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Mortgage Refinance
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A mortgage refinance is done by applying and qualifying for a new mortgage loan and then using the proceeds from the new home loan to pay off the old home mortgage loan. You can refinance for many reasons: to take cash out of the equity in your home, to lower your interest rate, to lower your mortgage payment, to simply switch mortgage companies because you are not pleased with your current mortgage company, to consolidate debt, to pay off high rate credit cards, to lower the term of your mortgage, to increase the term of your mortgage, to combine a first and a second mortgage, to switch from a fixed rate to an adjustable rate, or to switch from an adjustable rate to a fixed rate, and for many, many other reasons. Consult with your mortgage professional or mortgage broker to find out what your best options are.When refinancing in order to payoff credit card debt, keep in mind that credit cards are unsecured debts.
When you refinance, you are transfering unsecure debt into debt secured by your home. Make sure you are financially savvy enough not to continue the patterns that resulted in the credit card debt or your could be putting your home at risk.
One of the most popular reasons for doing a mortgage refinance would be to obtain funds for improvements on the home. Since the money spendt on such improvements often directly increases the value of the home, it is a very sensible way to obtain such funds. Some of the most popular improvements include new kitchens and bathrooms, new windows, landscaping and swimming pools.
Mortgage Refinance in the News:
| Refinance may limit financial flexibility (Bankrate.com via Yahoo! Finance) |
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Reduced financial flexibility may be the price for a home refinance that lowers your mortgage rate.
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| New Article on Fannie Mae, Freddie Mac HARP Mortgage Refinance Program Available from AimLoan.com (PRWeb) |
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In a new article, AimLoan.com explains why Fannie Mae and Freddie Mac’s program to refinance underwater homeowners should be expanded, as lowered mortgage rates are key to economic recovery. (PRWeb Mar 9, 2010) Read the full story at http://www.prweb.com/releases/2010/03/prweb3690424.htm
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| New Article on Fannie Mae, Freddie Mac HARP Mortgage Refinance Program Available from AimLoan.com (PRWeb via Yahoo! News) |
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In a new article, AimLoan.com explains why Fannie Mae and Freddie Mac’s program to refinance underwater homeowners should be expanded, as lowered mortgage rates are key to economic recovery.
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| McCue Mortgage still in the family after 60 years (The Bristol Press) |
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New Britain-based McCue Mortgage Co., the largest independently-owned mortgage lender in the state, celebrates 60 years in business this year.
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| Average 30-year mortgage rate drops to 4.95%, Freddie Mac says (Los Angeles Times) |
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The average interest rate on a 30-year fixed-rate mortgage dropped to 4.95% this week from 4.97% last week, Freddie Mac said Thursday.
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Mortgage Refinance on the Web: