Archive for the ‘Refinance’ Category

Problem Remortgage

Friday, September 14th, 2007

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Refinance Home Mortgage Loans With Poor Credit – Reduce Monthly Bills With A Refi Loan

Sunday, January 7th, 2007

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1% Mortgage Refinance – How?

Saturday, January 6th, 2007

http://www.RefinanceOne.net

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Low Interest Rate Mortgage Refinance Loan – Benefits Of A No Obligation Refi Quote

Sunday, December 31st, 2006

Getting a low rate refi loan may decrease your monthly mortgage
payments by a few hundred dollars. For this matter, homeowners
consider obtaining the lowest possible rate a primary concern.
Before accepting a refi offer, researching and comparing offers
are essential.

Benefits of a Low Rate Mortgage Refi Loan

If you are hoping to save money on your mortgage payment,
refinancing your current mortgage is the solution. Refinancing
is not ideal for everyone. Prior to applying for a new loan,
take into consideration current mortgage rate, length of time
you plan on residing in your home, and credit score.

If your current mortgage rate is comparably low, perhaps one
percentage point higher than current averages, you may not
realize huge savings from a refinancing. Moreover, if your
credit is less than perfect, some lenders may not offer superb
low rates.

Secondly, refinancing benefits homeowners who plan on living in
their home for more than seven years. If you plan to move in a
few years, the closing costs and fees paid will outweigh the
savings.

Savvy Buyers Shop Around

If contemplating a refinancing, shop around for the best loan
package. No obligation quotes are offered by various lenders.
You have the option of choosing a local lender or an online
lender. Before making a decision, request a quote from your
present mortgage company. This is beneficial for two reasons.
One, a good payment record has been established. Two, present
lenders may waive some fees. Although current lenders may remit
a great offer, do not make an immediate decision. First, obtain
quotes from three additional lenders.

What are Online No-Obligation Quotes?

If you request a quote from an online lender, the lender will
assess your stated credit rating, income, desired loan amount,
and submit an estimated loan offer. Quotes include terms,
interest rate, closing costs, and estimated monthly payments.
This way, you can review several loan options before finalizing
your decision. After acquiring three additional quotes, compare
all four lender offer’s side-by-side. Pick the lowest rate
mortgage refi loan. Lastly, complete an online application. At
this time, the lender will review your credit report and offer
a final approval notice.

About The Author: Carrie Reeder offers advice about
http://www.abcloanguide.com/refinance.shtml Loans Online.

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Home Equity Loans Vs. Refinance Loans

Thursday, December 28th, 2006

To many people, there seems to be very little difference
between a home equity loan and a refinance loan. However, there
are some differences. You will find that a home equity loan,
whether it looks like a more traditional loan or a line of
credit, offers a little more flexibility. However, the
refinance loan usually offers a lower interest rate. Both types
of loans, however, have interest that is tax deductible. Make
sure you understand the features of both before making a
decision between home equity loans vs. refinance loans.

Home Equity Loans

Included in home equity loans are home equity lines of credit.
You can decide how much of your equity you want to use as
collateral for the loan. Equity is how much you =ECown=EE of your
home. It is the difference between how much you have left to
pay on your home loan and how much your home is worth on the
current market. You can borrow part of your equity, or you can
borrow all of it. Additionally, you can choose how you want to
receive the money: as a lump sum or as a line of credit. This
can allow you some flexibility. If you choose the line of
credit, you don’t have to borrow up to the limit, but more is
available if you need it.

Refinance Loans

While some of the accumulated equity in your home is used in a
refinance loan, the loan is really meant to establish new terms
for your loan. The entire mortgage is redone, and some of the
accumulated equity you have can be added in for a =ECcash out,=EE
where you take cash and your home is refinanced for an amount
that is higher over all. You have no decision as to how to take
your loan. It is lump sum. It is applied to =ECpay off=EE your =ECold=EE
mortgage, and the remainder, the =ECcash out=EE portion, is given to
you. Usually, it is possible to spread the terms out over a
longer period of time than a home equity loan, and you usually
end up with a lower interest rate.

Home Equity Loans vs. Refinance Loans: Which is Best For You?

You have to decide which would work best for you. If your
purpose is to mainly to fix an interest rate or change the loan
term to something longer or shorter, and maybe get a little
extra cash to pay some bills or take a vacation, the home
refinance loan may work best for you. However, if you are
looking for flexibility, and you are not sure exactly how much
you need, a home equity loan, in the form of a line of credit,
might be your best option. Do your research, though, and shop
around for a loan that suits your specific needs.

About The Author: Visit http://www.homeequitywise.com for more
information about the advantages and disadvantages of a
http://www.homeequitywise.com/home_equity_lending-the_facts_about_home_equi
ty_lending.shtml.

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Streamline Your Va Home Loan Refinance

Sunday, December 24th, 2006

Because of all that they do for us, veterans get special
consideration when it comes to getting mortgages for homes.
Likewise, there are also special programs for veteran to
refinance their VA home loans with special rates and
considerations. If you are a veteran, you can get a special VA
home loan refinance through a streamlining process through the
Veteran%rsquo;s Administration. If you want to refinance your VA home
loan, looking into the streamlined process may be a good idea.

Reducing Your Interest Rate

If you are doing a straight refinance, and you want a lower
interest rate, this is what the streamlined VA refinance home
loan is designed for. There are special considerations that
make it a very easy choice when you are ready to refinance your
VA home loan:

1. Such loans have no maximum loan amount
2. You can avoid paying mortgage insurance premiums
3. A streamlined VA refinance home loan does not require an
appraisal
4. Verification of your assets, as well as your income, is
skipped in this loan process
5. There are no costs that you have to pay up front
6. A small funding fee of .5% is all that is charged to you as
a closing cost

Convenient Process

Because you do not have to jump through the same hoops as other
people do when it comes to a VA home loan refinance, you can
feel confident that you are saving thousands of dollars in the
long run by taking advantage of the special streamlined process
the VA offers to veterans who want to refinance their VA home
loans.

Other VA Home Loan Refinance Options

If you want to do more than simply lower your interest rate,
you can do so by getting a cash-out VA refinance, or a debt
consolidation loan. However, getting this loan is not as easy
as taking advantage of a straight, interest rate reduction home
loan refinance. The amount of equity in your home will have to
be determined. Additionally, you should realize that you can
only borrow up to 90% of your home%rsquo;s value. You can use a
cash-out loan for things like home improvements or a well
deserved vacation.

About The Author: Visit http://www.refinancesmarts.com for more
information about how to streamline your VA or FHA Home Mortgage
Refinancing.

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Benefits Of Mortgage Refinancing

Sunday, December 24th, 2006

Financial decisions are one of the most important decisions to
make in anyone’s life. Smart financial decisions go beyond the
issues of normal savings or periodical investments. Sometimes
you are faced with a tough decision in order to improve your
personal financial situation. A mortgage refinance is one such
aspect of your personal finance that can breathe some life into
your stagnant financial situation.

Mortgage refinancing involves paying off your earlier debts
with the new loan amount. You get to enjoy a number of benefits
from refinancing your mortgage.

The most important advantage of home refinance is that it comes
with a considerably lower interest rate. Homeowners generally
have to carry a heavy mortgage payment every month, so
homeowners are often on the lookout for ways to reduce their
monthly mortgage payment. The only way of accomplishing this
goal is through home refinancing at a lower interest rate,
meaning lower mortgage payments.

The mortgage loans come with two types of interest rates,
namely fixed rate and adjustable rate. Refinancing your
mortgage also allows you to switch from a fixed rate to an
adjustable rate of interest. The mortgages with adjustable
rates are the most cost effective when the interest rates are
low. In contrast, fixed rates mortgage loans are the wiser
option when interest rates are high. It is also a good idea to
change the mortgage from a fixed rate to an adjustable rate
when the interest rate starts going down.

In many cases owning full equity of your home generally
requires a period of over thirty years to pay off the mortgage.
Refinancing your home allows you to cut the mortgage duration
shorter by several years and you will be able to own full home
equity in approximately half the time. This will save you
thousands of dollars on your interest payments while building
up your home equity over the years.

The best part of mortgage refinancing is that it provides you
with a huge amount of extra cash. The equity you have built in
your home over the years entitles you to this extra cash from
refinancing. You can use this extra cash for many purposes,
ranging from debt consolidation to home improvement to funding
your children’s higher education.

In a nutshell, if you want to make a smart financial decision
that will allow you to save and gain some extra cash at the
same time, there can be no better solution than mortgage
refinancing.

About The Author: If you are considering Mortgage Refinancing
go to http://www.refinancemortgagetoday.info/ and
http://www.refinancemortgagetoday.info/refinance-mortgage-home-loan.php.
There are more articles on Mortgage Refinance at
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What Is A Home Loan Refinance Mortgage Broker?

Sunday, December 24th, 2006

When it comes to getting a home loan refinance, sometimes it
helps to go through a mortgage broker. This can be especially
helpful if you have bad credit. Most mortgage brokers can help
you with a bad credit home loan refinance. If you have good
credit, a mortgage broker has access to a variety of lenders.
You can go to one place and find the best possible loan for
your situation, rather than shopping around for a home loan
refinance that has the terms that you want.

What is a Mortgage Broker?

A mortgage broker is someone who works with lenders in order to
help you get financed for a loan. A home loan refinance mortgage
broker works to help you find a lender that will fund your home
loan refinance. The broker acts as a go-between you and the
lender. It is important to realize, however, that you are not
getting your mortgage refinance from the broker. He or she is
merely facilitating your home loan. Your refinance mortgage
will actually be serviced by a lender. Once the broker gets you
and the lender together, his or her work is mainly done.

What Does the Mortgage Broker Do?

A home loan refinance mortgage broker can help you with all of
the paperwork necessary to get your refinance mortgage
approved. He or she will help you understand what documentation
you need to gather, as well as help you fill out the necessary
forms. A mortgage broker can take you through the steps of the
home loan refinance process. Additionally, a home loan
refinance mortgage broker can help you determine the kinds of
terms that work best for you. He or she can help you look for
good interest rates, as well as loans with lower closing costs
and loans with a term-length that is acceptable to you.

Finding a Mortgage Broker

Most places have a mortgage broker nearby who can help you with
your home loan refinance. You can usually locate them in the
phone book under =ECbrokers=EE or =ECreal estate.=EE When looking for a
home loan refinance mortgage broker, you want to make sure that
you are comfortable with him or her, and you should look for
someone who takes the time to understand your situation. When
your mortgage broker better understands you, you can get a
better refinance home loan.

About The Author: Visit http://www.refinancesmarts.com for
help in finding a good Home Mortgage Refinance Broker.

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1st And 2nd Mortgage Refinance Loan – Consolidate 1st And 2nd Mortgages Into One Low Payment

Sunday, December 24th, 2006

Refinancing both your first and second mortgages will result in
one low monthly payment that could save you thousands in
interest charges. By combining both mortgages, you qualify for
lower rates than if you refinance separately. You can see a
significant savings with your second mortgage refinance, which
is often several points higher than your first mortgage rates.
You will also save on application fees and other closing costs.

Strategies To Lower Your Mortgage Payment

You have a couple of options to lower your mortgage payment
when refinancing. The first choice is to find a low rate
mortgage. So even if you choose the same length for your loan,
you will still see a savings in your monthly mortgage bill.
Adjustable rate and interest only loans will give you the
lowest payments, at least at the beginning of your home loan.
But a fixed rate loan can also give you reasonable rates with
security that they won=EDt rise in the future.

The other option is to extend your loan term, especially in the
case of your second mortgage which usually is for five to ten
years. By consolidating your loans to a thirty year loan, you
lengthen your payment schedule for principal, so you have a
smaller payment. However, your interest rate and charges will
be higher than with a shorter term.

Getting The Best Loan

Once you determine the type of loan and terms you want, do your
shopping for a good lender to save even more money. Lenders will
vary in how much they charge for closing costs and interest
rates. The APR will tell you how loans compare overall, both in
terms of rates and closing costs.

But if you are planning to move or refinance again in the
future, then be wary of paying high closing costs. Even if they
secure you a lower rate, you will only see a savings if you keep
the mortgage for several years.

Don=EDt base your lender decision based on posted loan rates. Ask
for a personalized loan quote based on your general information.
With more accurate numbers, you can make an informed choice as
to who has the best financing for you.

About The Author: View our recommended lenders to choose the
http://www.abcloanguide.com/refinance.shtml for you.

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Money Saving Benefits From Your Residential Mortgage Loan Refinance

Sunday, December 24th, 2006

What exactly are reverse mortgages? Have you heard of them?
Well, let%rsquo;s start off by saying that they could make life
easier for you. There are a whole lot of benefits in reverse
mortgages that could be very welcome as far as you are
concerned when you are in need of money.

Reverse mortgages have been found to be a reasonable solution
to many problems for many people. When there are funds required
for home improvement or funds for medical aid, etc, people find
that they get the funds required though reverse mortgages
without really paying for it. At times there are fees involved
that can actually reduce the amount that is paid to the house
owner and the amount is far smaller than the loan required.

One has to be at least 62 years old to qualify for a reverse
mortgage and generally there are no checks like credit or other
checks that are carried out. Mobile homes however, do not
qualify for a reverse mortgage. Homeowners can be single or a
couple and those who have some equity on their home will be
able to get this based on whether they own or not only. But if
money is owed through a lien or some other mortgage, then it
needs to be paid off using the reverse mortgage and if that
amount is insufficient, then your personal savings will have to
be used.

Another point to keep in mind is that if there is an ongoing
case for bankruptcy filed then getting the reverse mortgage
will be delayed till the case is over. This is because it needs
to be confirmed that the house is not part of any bankruptcy
claims and the owners will continue to be title holders of the
house.

An additional option is where the local or state government
actually helps fund the reverse mortgage and this becomes an
additional option. Most of these mortgages which are taken are
backed by the FHA. This provides that if the homeowner dies or
moves out of the house and the proceeds are not enough to cover
the cost of the reverse mortgage, then the FHA will ensure that
the balance funds are cleared by them.

Many lenders and governments give out reverse mortgages and if
you meet the criteria then you could benefit from it and make
your life a little more trouble free. That%rsquo;s the basic promise
that reverse mortgages give you – to make your life a little
bit easier when you need to pay money for something.

About The Author: Tom Atkins is a staff writer at
http://www.finance-journal.com and is an occasional contributor
to several other websites, including
http://www.debt-journal.com.

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