Make a Mortgage Switch Fast Before Rates Go Up Faster
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Bary Dawn
Apr 18, 2010, 4:25:03 PM4/18/10
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Please consider this free-reprint article written by:
Bary Dawn
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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.
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Article Title: Make a Mortgage Switch Fast Before Rates Go Up Faster
Author: Bary Dawn
Word Count: 633
Article URL: http://www.isnare.com/?aid=504456&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=504456
Easy Publish Tool: http://www.isnare.com/html.php?aid=504456
*********************** ARTICLE START ***********************
If you want to clear your debts once and for all hightail it to the nearest reputable lender to get a mortgage switch before rates soar to agonizing heights. In the mortgage carousel, it's smart to get on when the rates are low to maximize your mortgage loan.
The Mortgage Switch
An open mortgage presents a nice picture these days but can catch you off guard anytime should rates soar anew. If the present rates of a closed mortgage are a bit higher than an ARM, at least you know how much you are going to be paying during the lifetime of the mortgage. By totaling your expenses you can regularly keep aside the amount you have to pay monthly; should you go short for a month, you can still hold on to your home. A mortgage switch therefore is a ready option.
If you are currently having trouble keeping up with monthly bills or want to pay off all your debts, you can make a mortgage switch and still have enough money to go around. Your plight is understandable because existing homeowners in your neighborhood are facing the same problem but see the light at the end of a tunnel by switching their mortgage with the same lender or a new lender.
But face it, not all lenders have the same idea about renewing loans. Some lenders have toughened up their requirements in view of the rising defaults and the threat of losses. If you have a good credit standing with your lender, you can easily cinch a lower interest rate with your lender or bank. But if you have been remiss with your payments your application for a mortgage switch might be disapproved OR you have to contend with higher interest rates than what is generally given to good payers.
The current going rates for a fixed rate term for a 10 year mortgage hovers now at 5.200%. If you are paying more than this on your current mortgage and you want a lower interest rate, the mortgage switch will work for you. But make it fast before the figures increase.
The Process
The switch is plainly a new loan or a refinancing scheme. There's no mystery to it - it is still a loan that has to be paid on the dot regularly. Failing to pay the loan on time once or twice in a row can damage your credit rating but here's good news to homeowners with bad credit record - they can use the new loan to clean up their credit record by paying the mortgage bills on time and build equity on their homes, making them eligible for an equity line of credit in the future.
When applying for a mortgage switch, borrowers are asked to fill out lots of paperwork and are hit with stringent lending criteria. These days, with default payments piling up, lenders have lengthened the life loan of a new loan. Instead of looking at ten years to pay off the new mortgage homeowners are saddled with additional years something between 11 and 20 years, depending on the amount of the mortgage switch.
There are also fees to pay but knowing that what you have been through with the first mortgage, you can get better deals by cutting corners. If you are using the same lender for your mortgage switch, there may be some fees that won't be charged. Ask your lender about this or if you are using a mortgage broker to do the dirty work, let him find ways to avoid some fees. He will know what to do.
Allegro Mortgages Corp. – Best Broker for All Your Financing Requirements
(416) 987-0008
About The Author: A mortgage switch (http://www.amortgages.ca/) will work for you if you want lower rates http://now.Competitive mortgage rate Vaughan (http://www.amortgages.ca/index.php/en/best-mortgage-vaughan) lenders can offer.reputable mortgage Toronto (http://www.amortgages.ca/index.php/en/best-mortgage-toronto).
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=504456
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
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Please consider this free-reprint article written by:
Bary Dawn
*****************************
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=504456
- 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=504456
- 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: Make a Mortgage Switch Fast Before Rates Go Up Faster
Author: Bary Dawn
Word Count: 633
Article URL: http://www.isnare.com/?aid=504456&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=504456
Easy Publish Tool: http://www.isnare.com/html.php?aid=504456
*********************** ARTICLE START ***********************
If you want to clear your debts once and for all hightail it to the nearest reputable lender to get a mortgage switch before rates soar to agonizing heights. In the mortgage carousel, it's smart to get on when the rates are low to maximize your mortgage loan.
The Mortgage Switch
An open mortgage presents a nice picture these days but can catch you off guard anytime should rates soar anew. If the present rates of a closed mortgage are a bit higher than an ARM, at least you know how much you are going to be paying during the lifetime of the mortgage. By totaling your expenses you can regularly keep aside the amount you have to pay monthly; should you go short for a month, you can still hold on to your home. A mortgage switch therefore is a ready option.
If you are currently having trouble keeping up with monthly bills or want to pay off all your debts, you can make a mortgage switch and still have enough money to go around. Your plight is understandable because existing homeowners in your neighborhood are facing the same problem but see the light at the end of a tunnel by switching their mortgage with the same lender or a new lender.
But face it, not all lenders have the same idea about renewing loans. Some lenders have toughened up their requirements in view of the rising defaults and the threat of losses. If you have a good credit standing with your lender, you can easily cinch a lower interest rate with your lender or bank. But if you have been remiss with your payments your application for a mortgage switch might be disapproved OR you have to contend with higher interest rates than what is generally given to good payers.
The current going rates for a fixed rate term for a 10 year mortgage hovers now at 5.200%. If you are paying more than this on your current mortgage and you want a lower interest rate, the mortgage switch will work for you. But make it fast before the figures increase.
The Process
The switch is plainly a new loan or a refinancing scheme. There's no mystery to it - it is still a loan that has to be paid on the dot regularly. Failing to pay the loan on time once or twice in a row can damage your credit rating but here's good news to homeowners with bad credit record - they can use the new loan to clean up their credit record by paying the mortgage bills on time and build equity on their homes, making them eligible for an equity line of credit in the future.
When applying for a mortgage switch, borrowers are asked to fill out lots of paperwork and are hit with stringent lending criteria. These days, with default payments piling up, lenders have lengthened the life loan of a new loan. Instead of looking at ten years to pay off the new mortgage homeowners are saddled with additional years something between 11 and 20 years, depending on the amount of the mortgage switch.
There are also fees to pay but knowing that what you have been through with the first mortgage, you can get better deals by cutting corners. If you are using the same lender for your mortgage switch, there may be some fees that won't be charged. Ask your lender about this or if you are using a mortgage broker to do the dirty work, let him find ways to avoid some fees. He will know what to do.
Allegro Mortgages Corp. – Best Broker for All Your Financing Requirements
(416) 987-0008
About The Author: A mortgage switch (http://www.amortgages.ca/) will work for you if you want lower rates http://now.Competitive mortgage rate Vaughan (http://www.amortgages.ca/index.php/en/best-mortgage-vaughan) lenders can offer.reputable mortgage Toronto (http://www.amortgages.ca/index.php/en/best-mortgage-toronto).
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=504456
*********************** 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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