post-84353697255903229792009-06-09T04:09:00.000-07:002009-06-09T04:09:03.865-07:00Tips To Get Low Rates For Mortgage Refinancing<b>Tips To Get Low Rates For Mortgage Refinancing</b><br />
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After qualifying several different lenders, authorize only the companies that can give you the best mortgage refinance rates to pull your credit.<br />
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When you refinance your mortgage, you need to consider that you will have to pay closing costs and other fees like points. Shop around to find the best mortgage refinance rates whether you are looking to avoid closing costs or not. Shopping around is till the most effective way to get the best mortgage refinance rates.<br />
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What mortgage refinancing rates you are eligible for will depend mostly on your credit rating. If you have good credit, you will probably find several lenders vying to offer you a low refinance mortgage rate. Since most experts recommend that you only refinance when the refinance mortgage rate is two points lower than what you are currently paying, having good credit will work in your favor.<br />
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However, if you have less-than-excellent credit you will first need to examine whether or not refinancing is in your best interest. With poor credit you will definitely pay higher mortgage refinance rates. With very bad credit, you may find it difficult to refinancing at all. <br />
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Check to make sure your existing mortgage does not have any pre-pay penalties. Many homeowners select a mortgage that includes pre-payment or early pay penalty clauses. While the cost of this penalty may vary, it generally amounts to about six months of your mortgage loan's interest. If you want to do a mortgage refinancing that has these types of penalties, make sure you have enough funds to cover them.<br />
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Pay attention to interest rates and closing costs. A lender might be able to provide you with a lower monthly payment through mortgage refinancing with their company, but this does not automatically make them the best choice. If interest rates or closing costs are too high, avoid the lender in question. These two variables are often the deciding factor when it comes to making a final decision about selecting a lender for mortgage refinancing.<br />
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It is also good to ask questions about pre-pay penalties or any other types of penalties that might be associated with the mortgage refinancing. Often times, lenders will avoid this type of information if they feel it will be a deal-breaker that will prevent you refinancing with their company.<br />
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One more thing to consider is that there are many mortgage lenders out there, including banks and all sorts of mortgage loan companies and associations. Therefore, you should spend some time carefully selecting that you will be doing business with, particularly since you are prone to encounter the good the bad and the ugly while shopping around. Some lenders will go as far as waiving all sorts of fees and closing costs in order to attract potential customers.<br />
Mortgage refinancing , however, are usually higher and many homeowners don't realize this until it is too late. Once again, patience and listening to those who have already been where you are now will be your best friends.<br />
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The final point to consider while dealing with mortgage refinance rates is that they can vary quite a bit in a fluctuating economy. That being said, and even when interest rates may not be at all time lows, being able to refinancing your mortgage may prove to be very beneficial for you. Lowering your monthly payments can free an important amount of money for years to come.<br />
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Mortgage refinancing can become one of your smartgest financial moves.<br />
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<div class="author">By: hmj</div><div class="author"></div><div class="articletext">Article Directory: http://www.articledashboard.com</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com1Ohio, USA40.4172871 -82.90712338.326207100000005 -86.642474499999992 42.5083671 -79.1717715tag:blogger.com,1999:blog-5585072117074667686.post-14149054548408290372009-05-26T05:43:00.000-07:002009-05-26T05:43:12.510-07:00Three Solid Reasons For Home Refinancing<b>Three Solid Reasons For Home Refinancing</b><br />
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If you’ve been debating about whether or not home refinancing is the right choice for you, the best way to decide is by exploring a few of the best reasons available. Below are some of those reasons.<br />
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Reason #1 – Saving Money<br />
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Probably the best reason for home refinancing is to save money, but there are several ways to accomplish this effectively. First, you can simply get a new loan which has a lower interest rate and that translates into lower monthly payments. This can be a good choice if you took out a loan when rates were higher or when your credit score was lower.<br />
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Another way to save money is by extending the life of your loan. If you currently have a 15 year mortgage, you can cut your monthly payments drastically by doing your home refinancing with a 20 or 30 year loan. Of course, you will pay more in interest over the life of the loan but if you need those lower payments today, this is a good option.<br />
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Reason #2 – Accessing Equity<br />
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Another popular for home refinancing is to gain access to the equity in your home. Equity is the difference between what is owed on the home and its value. For example, if your home has been appraised at $250,000 and you have an outstanding mortgage for $175,000 on the home, then your equity is $75,000. By doing home refinancing, you can sometimes tap into that equity to help pay off bills, pay for your child’s college, or do major home renovations that could increase the value of your home.<br />
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Basically, you’ll be taking out a larger loan but if you’ve played your cards right, then the monthly payments should be more reasonable than taking out financing to cover those other expenses separately.<br />
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Reason #3 – Consolidating Debt<br />
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Many people choose to do some type of home refinancing when they have a great deal of excess, high-interest debt they need to get out from under. Generally, the interest rates for home loans are a great deal less than for personal loans and for credit card debt. If you want to cut your overall costs and improve your credit score quickly, taking out this loan and using the equity in your home to pay off some of these bills is a wise choice.<br />
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If you choose this option, you need to make sure you aren’t going to make the cardinal mistake of running up all of that debt all over again. That usually leaves you with a higher monthly mortgage payment, as well as more of those bills. Plus, if you’ve succeeded in improving your credit picture, you could access even more credit which could deepen your troubles. Again, this is not a good idea.<br />
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Other Reasons<br />
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Besides the reasons listed above, people do home refinancing for a wide range of reasons. You need to decide if the choice is right for your finances before you make this commitment, however.<br />
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<div class="author">By: Julian Lim</div><div class="author"></div><div class="articletext">Article Directory: http://www.articledashboard.com</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com1United States40.304104914745672 -95.4374974966049197.47496741474567 -155.20312249660492 73.133242414745666 -35.671872496604919tag:blogger.com,1999:blog-5585072117074667686.post-9104650547846668192009-05-13T06:06:00.001-07:002009-05-13T06:06:40.978-07:00Benefits Of Refinancing Your Mortgage<b>Benefits Of Refinancing Your Mortgage</b><br />
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When you refinance a mortgage, you are converting the mortgage you already have into a new loan. The new loan usually has more favorable terms, such as a lower interest rate, that make refinancing worthwhile. Refinancing can have several important benefits, most of which add up to money saved over the life of the loan.<br />
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Refinancing helps you save money<br />
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Most people who refinance do so because the new mortgage will save money, usually because refinancing will allow them to lock in a lower interest rate than the one they currently have. Refinancing can help you save a significant amount of money over the life of the loan, even if the interest rate reduction is small. If you have a mortgage of several hundred thousand dollars, even a small interest rate reduction can save you thousands of dollars in interest. In fact, reducing your interest rate by just one point could save you around $5,000 on a fifteen year mortgage.<br />
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Refinancing can save you money in other ways, too, even if you are not able to lock in a lower interest rate. If your current mortgage is sub-prime because your credit rating was poor when you took out the loan, for example, refinancing could save a considerable amount of money if you’ve built up a better credit rating.<br />
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Refinancing can reduce the term of your mortgage<br />
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The potential to save a significant amount of money is the most obvious advantage of refinancing, but there is another important benefit that is often overlooked. This is the ability to refinance to a mortgage with reduced terms. For example, if you are able to refinance from a 30 year to a 20 or even 15 year mortgage, you’ll own your home outright in much less time.<br />
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Don’t forget, however, that reducing the terms of your mortgage mean your monthly payments increase. If you’re refinancing for this reason, it is important that you know your finances will remain secure enough that you can continue to meet the higher monthly repayments. The good news is refinancing for this reason is actually another way you can save money on your mortgage. Even though your monthly repayments are higher, reducing the term means you’ll pay significantly less money in interest over the life of the loan.<br />
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Refinancing lets you switch mortgage types<br />
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One of the main reasons many people refinance is to switch to a different mortgage type, for example from an adjustable rate mortgage to a fixed rate mortgage. Taking out an adjustable rate mortgage is an attractive option, especially for first time home buyers, since securing a low interest rate means lower repayments. However, many homeowners later feel that they would prefer the security of a fixed rate mortgage. Refinancing means that it’s possible to switch from an adjustable to a fixed interest rate, or vice versa, to ensure you have the mortgage that most benefits you. When is a good time to switch? It depends on many things, including your current financial situation, the state of the economy, and how long you plan to live in the home.<br />
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Refinancing can free up equity in your home<br />
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As you make mortgage payments over the months and years of the loan, you build up equity in your home. Every payment you make means you own a little bit more of the equity, and sometimes, it can be financially beneficial to tap into that equity. If you want to make improvements to increase the value of your home, fund college for your kids, or consolidate debts, for example, equity release can provide the necessary cash.<br />
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If you can get a lower interest rate when you are accessing the equity, so much the better – this will help compensate for the fact that removing some of the equity extends the life of the loan.<br />
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Time to Refinance?<br />
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Most homeowners will refinance a mortgage at least once, and statistics say that the average homeowner refinances their home every four years. That might seem a little high, but given that refinancing has so many benefits, it’s not difficult to see why refinancing is a popular option.<br />
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So when is refinancing a good idea? Look to the above list to determine when is the right time to refinance. If you can benefit by lowering your interest rate, reducing the terms of your mortgage, or switching to a more favorable mortgage type, or if you need to access some of the equity you’ve built up in your home, refinancing could be a good option.<br />
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These are not the only points to consider, of course, but they are a good starting point to think about if you are wondering whether refinancing will work for you.<br />
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By: Rachel Jackson2<br />
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Article Directory: http://www.articledashboard.comAnonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0United States39.494996235679679 -108.093747496604926.3577352356796766 -167.85937249660492 72.632257235679674 -48.328122496604919tag:blogger.com,1999:blog-5585072117074667686.post-67537797653059550932009-04-29T08:36:00.000-07:002009-04-29T08:36:09.347-07:00Bad Credit Mortgage Refinance Loan<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_MQJaanPwgpQ/SfhzFrbXYeI/AAAAAAAAA3Q/9IrTVzieo_w/s1600-h/mortgage+refinance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/_MQJaanPwgpQ/SfhzFrbXYeI/AAAAAAAAA3Q/9IrTVzieo_w/s400/mortgage+refinance.jpg" /></a></div><b><br />
</b>B<b>ad Credit Mortgage Refinance Loan</b><br />
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The homeowner’s population gets really sick to the stomach when they hear the word foreclosure<br />
But they do not need to be helpless, because there are many things that they can do to stop their foreclosure. The moment you think that there is a problem you must act immediately. The sooner you act the more options you will have to stop the foreclosure. Contact your mortgage agent or look online for information about how to stop foreclosure.<br />
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If you have a good credit score, the lender may consider refinancing your mortgage. If refinance is possible there could be some extra benefits. The rate of your mortgage could drop. And in case you have a second loan there is the possibility to add it to the new loan.<br />
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Get some information to see if you can get a loan modification. The unpaid balance that remains will be added to the end of your loan. But remind that your new monthly mortgage payment will be a bit higher than before. And this will last till the end of the total mortgage loan. It all depends on how many mortgage payment you’ve missed out, before you start with the loan modification.<br />
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You can just try to sell your house on the market. But you will need the mortgage company do that for you. The scenario that will unfold will be that the company will reduce the price of your property drastically, so that it will become a bargain for buyers.<br />
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Foreclosure will stay off of your credit, but you will still have to pay the remaining balance. So you have many ways to act when confronted with foreclosure, but the real trick is that you have to act fast and figure out what the best option could be for you.<br />
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Make sure you research and find out which company can be the best one to help you stop your foreclosue. But you can also try yourself to solve your problem by using a Loan modification ki<br />
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<div class="author">By: romeoicq1</div><div class="author"></div><div class="articletext">Article Directory: http://www.articledashboard.com</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0North America35.879553493303696 -92.6249974966049191.4547469933036936 -152.39062249660492 70.3043599933037 -32.859372496604919tag:blogger.com,1999:blog-5585072117074667686.post-12497189901437372282009-04-10T02:01:00.000-07:002009-04-10T02:01:32.366-07:00How To Refinance Credit Card Debt<b>How To Refinance Credit Card Debt</b><br />
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Credit card is so convenient we often treat it as cash. With a few cards on hand, we soon run up a huge credit balance before we even realize it. Unfortunately, credit card is no cash. It is a debt that we must pay back. So we start to panic and scramble for ways to refinance credit card debt.<br />
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If you own a property, an option is to take up a home equity loan. You can then use the loan money to pay off the credit card debt fully. Before you rush out to get it though, it is wise to look at the pros and cons of refinancing the debt with a home equity loan.<br />
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On the plus side, you can save a fair bit of money when you refinance credit card debt with equity loan. Firstly, the interest rate of equity loan is usually much lower than that of a credit card. So the monthly interest payment should be lesser. Secondly, the interest you pay on home loan has the advantage of being tax deductible. Credit card interest does not give you this benefit.<br />
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Next, home equity loan is easier to manage administrative wise. Instead of confusing yourself with a few credit card statements and due dates, you only need to worry about one monthly payment. Home loan payments are on a fixed schedule too. There are only so many numbers of payments you need to make, so you know exactly when you will pay off the loan.<br />
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The biggest risk with using a home equity loan to refinance credit card debt, on the other hand, is losing your property. When economic downturn, job loss, or other circumstances forces you to default on loan payments, the loan company may possess the home you are living in. Also, if you do not learn to live within your means, you will be tempted to use the credit cards again with the balances cleared off. This can easily turn into a vicious cycle.<br />
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You need to do your math to see whether a home equity loan really saves you money after all. There are closing costs, appraisal and other fees associated with the loan. Maybe the interest savings cannot cover these fees? Furthermore, home equity loans normally take 10-20 years to repay. So even at a lower rate, the interests over the years may turn out to be a much more expensive option in the end.<br />
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It is your choice whether a home equity loan is right for you to refinance credit card debt. The important thing is to weigh the pros and cons carefully before you decide. If you feel this is what you want after due consideration, make sure you follow the loan repayment schedule strictly. Do it right and you will be rewarded with a healthy finance again.<br />
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<div class="author">By: Troy Todd</div><div class="author"></div><div class="articletext">Article Directory: http://www.articledashboard.com</div>Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0United States37.010743374436956 -97.8984349966049192.9732538744369563 -157.66405999660492 71.048232874436962 -38.132809996604919tag:blogger.com,1999:blog-5585072117074667686.post-6797735044954850852009-03-20T01:55:00.001-07:002009-03-20T01:55:53.381-07:00When Is Home Refinancing A Good Idea<span style="font-weight: bold;">When Is Home Refinancing A Good Idea</span><br /><br />When is home refinancing a good idea? In this article, we are going to discuss all of the times that home refinancing is a good idea.<br /><br />1. Home refinancing is a good idea when you need some extra cash. Essentially, what you will be doing is trading the equity within your house for some cash-in-hand that you are able to use for a number of different things. The reason that this equity has occurred is because you have been paying on your mortgage long enough that you have paid down the principle so now there is a difference between the value of the home and the amount that you owe. However, you should know that refinancing obligates you to pay a lot more money or even borrowing for a much longer term. However, this may be the best option in the event that you need immediate cash in large quantities.<br /><br />2. Home refinancing is a good idea whenever you want to pay off some of your debts. As you may already know, debts may be debilitating financially, it doesn't matter whether they are unsecured or secured obligations. In the event that you are constantly worrying about having an adequate amount of income to pay all of your monthly obligations that you have managed to incur, this may be an option that you would like to consider. You will trading the equity of your home for cash that you will use in order to pay off some of the higher and smaller interest debts that cause so much to be taken away from your earnings each pay period. Usually, your mortgage will normally cost you a little less than the expensive minimum balances on each of the credit cards or debts.<br /><br />3. Home refinancing may also be a good idea when you wanted to reduce your payment from having all of those really high interest rates. Often, the home refinancing loan is used in order to reduce the outgo that is caused by paying all of those interest rates on your credit card debt and all of the smaller loans. Similar to paying off all of your other debts with the proceeds of your refinance, the reduction of the credit card debt may make a large difference within your own personal financial status. You may pay a lot less in interest payments by taking out an equity based loan that you would with credit card debt and there may be a certain part of your interest that is tax deductible.<br /><br />In the event that you have reached a certain stage in your life where you really want to relax and take a lot more time to just sit back and enjoy life, you may also want to reduce a couple your life stressors by considering home refinancing.<br /><br />By: Marlon Dirk<br /><br />Article Directory: http://www.articledashboard.comAnonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com1tag:blogger.com,1999:blog-5585072117074667686.post-33183352718160502282009-02-22T18:59:00.000-08:002009-02-22T19:02:11.634-08:00Debt Consolidation Mortgage Refinancing Loan<span style="font-weight: bold;">Debt Consolidation Mortgage Refinancing Loan<br /><br /></span>Improve Your Finances with a Debt Consolidation Mortgage Refinancing Loan<br /><br />If your high-interest rate credit card debts are costing you a fortune, you could save money, reduce your taxes, and pay off your debts faster with a debt consolidation mortgage-refinancing loan. You have two options for a debt consolidation loan: mortgage refinance or home equity.<br /><br />Mortgage Refinance Is Best for Big Debts<br /><br />If you have credit card debt totaling more than $50,000 dollars or other high interest debts, then a mortgage refinance loan is the way to go. You’ll need to qualify for a new loan, but most people are offered a low rate if they’ve built equity in their homes and have a credit score over 700.<br />With a mortgage refinance loan, you can set a term anywhere from 10-30 years and the interest is tax deductible. It’s recommended for larger loans because the longer time frame stretches out the payments to an affordable level. Depending on the amount of equity you have, you could also borrow extra money to make home improvements like installing a new roof or remodeling an antiquated kitchen or bathroom.<br /><br />Home Equity Loans Are Best for Small Debts<br /><br />If you have smaller debts in the $10-20,000 range, then a home equity loan is a better choice. Your rate will be slightly higher than a fixed rate mortgage loan, but you’ll have little or no closing costs and receive the money much faster. You can also set payment terms for just a few years rather than 25-30.<br /><br />There are several advantages to getting a home equity loan instead of other debt consolidation loans:<br />* Your interest rate will be lower than you can get with a credit card<br />* You won’t pay any balance transfer fees<br />* Your interest is tax deductible.<br /><br />Borrow Safely to Protect Your Home<br /><br />Whether you get a home equity or mortgage refinance loan, make sure you only borrow an amount you can afford to repay. If you can’t make your payments, you could lose your home. When deciding how much to borrow, keep in mind that you should never borrow more than 80% of the current value of your home so you have a cash cushion in case home prices decline and you need to sell.<br /><br />You should only borrow funds against your home if the interest rate on the debt is higher than the interest rate on your home equity loan and isn’t tax deductible. It wouldn’t be worthwhile to get a 7% home equity loan to pay off a student loan fixed at 4%.<br /><br />If you borrow smartly, a debt consolidation mortgage refinance loan or home equity loan can save you hundreds of dollars in interest and reduce your taxes. If you own a home, consider this solution for medium to large debts.<br /><br />For more articles on Debt Consolidation Mortgage Refinancing Loans, visit: http://www.bills.com/debt-consolidation-mortgage-refinancing-loan/<br /><br />By: Justin narin<br /><br />Article Directory: http://www.articledashboard.comAnonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com1tag:blogger.com,1999:blog-5585072117074667686.post-18677184702537354692009-02-19T17:58:00.000-08:002009-02-19T17:59:56.210-08:00Receiving A Home Refinance Loan<span style="font-weight:bold;">Receiving A Home Refinance Loan</span><br /><br />The main reason that most individuals consider receiving a home refinance loan is so that they can consolidate their debts. Each of the separate debts and loans that an individual has may be combined into one loam with a lower interest rate, which may be paid off over a certain amount of time. All-in-all, debt consolidation may be understood very easily. However, you should know that refinancing for debt consolidation may cost individuals a lot more money in the long run, in most cases.<br /><br />The very first essential part of developing an understanding of refinancing your home for debt consolidation purposes is to know exactly what debt consolidation is. Debt consolidation is where each of the debts that an individual already has, credit cards, personal loans, lines of credit, and automobile loans will be moved into one loan for debt consolidation, which is secured by your real estate.<br /><br /><br />What this means is that the individual is still going to have to pay for everything which is owed from all of the previous loans. However, within most cases, the interest rate for one single loan is going to be a lot lower than all of the rates from all of the other loans within the past. The loan is also going to be subject to its own individual terms, repayment period, and interest rates that are involved within the loan terms.<br /><br />Each of the terms that are involved within the loan that was used before you refinanced your home for debt consolidation is no longer going to be valid. All of these terms for the loan are going to be specified when the individual takes out the refinancing for the debt consolidation plan.<br /><br />Even though a home refinance loan for debt consolidation purposes may help to simplify an individual's life it can cost a lot more money over an extended period of time in most cases. Even though there will be lower monthly payments in the majority of cases this is only going to results in more money for you to pay in the long run. However, the interest rate may be lower, but you should know that the lower interest rates aren't going to be the main factor for you to consider when you are refinancing for debt consolidation. <br /><br />All of the debts that were involved with each of the previous loans, as well as the length of the loan and the actual amount of money that the loan's value is worth overall will be huge factors for refinancing your debt consolidation, so you need to make sure that you consider all of these things before you work on refinancing.<br /><br />Overall, there are some cases where a home refinance loan will hinder you, and there are some cases where a home refinance loan will benefit you.<br /><br />By: Marlon Dirk<br /><br />Article Directory: http://www.articledashboard.comAnonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0tag:blogger.com,1999:blog-5585072117074667686.post-55581702778222962012009-01-13T07:30:00.000-08:002009-01-13T07:32:48.715-08:00A Mobile Home Refinancing Loans<b>A Mobile Home Refinancing Loans</b><br />
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<div id="body">Getting a mobile home refinancing loan means swapping an existing mortgage for a new mortgage, probably with better rates of interest and better repayment terms. Typically, one should go in for a mobile home refinancing loan if the current rate of interest has dipped by more than 2% than what exists on the running mortgage. The basic purpose of a mobile home refinancing loan is to lock in a lower rate of interest and save a tidy sum on the overall mortgage payments.<br />
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However, there are many considerations before applying for refinancing. The first question to be asked is whether there will still be some savings after paying all the refinancing charges. While refinancing a loan, the charges to be paid are points, document preparation charges, tax service charges, appraisal charges and lender’s charges.<br />
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Points may prove very burdensome, as they may be 1 or 2% of the entire mortgage value. Another point to be considered is whether there are any prepayment penalties on the existing mortgage. There may also be closing fees, which may increase the cost of the loan, and the owner may have to pay more than the savings.<br />
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It must be noted that a mobile home refinancing loan is different from a mobile home equity loan. In a refinancing loan, the owner exchanges the original mortgage with a new one, while in an equity loan, the owner takes a new mortgage on the equity built up over the period of time. A refinancing loan is a new first mortgage, while an equity loan is a second mortgage.<br />
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All lenders follow almost the same procedures to disburse a home refinancing loan. The preliminary step would be to conduct a new appraisal of the property. The amount of the refinancing loan would be different from that of the original mortgage, as it would take the appreciation into account. The new rates of interest would be applied, and clever mortgage takers would lock in that rate of interest for the remainder of the loan tenure.<br />
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There is less paperwork involved, as most of it is the same as that done while taking the loan initially.<br />
People with bad credit records and delayed payments on their mobile home mortgages find it difficult to get their loans refinanced. However, a refinanced loan is a prudent way of reducing monthly bills as well as a hefty sum on the overall mortgage on the mobile home.</div><br />
source : http://ezinearticles.com/?Mobile-Home-Refinancing-Loans&id=222740Anonymoushttp://www.blogger.com/profile/06017069045825528692noreply@blogger.com0United States43.580390855607838 -107.57812512.125666355607837 -167.34375 75.035115355607843 -47.8125