Refinancing Your Homes Mortgage
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J Harris
Mar 29, 2013, 10:10:02 AM3/29/13
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Article Title: Refinancing Your Homes Mortgage
Author: J Harris
Word Count: 507
Article URL: http://www.isnare.com/?aid=163109&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=163109
Easy Publish Tool: http://www.isnare.com/html.php?aid=163109
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Refinancing your homes mortgage can be a smart tool for making the most of your money. However, that doesn�t means that refinancing is always a good idea. Depending on your homes current and past value, your personal goals and situation, and the specifics of your current loan, refinancing may or may not make sense.
Know Your Homes Value
In addition to knowing your homes assessed value, you need to know whether it is currently increasing or decreasing. While almost all real estate investments increase with time, there are specific situations when a homes value actually decreases. This can make refinancing a bad choice. Simply by calling a local realtor or mortgage lender you will be able to get an idea on the value of homes in your area.
Your Homes Place in Your Future
How long do you intend to stay in your home? In order for a refinancing of your homes mortgage to make sense, you need to stay in it long enough to pay off the points and closing costs associated with the refinancing. If you know you will be looking at other homes next year, this may not be the ideal time to refinance.
On the other hand, refinancing your homes mortgage could be beneficial if your goals are to reduce your debt, make home improvements or increase your homes value. Since a refinancing of your homes mortgage allows you to tap into the equity you�ve built over the years, using those funds for immediate needs or future investments can make sense. People often refinance a homes loan in order to help pay for retirement, college or medical needs.
Results of Refinancing Your Homes Mortgage
One of the biggest reasons that people refinance their homes is to take advantage of a lower interest rate and reduce monthly mortgage payments. Sometimes the advantages to this are glaringly obvious. For example, if you owe $100,000 on your homes mortgage on a 30-year conventional loan at 6.5% interest, then your monthly payment will be $632 per month. The ability to lower that interest rate by one full point to 5.5% would make your monthly payments only $567 a month. This lowers your homes monthly payment by $68. There are few situations when that scenario is not a good deal.
Questions are more likely to arise when the savings come in the form of a non-traditional loan like an ARM (adjustable rate mortgage) or a balloon loan. To determine which loan is best for your homes mortgage refinancing, understand these terms and work closely with a realtor or mortgage lender who can explain how these will affect you down the road. The basic rule of thumb is to take advantage of these loans for homes that carry fluctuating rates, or major changes in payment, only if you are certain of your ability to handle the increased payment. Final word- Refinancing your homes mortgage loan can be a great financial tool when done at the right time.
About The Author: John Harris is a researcher and writer on applicable real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit http://www.themortgagecity.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=163109
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
J Harris
*****************************
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=163109
- 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=163109
- 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 Homes Mortgage
Author: J Harris
Word Count: 507
Article URL: http://www.isnare.com/?aid=163109&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=163109
Easy Publish Tool: http://www.isnare.com/html.php?aid=163109
*********************** ARTICLE START ***********************
Refinancing your homes mortgage can be a smart tool for making the most of your money. However, that doesn�t means that refinancing is always a good idea. Depending on your homes current and past value, your personal goals and situation, and the specifics of your current loan, refinancing may or may not make sense.
Know Your Homes Value
In addition to knowing your homes assessed value, you need to know whether it is currently increasing or decreasing. While almost all real estate investments increase with time, there are specific situations when a homes value actually decreases. This can make refinancing a bad choice. Simply by calling a local realtor or mortgage lender you will be able to get an idea on the value of homes in your area.
Your Homes Place in Your Future
How long do you intend to stay in your home? In order for a refinancing of your homes mortgage to make sense, you need to stay in it long enough to pay off the points and closing costs associated with the refinancing. If you know you will be looking at other homes next year, this may not be the ideal time to refinance.
On the other hand, refinancing your homes mortgage could be beneficial if your goals are to reduce your debt, make home improvements or increase your homes value. Since a refinancing of your homes mortgage allows you to tap into the equity you�ve built over the years, using those funds for immediate needs or future investments can make sense. People often refinance a homes loan in order to help pay for retirement, college or medical needs.
Results of Refinancing Your Homes Mortgage
One of the biggest reasons that people refinance their homes is to take advantage of a lower interest rate and reduce monthly mortgage payments. Sometimes the advantages to this are glaringly obvious. For example, if you owe $100,000 on your homes mortgage on a 30-year conventional loan at 6.5% interest, then your monthly payment will be $632 per month. The ability to lower that interest rate by one full point to 5.5% would make your monthly payments only $567 a month. This lowers your homes monthly payment by $68. There are few situations when that scenario is not a good deal.
Questions are more likely to arise when the savings come in the form of a non-traditional loan like an ARM (adjustable rate mortgage) or a balloon loan. To determine which loan is best for your homes mortgage refinancing, understand these terms and work closely with a realtor or mortgage lender who can explain how these will affect you down the road. The basic rule of thumb is to take advantage of these loans for homes that carry fluctuating rates, or major changes in payment, only if you are certain of your ability to handle the increased payment. Final word- Refinancing your homes mortgage loan can be a great financial tool when done at the right time.
About The Author: John Harris is a researcher and writer on applicable real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit http://www.themortgagecity.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=163109
*********************** 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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