Refinancing Your Home
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Bruce Swedal
May 4, 2013, 8:10:03 PM5/4/13
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Please consider this free-reprint article written by:
Bruce Swedal
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Article Title: Refinancing Your Home
Author: Bruce Swedal
Word Count: 536
Article URL: http://www.isnare.com/?aid=653796&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=653796
Easy Publish Tool: http://www.isnare.com/html.php?aid=653796
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While you may be thinking of refinancing your home to save money, there are many considerations to keep in mind before selecting a mortgage company. The type of interest rate you have, the reputation of your current mortgage company or bank, and the amount of money left to pay off are just a few of the concerns you need to think about.
If you have an adjustable interest rate, this might be the biggest reason to want to refinance. Some adjustable rate mortgages do not even have a cap on the highest amount your interest rate can climb. The wavering of your mortgage interest rate can make budgeting your monthly finances a nightmare! Refinancing to a fixed rate might be the best option if you need stability in your payment amount. Even though the amount of your fixed rate can occasionally be higher than current adjustable rate, you will be able to estimate your expenses. The current economy has driven down interest rates drastically, making this a perfect time to refinance.
Loan consolidation can be another reason for refinancing your mortgage. If you are struggling with high interest credit card payments or student loans, refinancing might be a great option! Cashing out your home equity is another great way to save. You can use that cash to pay down credit card, school loan or medical debt. You could alternately use the additional money to pay off the first mortgage. Check with your tax consultant about the possibility of deducting interest payments.
Another refinancing option to consider is whether the term of the loan will be longer than the original. Your mortgage might end up being longer, but your monthly loan payment could be significantly lower. Deciding should depend on how long you are planning to live in the house.
Keep in mind, the better your credit rating - the better your chances of refinancing your mortgage. If you have been consistently late with payments or have any credit judgements on your record you might have a hard time negotiating decent loan terms if you can get a loan at all. Make sure your payments have been on time for at least the last year before making an appointment with a lender.
You can find mortgage calculators online to let you see what your potential refinanced mortgage loan payments might be as well as the length of the loan. Always check the reputation of any mortgage companies to ensure their reliability. Many mortgage companies that promise to finance anyone will end up costing you a pretty penny!
Refinancing your existing loan is not always the best option. In some cases it makes more sense to keep the loan that you currently have. The costs of refinance can quickly outweigh the benefits if the expenses for closing are substantial and the savings in interest are minimal. As a rule of thumb one should save one percent or more on interest rates for refinancing to make sense. You still have to weigh all of the additional factors into the equation such as the amount of time added to back end of the loan prior to pay off.
About The Author: http://www.bruceswedal.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=653796
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Bruce Swedal
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=653796
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=653796
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Refinancing Your Home
Author: Bruce Swedal
Word Count: 536
Article URL: http://www.isnare.com/?aid=653796&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=653796
Easy Publish Tool: http://www.isnare.com/html.php?aid=653796
*********************** ARTICLE START ***********************
While you may be thinking of refinancing your home to save money, there are many considerations to keep in mind before selecting a mortgage company. The type of interest rate you have, the reputation of your current mortgage company or bank, and the amount of money left to pay off are just a few of the concerns you need to think about.
If you have an adjustable interest rate, this might be the biggest reason to want to refinance. Some adjustable rate mortgages do not even have a cap on the highest amount your interest rate can climb. The wavering of your mortgage interest rate can make budgeting your monthly finances a nightmare! Refinancing to a fixed rate might be the best option if you need stability in your payment amount. Even though the amount of your fixed rate can occasionally be higher than current adjustable rate, you will be able to estimate your expenses. The current economy has driven down interest rates drastically, making this a perfect time to refinance.
Loan consolidation can be another reason for refinancing your mortgage. If you are struggling with high interest credit card payments or student loans, refinancing might be a great option! Cashing out your home equity is another great way to save. You can use that cash to pay down credit card, school loan or medical debt. You could alternately use the additional money to pay off the first mortgage. Check with your tax consultant about the possibility of deducting interest payments.
Another refinancing option to consider is whether the term of the loan will be longer than the original. Your mortgage might end up being longer, but your monthly loan payment could be significantly lower. Deciding should depend on how long you are planning to live in the house.
Keep in mind, the better your credit rating - the better your chances of refinancing your mortgage. If you have been consistently late with payments or have any credit judgements on your record you might have a hard time negotiating decent loan terms if you can get a loan at all. Make sure your payments have been on time for at least the last year before making an appointment with a lender.
You can find mortgage calculators online to let you see what your potential refinanced mortgage loan payments might be as well as the length of the loan. Always check the reputation of any mortgage companies to ensure their reliability. Many mortgage companies that promise to finance anyone will end up costing you a pretty penny!
Refinancing your existing loan is not always the best option. In some cases it makes more sense to keep the loan that you currently have. The costs of refinance can quickly outweigh the benefits if the expenses for closing are substantial and the savings in interest are minimal. As a rule of thumb one should save one percent or more on interest rates for refinancing to make sense. You still have to weigh all of the additional factors into the equation such as the amount of time added to back end of the loan prior to pay off.
About The Author: http://www.bruceswedal.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=653796
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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