tag:blogger.com,1999:blog-14634599969231138412024-03-13T13:00:29.824-07:00refinanceQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-1463459996923113841.post-48809394937363372442019-06-14T23:30:00.000-07:002019-06-14T23:30:00.363-07:00Top Reasons to Refinance Your Home Mortgage LoanThere may be many specific reasons or combinations of considerations that lead you to refinance your home mortgage loan. Even though the conditions may not be perfect in general for <b>refinancing</b>, people may still find that refinance mortgage provides solutions in their current circumstances. Here are the top reasons to refinance your home mortgage loan;<br /><br />1. <b>Refinance Home Mortgage</b> really makes perfect sense when the current rates are at least 2% lower than your existing mortgage. If you believe that the rates has fallen to their lowest levels and not going down much further or interests will start going up again, this is on its own a good enough reason for you to refinance now.<br /><br />2. There may be a refinance boom in the market. A lot of mortgage lenders competing for business and offering cost incentives as well as great rates. In addition to that, there could be easements by governments to relieve the pain of heavy debt burden. In periods like this you will have lower refinance mortgage closing costs that make the switch a bit easier.<br /><br />3. Many people may have been getting temporary solutions to their cash problems, hoping that things will improve and they will pay back those high interest borrowings on credit cards and personal loans. It may come to a stage that the debt is getting the better of you. Providing you have equity in your home and the mortgage interest rates have come down enough, it would make perfect sense to refinance to consolidate all your debts in one mortgage. By doing that you will not only lower your monthly loan payments considerably, but also have only one monthly payment to take care of.<br /><br />4. <b>Refinance mortgage</b> is not only for cash outs or for people with cash problems. If you have a flexible interest rate mortgage and you are worried that the rates have come down to their rock bottom and they can only go up from here, you may want to fix your mortgage interest as long as you can.<br /><br />5. Wanting to do up your home a bit could give you extra incentive to refinance now. Providing all the other conditions are right, this would be a chance for you to achieve several objectives with one refinance mortgage. You may have been putting off all the work that you plan to do in your home for long enough.<br /><br />6. There could still be further incentives. From time to time governments and local authorities push for green projects and give grants to people who would improve their home's energy efficiency. That would fit well with your home improvement projects.<br /><br />7. When the house prices come down substantially, people look for opportunities to invest in property. Taking out the equity in your home and investing it into other property would allow you to make profits when the property prices go up. Alternatively, you may have been wanting to buy a holiday home or second home for a long time. This could be your chance. You may even make money by renting those properties in the periods that you do not use them.<br /><br />8. Another reason why people taps into their home equity is for business reasons. You may have come up with a business idea and need the start up cash. At times, while it may be relatively easy to find good refinance deals, it may be real hard to find business finance. If you have a business that needs a cash injection, the cheapest way of finding the funds could be to borrow further on your home. This is a common refinance mortgage reason. Sometimes, people may even be forced to refinance their home to save their business.<br /><br />9. It may not be a favorable proposition to make to your spouse/partner; nevertheless, people refinance their mortgage to invest in all sorts of ideas, including stocks or their brother's business. Returns on those investments could be much higher than a return on house price increase. Remember that risk and return are well correlated most of the time.<br /><br />10. Sometimes the conditions do not have to be perfect to <b>refinance</b> your home mortgage. It could in fact be opposite. You may not see any other way than tap into your home equity. The option refinance mortgage offers might still be much better than your current position, even though you do not have a good credit score at the moment. Refinance mortgage could offer you a chance to rearrange your finances and get back on your feet faster.<br /><br />Although finding out your options and giving it a little thought will not harm you, doing nothing is a choice, too. Doing nothing could be a well informed choice after you do your research. That would give you satisfaction of knowing that your financial affairs in order. Many people do not like to take adventures with their home. This is understandable. After all, every venture has a risk element in it, naturally. Doing nothing has a cost in the form of missed opportunities, as well.<br /><br /><br />Refinance Mortgage Rates, Quotes, Articles and News at Refinance Mortgage [http://www.refinancehomemortgageloan.net]. Mortgage Quotes in a minute Refinance Mortgage Rates [http://www.refinancehomemortgageloan.net/rates].<br /><br /><br /><br />By: Jeong LeeQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com3tag:blogger.com,1999:blog-1463459996923113841.post-73911954467793666242019-05-12T23:28:00.000-07:002019-05-12T23:28:00.182-07:00Refinance AdviceI just spoke to a career mortgage broker and lifelong mortgage banking industry executive friend of mine in Southern California who has a track record of making six and seven figure income annually regarding the specific question," Is <b>refinance</b> CA actually happening?", he assured me that CA <b>refinance loans</b> are being closed everyday. It seems it is taking a little time for the whole refinance phenomenon to gather up steam.<br /><br />At this point in the conversation, he offered some classic advice which actually comes from somewhere back in time around the 400's BC, where, at the end of the Mediterranean, we can still hear the clarity and wisdom of a man named Euripides reverberating down through the ages, saying to those who will listen,<br /><br />"There is in the worst of fortunes, the best of chances for a happy change." Euripides<br /><br />Having taken this to heart, one begins to think more clearly immediately. The economic engine is trying, and in time, will, restart itself. In the meantime, get your hand out of the refinance cookie jar, if necessary. Think and research heavily before you act in that direction - avoiding the inevitable credit rejection dings on your credit report is a step in the right direction. No, you are right, what has happened to the equity in your property is not your fault, but relying on it, as if it were the rock of Gibraltar, may be. As you study CA refinance possibilities, and keep studying them, here is a short list of things that can only help:<br /><br /> Improve your family's combined income, beginning immediately<br /> Eliminate all expenditures that aren't absolutely necessary - yes, I mean in a primitive sense - get it down! Get your credit report tidy!<br /> Make sure your property and the neighborhood you live in do not start going down hill - get your neighbors involved if necessary.<br /> Analyze why you need to refinance and make sure your reason is legitimate under the current circumstances - i.e., don't refinance just so you can make that annual $10,000 spree at a favorite casino this year. According to Freddie Mac 2009 statistics, 33% of homeowners who successfully refinance to pay down their mortgage loan balances.<br /> Keep your eyes and ears open for new loan possibilities. FHA is still financing up to 97.5% loan to value. Lenders or mortgage brokers may have some possibilities that use FHA resources - look for a mortgage broker that has a provable track record in closing these kinds of loans. Only use a mortgage loan broker who can prove his ability to get you the refinance loan. Anything less is all but guaranteed to waste your precious hopes and time.<br /> Keep your payments current and keep out of foreclosure, you can save your home and in the end, after all of this is over, you will be glad you did!<br /><br />When approaching a CA refinance there are a few things to consider that are somewhat specific to California. California has a large income to mortgage balance problem. According to statistics California borrowers are still attempting mortgages that are 6 times their income with very little down. In the current economy this is not a smart move. Experts agree that 3 times income with at least 20% down is the preferred ratio.<br /><br />Also, <b>refinancing</b> in California has been hampered by the loss of equity and California was hit hard in this area. Housing was very over priced at the peak of the real estate boom, so even some homeowners who purchased "low priced super deals" a year ago are in negative territory. Many counties in California have very high foreclosure rates which affects property prices in a negative way.<br /><br />If you have owned your home for some time, your equity may still be intact. If this is your situation it might make sense to take out a CA refinance loan if you are not looking for cash. The majority of refinance loans are now "cash in" loans where homeowners are refinancing to increase their equity.<br /><br />If you analyze your situation carefully, look at the future of the California real estate market prices, and proceed wisely you should be able to be successful with a CA refinance loan.<br /><br /><br />Are you looking for the best rates for your refinance CA home loan? Be sure to get your free quotes from multiple lenders at Refinance CA [http://refinanceca.org] These California lenders offer the best possible rates for a refinance loan and new loans too. Your free rate quote for your CA refinance [http://refinanceca.org] is fast and easy. Get the best rates possible from trusted lenders!<br /><br /><br /><br />By: Ruby GonzalesQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com1tag:blogger.com,1999:blog-1463459996923113841.post-22797688901584901052019-04-26T23:27:00.000-07:002019-04-26T23:27:00.575-07:00Top 5 Reasons For Mortgage Refinance<b>Mortgage Refinance Loans</b> - Why get them?<br /><br /># 1. Bring Down Your Monthly Credit Payment with Mortgage Refinance<br /><br />If your objective is to stay in your home for a number of years, it probably makes good sense to look at home refinance loans that allow you to pay a point or two to bring down your interest rate and overall mortgage payment. Over a few years, your monthly savings will pay for the cost of the house refinance because of your monthly savings and your lower monthly mortgage payment. However, if your objective is to move in the next few years, you may never recover the cost of refinancing because you will not be in your home long enough. Before you decide to look at home refinance loans, you should calculate the point at which you break even so you can determine if a mortgage refinance makes sense.<br /><br /># 2. Mortgage Refinance Loans Can Move You From an Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage<br /><br />For homeowners who are willing to risk upward market fluctuations with <b>home refinance</b>, adjustable rate mortgages (ARM's) can offer much lower initial monthly payments. In addition, home refinance loans that offer adjustable rate mortgages can also be ideal if you only plan to own your home for a few years because the rate cannot fluctuate very much in that time. But, if you plan to stay in your home a long time, you should consider a mortgage refinance to switch out your adjustable rate mortgage for a fixed rate long term mortgage ( 15, 20, or 30 years). You may have a higher interest rate than with an adjustable rate mortgage, but you will have the peace of mind of knowing that your monthly house payment will not be going up.<br /><br /># 3. Break Free from Balloon Payment Programs<br /><br />Home refinance loan programs that have a balloon payment are great when you want lower interest rates and a lower initial monthly payment, just like adjustable rate mortgage refinancing programs. Nevertheless, the whole balance of your mortgage refinance is due to the mortgage company if you still own the property at the end of the balloon payment term (often 5 or 7 years). You can easily change over into an adjustable rate mortgage or a fixed rate mortgage if you are in a balloon program now.<br /><br /># 4. Get Rid of Private Mortgage Refinance Insurance (PMI)<br /><br />Low down payment <b>mortgage refinancing loan</b> options allow homeowners access to home refinance loans with less than 20% down. Sadly, these mortgage refinance loans also usually require that you pay for private mortgage insurance, which is designed to safeguard the mortgage company from loan losses. You may be eligible to remove your PMI through mortgage refinance loans because as the value of your home goes up and the balance on your home goes down.<br /><br /># 5. Tap Your Home's Equity if You Need Extra Cash<br /><br />Your house is a great place to look for extra cash when you need it. Like most homeowners, your house has probably gone up in value and that gives you the facility to withdraw some of that money and put it to use as you need to. Pay off tuition, credit cards, make home improvements, buy a new car, or even pay for your daughter's wedding. With a cash-out mortgage refinance, it's fast, simple and even tax deductible.<br /><br />Take your time to carefully consider the advantages and disadvantages of each of these points as it will take a few years to pay the cost of a mortgage refinance. Moving from an adjustable rate mortgage to a fixed rate mortgage; Breaking free from mortgage balloon payment programs; Getting rid of private mortgage insurance (PMI); Tapping your home's equity when you need extra cash. To know more about refinance home loan [http://www.refinanceitt.com/home-refinance-loan.php] visit website refinanceitt.com.<br /><br /><br /><br />By: Mabia WilliamsQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-24228712402000678452019-03-13T23:24:00.000-07:002019-03-13T23:24:01.564-07:00When to Refinance Rule of Thumb MythsYou've probably found yourself at one time or another wondering whether it was a good time or not to refinance the house. You figure you can consolidate some bills, free up some monthly cash, maybe take some cash out...you know...to fix up the house...possibly get that new flat screen TV you've been talking about...and then maybe take a vacation with what's left. Sounds good. It helps the economy, and hopefully it helps you too.<br /><br />Like many people, you have probably heard of, or hold to, a rule of thumb regarding when to refinance that appears to have served others, or even yourself, well. I say "appears" precisely because things are not always what they appear to be. And when it comes to when to refinance rules of thumb, you must beware of simplistic rules. A refinance is likely the LARGEST financial transaction you may ever make and two of the most widely used rules of thumb don't consider the big picture. Simple is great, except when it's SIMPLY WRONG.<br /><br />When To Refinance Rule Of Thumb Myth #1<br /><br />So what are these two when to refinance rule of thumb myths, and how is it they can appear to be giving you a good deal, while in many cases actually costing you thousands? Well the first myth is what many people call the 2% Rule. This rule states that you should never refinance into a mortgage that doesn't reduce your interest rate by at least 2%. And if you can refinance into a mortgage with a 2% or greater decrease in interest rate, then the monthly savings will add up to long term savings over the life of the new loan. In some cases this can be true and in many others it is not. The problem with this rule, as you will see shortly, is that it is blind to all other loan factors besides rate. Let's take a look at some actual figures and put this rule to the test.<br /><br />(Note: The figures and calculations below will be explained for those of you that want to learn to calculate refinance costs yourself, as well as for those of you that may not trust my math...LOL. I apologize if I get too detailed, but I really want YOU to know for YOURSELF if you're saving money, rather than relying on a salesman's opinion. This is information EVERYONE MUST HAVE. As you read this article you will learn how to save thousands in the refinance market, so it's well worth your time to read each section all the way to the end. Also please note that the Mortgage Payment Calculator mentioned below can be found by following the link found at the end of this article. It is not needed to follow along with this article, unless you wish to double-check the calculations.)<br /><br />For our example, let's assume 15 years ago you took out a fixed rate home mortgage for $195,000 at 8% for 30 years. Your CURRENT balance on the loan is $149,720.90. You have 15 years left to go and the payment on this mortgage is $1,430.85 per month. If you input these figures into my Mortgage Payment Calculator you'll see that the TOTAL amount of money you will pay in principal and interest over the life of this loan is $515,092.47. (This total cost is disclosed to you on a lender's Truth-in-Lending Statement (TIL), and by law this statement must be provided to you by the lender within 3 business days of application.)<br /><br />Over 15 years you've made 180 payments of $1,430.85 for a total of $257,553.00 already paid. If we subtract what you've already paid from the total obligation of $515,092.47 we find that you still owe $257,539.47 for the final 15 years. This number serves as a good starting point for comparing different loan offers, because you should have your Truth-in-Lending (TIL) Statement early (within 3 days) and it will instantly show if the new loan is substantially more costly than your current mortgage. But this is NOT the final word as there are other considerations that vastly affect cost and savings. We'll get to that shortly, but first let's continue with our example.<br /><br />A lender has offered you a $150,000 fixed rate mortgage at 6% for 30 years with 2 discount points down and $2500 in closing and processing fees. (A single discount point is equal to 1% of the loan amount.) Like many people you may decide to finance the points and fees into the loan. For this example we will finance these costs, so our total NEW loan amount will actually be $155,500, but still at 6% and still for 30 years, and your monthly payment will be $932.31. Using either my Mortgage Payment Calculator or your TIL we can see that the total cost of this new loan is $335,622.63.<br /><br />So is this refinance going to save you money? It does follow the 2% Rule. The lower payment is also SAVING you $498.54 every month, but the TIL shows it COSTS $78,083.16 more to take this loan. So what's the deal? Will this loan save you money, or cost you money? The correct answer is...IT DEPENDS.<br /><br />As it happens, one of the most determinate factors affecting your wallet in a refinance is TIME. And I don't just mean the number of years on your mortgage term. Regarding our example above, I specifically mean the length of time you plan on keeping your home or mortgage. This is one of those factors that the 2% Rule fails to consider. So why is that so important? It's because any savings or costs in a refinance are realized over TIME. The bottom line is constantly changing as time progresses, you could be saving more and more, or losing more and more.<br /><br />It is true that the above refinance would cost you $78,083.16, but that's only after 30 years. However, after only five years, taking the refinance has actually SAVED you $3,140.18. If you moved or paid off your mortgage after five years you'd be ahead of the game. At 10 years you'd still be ahead by $253.16, at 15 years you've lost $20,741.16 and at 20 years you've lost $50,172.85. I'm sure you can see the downward trend as time moves on. The monthly payment savings has the most benefit early on in the loan, while the slower decline of the principal balance progressively nullifies that benefit as time goes forward. The impact is substantial, yet the 2% Rule doesn't consider either of these two factors.<br /><br />Let's give the 2% Rule another test run as a when to refinance rule of thumb. We'll use the same scenario as above, but we'll make it a debt consolidation refinance that you're considering. This refinance will pay off $20,000 in credit card and other consumer debt, freeing up the $250 you had been sending in for monthly payments. So in this case the loan amount will be $175,900. We're still financing the 2 points and closing fees and the rate is still 6%. But now let's make the TERM for 15 years. This shorter term makes the monthly payment $1,484.35 which is actually in increase of $53.50 over your present payment, but when combined with the debt consolidation savings of $250, nets you a TOTAL monthly savings of $196.50 every month. Using either my Mortgage Payment Calculator or the TIL you will see the total cost of this loan is $267,181.30. Subtracting this from the $257,539.47 we know you still owe on your current mortgage results in a LOSS of $9,641.83, after 15 years, IF you take this refinance.<br /><br />But as I mentioned earlier, this is not the final word as there are other considerations. Like what? Well, like the $250 you're saving every month on those paid off debts. We still have to account for that. The Truth-in-Lending statement only shows costs related to mortgage payments and loan balances over time. Now since our CURRENT loan has 15 years left and our NEW loan is for 15 years, the loan balances would reach zero at the same time, so after 15 years the costs related to loan balances are the same. This means the only cost shown in our TIL comparison above comes from the change in monthly payment. That's why if you multiply the loss of $53.50 over 180 months (15 years) the resulting total loss of $9,630 is basically IDENTICAL to the loss of $9,641.83 shown in our TIL comparison. (While it's a negligible amount, the reason for the difference is that the FINAL payment on a loan is almost always lower than the NORMAL monthly payment, where our calculation assumes all 180 payments were the same.)<br /><br />Now, back to accounting for the other consideration--the debt consolidation savings. When we multiply the monthly savings of $250 over 180 months, or 15 years, the resulting total is $45,000.00. When combined with the loss of $9,641.83 we find you've actually saved $35,358.17 after 15 years!<br /><br />So the 2% Rule is in effect, and we can demonstrate some pretty substantial savings over the life of the loan. Does that mean that using the 2% Rule in this case will definitely save you money? Again...IT DEPENDS. If you moved or paid off this mortgage after five years you've actually lost $3,982.92.<br /><br />This is because the difference in loan balances (what you would have to pay-off) is greater early in the loan. And the monthly payment savings can only show benefit once the steadily accelerating decline in the principal balance of the NEW loan has been given time to catch up to where the balance of the OLD loan would be at that time. (This will make more sense when I show you how to calculate this for yourself shortly.)<br /><br />There is an upward trend in savings as time moves on, going from the negative, upward into the positive. So for this refinance to save you money, you must STAY in your mortgage until that trend line flips from the negative side of losses to the positive side of savings. But again, this information fails to be considered when using the 2% Rule as a when to refinance rule of thumb. Clearly, relying on the 2% Rule as a when to refinance rule of thumb is no guarantee of savings.<br /><br />When To Refinance Rule Of Thumb Myth #2<br /><br />I promised you two when to refinance rule of thumb myths and I won't disappoint. The second myth that could cost you thousands of dollars is what I will refer to as, for brevity's sake, the $200/month & 5 Year Rule. This rule states that if you can refinance into a mortgage that saves you at least $200 every month AND doesn't add more than five years to the remaining term on your current mortgage, then it will save you money in the long run. The problem with the $200/month & 5 Year Rule as a when to refinance rule of thumb is that, like the 2% Rule, it is blind to many of the same loan factors such as the impact of time and loan balances. But where the 2% Rule was blind to monthly savings, the $200/month & 5 Year Rule is instead blind to interest rate. Let's check out some actual figures and see if this rule fares any better than the 2% Rule.<br /><br />In this example, let's assume 15 years ago you took out a fixed rate home mortgage for $211,000 at 6% for 30 years. Your CURRENT balance on the loan is $149,910.62. You have 15 years left to go and the payment on this mortgage is $1,265.06 per month. If you input these figures into my Mortgage Payment Calculator you'll see that the total amount of money you will pay in principal and interest over the life of this loan is $455,413.17. Over the last 15 years, the 180 payments of $1,265.06 you've made total $227,710.80. Subtract this from the total cost of $455,413.17 and we see you still owe $227,702.37 over the next 15 years. As before, this becomes our starting point for comparison.<br /><br />The lender comes back with a debt consolidation loan offer in order to provide the $200 monthly savings. Again we'll assume you're paying off $20,000 in credit card and other consumer debt, which frees up $250 each month. So the offer is a fixed rate mortgage of $175,900 at 6% which includes the 2 discount points and closing fees which are being financed. In order to get the $200 monthly savings, it is necessary to extend the TERM to 20 years, and this makes your monthly payment $1,260.21. This is a monthly savings of $4.85 over your PRESENT payment and you're also saving $250 per month due to debt consolidation for a total savings of $254.85 each month. Using either my Mortgage Payment Calculator or your TIL we can see that the total cost of this NEW loan is $302,446.81 after 20 years. Subtracting this from the $227,702.37 we know you still owe on your CURRENT mortgage results in a loss of $74,744.43 after 20 years, IF you take this refinance.<br /><br />But as you remember from our prior debt consolidation example, we still have to account for the $250 monthly savings over those 20 years as well. So 240 months, or 20 years, multiplied by $250 per month in savings equals $60,000. When we combine that with the loss of $74,744.43 from our TIL costs calculation, it results in a total loss of $14,744.43 after 20 years.<br /><br />Well, so much for the $200/month & 5 Year Rule being bulletproof. What if you get out of the home or mortgage early in the term, do you come out ahead then? Sadly, no. In this scenario, the rule FAILS COMPLETELY. The loss after 20 years is the HIGHEST this trend line ever climbs. It is climbing, but climbing only halfway out of a hole still leaves you in the hole. After five years you've lost $20,103.16 and after 15 years you've lost $19,309.81.<br /><br />In this scenario the $200/month & 5 Year Rule would cost you thousands no matter what you did. Like the 2% Rule, I know there are scenarios where this rule can be applied, and it will be financially beneficial, but blindly relying upon either of these rules as a when to refinance rule of thumb is a crap-shoot. How do you do when you're in Vegas? "Do you feel lucky...punk? Well DO ya...?"<br /><br />The banks, like casinos, have all run their numbers. They know the statistics, they know the odds. If you're determined to come out on top, then you must RUN THE NUMBERS.<br /><br />So as a when to refinance rule of thumb, do the 2% Rule or the $200/month & 5 Year Rule work? Sometimes Yes, and sometimes No. Do they capture all of the complexities related to refinance costs? Certainly not. Do they serve as reliable when to refinance rules of thumb to use as a basis for your next refinance decision? That's something only you can answer for yourself, but as for myself, I trust numbers and I am always going to DO THE MATH. To me, a rule that works sometimes is UNRELIABLE, and essentially not a rule at all, it's a myth.<br /><br />The Best & Only When To Refinance Rule Of Thumb<br /><br />DO THE MATH. DO THE MATH. DO THE MATH.<br /><br />When it comes to <b>home refinancing</b>, you really need to see the process for what it is...possibly the LARGEST financial decision affecting your wealth that you will ever make. In one of the above examples the savings over 15 years exceeded $35,000. That's an EXTRA YEAR'S SALARY for many of us, 2080 hours of wages for which you didn't have to do any work. In another example, the losses were twice that over 30 years. Ouch! The only way you can be sure that you're saving and not losing is to DO THE MATH. You've seen me throwing out all of these trend figures for different points in time, without explanation for how I derived them. Now I'm going to show you how to calculate your refinance savings or losses for YOURSELF.<br /><br />There are really only five factors involved in comparing the costs of a CURRENT loan to a <b>REFINANCE</b> loan for any point in time. They are:<br /><br />1-Monthly Payments Difference Cost/Savings to date<br /><br />2-Debt Consolidation Savings to date<br /><br />3-Remaining Balances Difference<br /><br />4-Cost of Refinance (Points & Fees)<br /><br />5-Term Difference Savings to date<br /><br />Our FIRST STEP is to subtract the CURRENT Monthly Payment from the NEW Monthly Payment.<br /><br />Example: $1265.06 (CMP) - $1260.21 (NMP) = $4.85<br /><br />The result is a gain of $4.85 per month. If ever this calculation results in a loss, be sure the number has a negative sign(-).<br /><br />The NEXT STEP is to add any Debt Consolidation Savings to the result of the last calculation. (Remember, if the last calculation resulted in a loss you're essentially subtracting here, since you're adding a negative number.)<br /><br />Example: $4.85 (MP Savings) + $250 (DC Savings) = $254.85<br /><br />Now we need to know the point in time you wish to examine. Let's look at five years out. So that is a total of 60 months from now. Since in this example you're saving $254.85 every month that's a total savings of $15,291.00. Write this number down in a column.<br /><br />The NEXT STEP is to determine the Remaining Balances for BOTH loans in five years. Using my Mortgage Payment Calculator will help make this easier. In this example, the beginning loan amount on the CURRENT mortgage was $208,000 at 6% for 30 years with zero points and $3000 in closing costs which were financed, and you've been in the mortgage for 15 years. If you input these figures you'll see that after 15 years in the mortgage, your CURRENT loan balance is $149,910.62. The amortization table shows that in five more years (20 years into the mortgage) your Remaining Balance will be $113,943.69. Now let's find out where the NEW loan will be in five years.<br /><br />For this example, input a loan amount of $170,000 at 6% for 20 years. It also has 2 points and $2500 in closing costs, which are being input ONLY because they are being financed. (If you are paying points and fees out of pocket, DO NOT include them in this calculator input.) Hit the Calculate button and you'll see that after five years your Remaining Balance is $149,337.85. Subtract this NEW Remaining Balance from the CURRENT Remaining Balance.<br /><br />Example: $113,943.69 (CRB) - $149,337.85 (NRB) = -$35,394.16* *Notice the result has a negative sign(-).<br /><br />Add this negative number to the column with the $15,291.00. When you total these numbers it shows a TOTAL LOSS of -$20,103.16 after five years. In this example, this is the FINAL TOTAL after five years.<br /><br />The last two of the five factors don't apply to this example. The Closing Costs don't need to be deducted here because they were financed, and their expense is accounted for in the Remaining Balance on the NEW loan. If we had not financed the points and fees, then you would determine their total cost and write it in the column as a negative number, totaling it with the other numbers in the column in order to account for the cost. And the last factor, Term Difference Savings, doesn't apply because we are only looking five years ahead. This factor has no effect until the term on the CURRENT mortgage has expired.<br /><br />To show you how to account for this last factor, let's compare the same two loans but look 20 years ahead, five years after your CURRENT mortgage has expired. The monthly savings of $254.85 multiplied by 240 months, or 20 years, is $61,164.00. Write this in a new column, since it's a new point in time.<br /><br />Now the Remaining Balances Difference after 20 years is actually $0.00. The CURRENT loan only had 15 years to go and the NEW loan was only for 20 years, so a zero balance minus a zero balance equals zero. Write a zero in the column.<br /><br />The Closing Costs were financed and therefore accounted for, so the only remaining factor is the Term Differences Savings. Since your current mortgage expires in 15 years, but the new mortgage is for 20 years, this is the money you would NOT have to pay for the final five years if you STAY in your CURRENT mortgage. Your CURRENT monthly payment is $1265.06 and NOT paying that for 60 months would save you $75,903.60. This number is also written in the column, but as a negative since this is a loss you realize by taking this <b>refinance</b>. Total up the $61,164.00 and the $0.00 and the -$75,903.60 and you'll get a FINAL TOTAL LOSS of -$14,739.60 after 20 years or the life of the loan.<br /><br />You can even double check this by using the TIL cost calculation as demonstrated at the beginning of this article.<br /><br />Example: $227,702.38 (Remaining Cost) - $302,446.81 (New Cost) = -$74,744.43<br /><br />This example's total loss is -$74,744.43 after 20 years. We already know the TIL can't account for Debt Consolidation Savings, so in order to make a true comparison we need to account for those savings. Now $250 a month over 240 months, or 20 years, is $60,000.00. When we add that $60,000.00 Debt Consolidation Savings to the TIL costs calculation result in the example above, the total result is a loss of -$14,744.43--nearly identical to the FINAL TOTAL LOSS of -$14,739.60 we were double checking. This is proof of the accuracy of this method and I hope you can see it's value.<br /><br />I do admit, all this math can become a bit tedious, especially when looking at several different points in time for several different offers. If your interested in a great alternative to doing all of this math manually, you should check out the Trend Master Refinance Calculation Tool. It will do all of this math in a flash and show you in a user friendly way, exactly how your mortgage will affect you. It's really a fantastic tool. You can find out more by following the link provided below.<br /><br />Advice From A Former Mortgage Professional<br /><br />I STRONGLY ENCOURAGE you to create tables of each of your loan comparisons over several different points in time. Seeing the trends visually can be truly enlightening. Keep in mind the length of time you plan on staying in the home. I also highly, HIGHLY recommend you get multiple, read many, quotes from different lenders. A "Good Deal" means not only putting yourself in a better financial position, but also getting the best value in the current market.<br /><br />THINK about that last sentence for a minute.<br /><br />If a 2% interest decrease saves you $300 a month and $10,000 long term, is it a "Good Deal?" What if another lender was offering a 3% decrease at that time and it saved you $600 a month and $40,000 long term? Is the first offer still a "Good Deal" or a "Not So Good Deal?"<br /><br />Look at it another way, if you bought a $60,000 car for $50,000, and then saw it somewhere else for $35,000, regardless of how much money you saved, you'd still probably feel cheated. That's because deep down you know you got a deal, but NOT a "Good Deal."<br /><br />You should always explore the market. Multiple offers help give ALL of the offers a sense of scale and value. Utilize the methods I have given you here. Use my Mortgage Payment Calculator to assist you. Always DO THE MATH and look at the trends over time. Information is power.<br /><br />Use the tools that work and throw out the tools that don't. Oversimplified when to refinance rules of thumb are tools that don't work. The Trend Master Refinance Calculation Tool is a tool that does work. Follow the link below to learn more about what it can do for you. You owe it to your pocketbook to at least check it out.<br /><br />Another suggestion is to contact actual lenders. You're not obligated to anything until you sign at closing and it costs nothing to get a quote. Get the Good-Faith-Estimate and the Truth-in-Lending statements from each lender. They are REQUIRED BY LAW to provide them within 3 business days of application. Also ask for an amortization schedule as well, since it will show you the loan balances over time.<br /><br />A final word. There are some fantastic online services that take most of the work out of mortgage shopping today. You can fill out just one online application and get back multiple offers very quickly. At that point you can apply my methods for each offer over several points in time and really see what action is best for you. And you should REPEAT this process until you are satisfied you have a "Good Deal."<br /><br />Remember, it's not you against the banks, it's the banks against each other! That's your LEVERAGE! Use it!<br /><br />Pass this information on to everyone you know. If we all know how to make informed decisions and spend money wisely, we add stability to our economy and to our future.<br /><br /><br />You can access the Mortgage Payment Calculator at [http://www.enlightenedrefinance.com/Mortgage-Calculators.html]<br /><br /><br />Get more information about the Trend Master Refinance Calculation Tool at [http://www.enlightenedrefinance.com/Trend-Master-Details.html]<br /><br />______________________________________________________<br /><br />"Take calculated risks. That is quite different from being rash."<br />George S. Patton<br /><br /><br /><br />By: Dan RegoQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-83114944590235573652019-02-12T23:22:00.000-08:002019-02-12T23:22:15.269-08:00Refinance Home: Distilling Cash by Renewing Home LoanRefinance home is in vogue especially with reduction in interest rates. Refinance is still going strong with 40% of the home loan applications being filled in for <b>refinancing home loans</b>. Homeowners realize that there is enough equity in the home to refinance and convert into cash and credit. Few people realize how much they can benefit with home refinance.<br /><br /><b>Home refinance</b> is indeed one of the most decisive financial decisions. There are some things that you are required to keep in mind while going for refinance home. First thing to remember is with home refinance is that a little deduction in interest rates means a lot of savings. You can easily find companies willing to refinance home at lower interest rates. Companies which refinance home are ready to let go upfront fees along with application fee, legal fee and evaluation fee etc. which can amount to £1500-£3000. Lower rate and lower monthly payments are integral to home refinance.<br /><br />What benefits you can achieve with home refinance depends on when you choose to refinance. A mortgage borrower who has been going on paying the interest rates for mortgage for the past 20 years and then suddenly decides to refinance. Then refinance home will not prove fruitful. Refinance Home [http://www.ukfinanceworld.co.uk/uk_mortgages.html] for another 30 year term will mean that you be paying more as interest rates.<br /><br />Choose the best loan for your situation. Beware of lenders promising home refinance options to borrowers irrespective of equity available in the property. Different loan lenders are offering different terms and interest rates. You will have to browse through the internet sites in order to find the right home refinance alternative. The facility of free quotes is available on most of the home refinance sites. Using these free quotes and interest calculator a loan lender will be able to know the price of home refinance. This will enable you to realize whether refinance home loans that are befitting your situation.<br /><br />Via <b>home refinance</b> you are able to save by reduction of interest rates. This money can be put to some constructive use. Usually home refinance is done to payback existing loans. Education, home renovation or any other purpose can be sorted out with home refinance. Saving can be increased if the interest rate is lowered to a larger extent and the time period is long. Refinance home loans are indeed a great opportunity for homeowners.<br /><br />Before getting refinance get the latest copy of your credit report. It will be a good idea to see your credit score before applying for home refinance. Interest rates that you are getting for home refinance will directly depend on your credit score. The lesser the credit score, more is the interest rates. If you are in bad debt condition then perhaps home refinance may not be good idea. Try to rectify few of your mistakes and gradually your credit sore will improve. A good credit score will get good rates and better repayment terms.<br /><br />In spite of claims of decrease in refinance activity, Homeowners have valid reasons to refinance home. Homeowners can refinance home to get rid to mortgage insurance. Those borrowers who borrow more than 80% of their whole value apply for mortgage insurance. Private mortgage insurance (PMI) prevents the lenders money in case of default. If while <b>refinancing</b> home loans you are borrowing more than 80% of home value then you would be required to pay PMI. A borrower must take into consideration PMI before deciding whether he should refinance or not. Ignoring PMI would give a clear picture while calculating saving with home refinance.<br /><br />Home refinance can enable you to change fixed rate mortgage to variable rate mortgage. This is one of the principal reasons to refinance. However, how long you stay in a home is a crucial factor. A homeowner who plans to move form his home in 3-5 years can save a through home refinance. One with an initial rate that lasts three years, then adjusts annually, is called a 3/1 ARM. Homeowners who plan to move in five or six years would benefit from switching to 5/1 ARMs, whose initial fixed-rate period lasts five years.<br /><br />In the end it all boils down to how much you save with home refinance. Usually you get home refinance with lower monthly payment and lower interest rate even after taking into consideration all other costs. Plan your home refinance option. If it falls short of saving money stick to your existing mortgage otherwise go ahead and refinance.<br /><br />After having herself gone through the ordeal of loan borrowing, Natasha Anderson understands the need for good quality loan advice. Her articles endeavor to provide you the wise counsel in the most elementary way for the benefit of the readers. She hopes that this will help them to locate the loan that beseems their expectations. She works for the UK secured loan web site uk finance world.To find a Secured or unsecured loan that best suits your needs visit [http://www.ukfinanceworld.co.uk]<br /><br /><br /><br />By: Natasha AndersonQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-64764561777860078852019-02-01T23:20:00.000-08:002019-02-01T23:20:00.589-08:00No Cost Home Refinance - Is It Right For You?Many homeowners are taking advantage of low mortgage rates and choosing to <b>refinance</b> their home. A popular option is a No Closing Cost Refinance. With these No Cost Refinances, the homeowner pays nothing to refinance their home. What's the catch? To understand how a No Cost refinance works, let's review how a traditional refinance works first.<br /><br />The Traditional Refinance<br /><br />Let's say you have a $250,000 loan on your home and you want to take advantage of today's low mortgage interest rates. When you apply for a refinance with your mortgage broker, there will be fees associated with the loan that will need to be paid. In a traditional refinance, you - the homeowner, pay these fees. Here are the fees that will occur on every refinance: Appraisal Fee, Lender Fee, Origination Fee, Title, Escrow, and Notary Fees, Credit Report Fee, and Recording Fee. These fees are customary fees (especially in California) for every refinance - someone always pays these fees. In a traditional refinance, the borrower will pay these fees which are usually rolled into the new loan. So your current $250,000 loan may result in a new loan amount of say, $255,000. Here's the important takeaway from this example: you should always end up having the lowest interest rate available in the market - lower than if you chose a Lender Paid (No Cost) refinance. Why? Let's look at a No Cost Refinance...<br /><br />No Cost <b>Home Refinance</b><br /><br />A No Cost Refinance means that you, the homeowner, will not have to pay any fees associated with the loan. The fees mentioned above in the Traditional Refinance apply to all loans, even a No Cost Refinance. So how do they get paid and who pays those fees? The Lender pays them. Here's how: When you close your loan with a Banker or Broker, your loan is always sold off, usually to Fannie Mae or Freddie Mac. When your loan is sold, the investor (Fannie or Freddie) pays a premium to the Lender, Banker, or Broker for that loan. The higher the interest rate is, the higher the premium the investor pays for that loan. In the Borrower Paid (Traditional Refinance) example, closing costs amounted to $5,000. As an example, let's say that the interest rate you got with paying the $5,000 closing costs was 3.625%. The rate for a No Cost Refinance loan could be at least .250% higher, or 3.875 to 4.00%. A slightly higher interest rate will be how the closing costs will be paid.<br /><br />Choose the Best Payment Option Based on Your Situation<br /><br />Now you know that you have 2 choices in how to structure your <b>home refinance</b>. Have your Loan Officer show you both of these options so you can choose the one that fits your situation best. In choosing, consider how long you intend to stay in your home - the longer you stay in your home and in your new loan, the more likely you'll want a Borrower Paid transaction. Have more questions? Send an email to info@resfund.com for specific refinance questions.<br /><br /><br />Residential Funding Group, Inc "ResFund". Visit http://www.ResFund.com or send an email to info@resfund.com. ResFund specializes in Purchase and Refinance Transactions<br /><br /><br />By: Thomas KrugQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-85839263651139237122019-01-10T23:17:00.000-08:002019-01-10T23:17:05.749-08:00Find Out the Lowest Refinance Mortgage RatesFinding the lowest<b> refinance mortgage</b> rates is the best way for you to save more money, especially if you can acquire lowest interest rate. Getting shorter loans can also provide you with the opportunity to save money for future use. Home affordable refinance rates that you can find that will help you acquire the home that you want for your family. However, you cannot take advantage of refinance if you will not find low rate mortgage loan. This article will give you a useful overview of the top five places where you can search for bad credit mortgage refinance rates.<br /><br />
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<li> If you want a secured mortgage refinance you can opt for credit union, but you need to be a member of the union right before you reap all the benefits of being one of them. The home equity line of credit rates that are offered by different credit union and these refinance rates are competitive. This is one of the best options for you if you can locate local unions that you can qualify to join.</li>
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<li> It you are a type of homeowners that do not have bad credit or no credit at all, then finance companies are willing to help borrowers like you. These companies do not allow second mortgage rates. It is imperative for all borrowers to know that they are going to pay very high interest rates once they decide to go for home affordable refinance rates. Even if they say that it is affordable, it is still high compared to normal interest rate for people with good credit history. The interest rate will go up very high if you will choose to go for credit union, bank, mortgage broker, or through an Internet mortgage company. Even for the lowest refinance mortgage rates, it is impossible to acquire low rates.</li>
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<li> For <b>bad credit mortgage refinance</b> rates, you can also go for mortgage brokers. These brokers work in numerous ending companies as a middleman. You can attain second mortgage rates if you have bad credit, because they can give you long list of options when it comes to lending companies that offer loans for borrowers with bad credit. It is important for you to keep in mind that brokers acquire fees for the services that they have rendered to you. It is better if you will shop around for the best home equity line of credit rates.</li>
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<li> For the lowest refinance mortgage rates, you can opt for online mortgage companies. This is the best way for you to compare different quotes for free from different mortgage companies. The times that you only need to submit basic information and companies offering home affordable refinance rates will call you and give you quotes. These companies can offer the lowest rates because of their low overhead costs by doing business online.</li>
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<li> You can opt for bad credit mortgage refinance rates from banks, but you need to incur high interest rate. They can allow you to get refinance loan, but they will sell the loan to different companies. Bank is not a good option for you.</li>
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<br />These five options mentioned above can give home equity line of credit rates one you are ready for refinancing you mortgage. It is important not to rush in deciding which company to choose. Always remember that having second mortgage rates is no joke.<br /><br /><br />Lowest <b>refinance mortgage</b> rate can be found over the internet, because companies that operate online have lower overhead costs because they do not have to pay for rent and do not have to hire many employees. This is the reason why they are the best options for homeowners to mortgage refinance with poor credit [http://www.loansstore.com/mortgage-refinance-loans/bad-credit-mortgage-refinance.php]. If you want to find out more about mortgage refinance you can go to Finding the Best Mortgage Refinance Rates [http://www.loansstore.com/mortgage-refinance-loans/refinance-mortgage.php].<br /><br /><br /><br />By: Raks MartinQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-87885727245912930812018-12-26T23:16:00.000-08:002018-12-26T23:16:00.309-08:00Get Tips On Acquiring The Best Home Refinance RatesA homeowner may have started making certain amount of home mortgage payments. Initially, he or she might have found it comfortable to repay these monthly amounts. As time goes buy, there could be additional expenses like college tuition or medical expenses that makes it difficult for him to make the home mortgage payments regularly. In such a case, many homeowners will opt for <b>home refinance</b>, which is nothing but re-mortgaging the same house to repay the old mortgage.<br /><br />Taking a home refinance option can help a person reduce on his monthly commitments as long as it is done in the right way and when interest rates are attractive. Here is how a home refinance can help an individual:<br /><br />• Save money with lower interest rates<br />• Lower mortgage rates<br /><br />When interest rates go down, a smart person can opt for home refinance that will give him the chance to save on his home mortgage. Lower interest rates will automatically result in lower mortgage rates. A new home loan can be availed at this lower rate therefore helping the homeowner save on monthly payments.<br /><br />The trick is to know what can be considered an attractive rate of interest. There are many government schemes like the FHA that offers attractive home refinance options for those who are completely paralyzed by their current home mortgage. Using the FHA schemes, people can get a grip on their finances and start repaying their home mortgages on easier terms. This will ensure the person does not lose his precious home due to defaulting on his mortgage. Here are a few tips to get a good <b>home refinance</b>:<br /><br />• Be updated with the mortgage market<br />• Have a good credit score<br />• Know your home equity level<br /><br />Having a good knowledge of the mortgage market is critical to deciding on the precise time to opt for home refinance if needed. Mortgage interest rates keep fluctuating just like all other rates, hence learn all about the mortgage market and keep an eye on it to know when rates have dropped considerably to make it worth your while to opt for home refinancing. This also involves being shrewd enough to know what future trends could be. Analyzing trends over a period can help a person gain a lot of knowledge to make the right decision.<br /><br />Having a good credit rating is critical to getting good home refinance rates as with other types of loans. While there are those with bad credit who can also get a home refinance loan, the rates will not be as attractive as when a person has a good credit score. Home equity level is critical to getting good interest rates. Home equity levels are especially critical for those with bad credit. When a lending institution decides who can get a good interest rate, they will especially look to see if the home equity level is good for those with bad credit.<br /><br />The home equity level also helps determine the rate of interest for lenders will study this figure to ensure the outstanding principal amount is less than the property's value. This will allow a lender to offer a home refinance at a lower rate of interest. In order to help a person determine whether he should opt for home refinance, is a tool called the mortgage calculator meant specifically to calculate home refinance. This refinance calculator functions similarly to other mortgage calculators. It will want inputs like original mortgage amount, interest rate and period of current loan.<br /><br />Apart from this, you need to supply figures like current mortgage balance, period of new loan and current interest rates. Use a refinance calculator that asks for more details like closing costs, prepayment penalty if any and points the borrower wants to pay to reduce his interest rates. A good refinance mortgage calculator must help the user determine how much he can save using these input details. While the calculator is not going to decide on your behalf, it will give you the difference between existing and new home mortgage amounts.<br /><br />A shrewd borrower must see how much he can save and if the long term benefits are going to be good. If your home refinance is going to take more time to repay than your current loan, it may not be profitable to refinance. The decision to refinance depends a great deal on how long you plan to live in your home. The longer you plan stay the better it is to opt for refinancing. Use a <b>refinance mortgage</b> calculator and come to the right decision regarding home refinance.<br /><br /><br />Article by John Hoots of Chicago, who is a specialist in real estate investments. For more information on Chicago mortgage loans [http://www.chicagomortgagespecialist.com], visit his site today.<br /><br /><br /><br />By: John CH HootsQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-63983063789253668872018-11-19T23:15:00.000-08:002018-11-19T23:15:03.259-08:00Best Refinance Lenders - How to Find the Pro's?During the past couple years in which the mortgage market has been in turmoil, determining who are the best <b>refinance</b> lenders has become a real challenge. While current interest rates are still at historic lows, the fact remains that the lending guidelines have tightened up to a degree that is unprecedented. So much, in fact, that the average loan officer has trouble keeping up with the constant guideline changes and hoping to provide a high level of customer service. This challenge is resulting in the weaker loan officers leaving the industry and the pro's within the best refinance lenders now getting the lion's share of the market.<br /><br />During your search for the <b>best refinance lenders</b>, its crucial to remember that the same primary hot buttons remain unchanged: First, keep in mind that the lenders with the lowest rates may not be the best deal overall. Even the best refinance lenders often forget to properly disclose the fact that their apparently low rate includes "discount points". This additional fee may be getting you what appears to be a great low rate, but you do not necessarily need to pay any additional fees to get a good rate. Always ask even the best refinance lenders to give you options and proceed carefully.<br /><br />How to find the best refinance lenders?<br /><br />Whenever you embark on a search for the best refinance lenders, you will find numerous lenders trying to attract you with their seemingly lucrative offers. However, you must know that not all of them can offer you the best loan. Some of the best refinance lenders' reputable brand comes from millions of dollars they spend on expensive advertising. Those TV ads and billboards may help you recognize their brand, but it works against you in regard to their ability to get you the lowest rate. All that overhead costs money, some of which is passed down to you, the customer. The key to remember is that the best refinance lenders are not always the ones with the most well known brand name. Do your initial research online to compare mortgage rates and terms so you have all the necessary information to form an education decision.<br /><br />Here are some points to consider while searching for the best refinance lenders for your your home loan:<br /><br />1) Start by leveraging the power of the internet. A simple search for the best refinance lenders on online will yield thousands of results, but the key is to start with the more reputable "portal sites. Try to not be diverted by flashy-looking promotional ad banners and buzz word offers but instead try and focus on the numbers: rates, APR, total fees, etc. These websites have gotten really good and organizing the best refinance lenders' rates and terms so check to see what the top 3-5 offers appear to be within the name loan type category.<br /><br />2) Be weary of excessive fees. In most cases, the "lowest rate" offer often comes with some hidden costs, which can quickly add up since they are usually percentage-based figures tied to the loan amount. These extra costs, also known as " junk fees", can make your refinance a costly transaction and sometimes not even worth it anymore. These "junk fees" include but are not limited to: "processing fees, application fees, doc prep fees, courier fees for mortgage brokers, etc." A good rule of thumb to use when considering the total cost, even with the best refinance lenders, is "how long will it take for the proposed monthly savings to exceed the total cost of this transaction?". Example: Lets say you stand to save $52/month but the total fees are $3572. It would take you a whopping 68 months (over 5 years) to break even! Any break even point longer than 24 months is not a good deal.<br /><br />3) Think you've found the best deal now? Be careful, you might also want to ask what documentation is going to be required. This is a major factory in getting any refinance transaction closed these days. Some bank's guidelines have got so ridiculous that it seems like the hurdles between you and the closing table can never be overcome. Most banks follow the same set of guidelines nowadays, all requiring the standard two years tax returns with W2's, last two pay stubs, and last two bank statements. However, I've heard of some real world situations recently that you probably wouldn't even believe. A good friend of mine was trying to get the third round of underwriting conditions satisfied when she was then told that she also needed to produce the original building permit for the apparent renovation work that was done to her kitchen from 9 years ago, when she had only owned that home for the last 5 years! This means that she was forced to take a full day off work and beg City Hall to dig up old building permit records just to satisfy the lender and get her <b>refinance</b> closed. Crazy, huh? But you'd be surprises how often even the "best refinance lenders" come up with these crazy underwriting conditions. The key is to always ask what documentation will be required up front.<br /><br />Go with the "pros" - Go with the best refinance lenders<br /><br />Finally, once you have narrowed the best refinance lenders down to your top two or three, and you've asked all the right questions, its time to compare their rates, terms, cost, and most of all: their reputation and credibility. If you "go with the pro" and grade the best refinance lenders on their credibility and experience first, you will have the best chance for a smooth and efficient transaction.<br /><br /><br />Author Joe Karns [http://www.workwithjoekarns.com/] is a seasoned mortgage professional dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on finding the Best Refinance Lenders: Compare Mortgage Rates<br /><br /><br /><br />By: Joseph KarnsQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-84504281513389503832018-09-30T22:47:00.000-07:002018-09-30T22:47:01.441-07:00Fast Refinance<b>Refinancing</b> your mortgage from one lender/credit provider to another can be lengthy, costly and time-consuming. The new and efficient way to refinance your mortgage is to use "Fast Refinance."<br /><br />What is Fast Refinance?<br /><br /><b>Fast Refinance</b> is a unique refinance process whereby your new lender/credit provider uses a product called Title Insurance to:<br /><br />>> Facilitate the refinancing of your loan in days, not weeks (faster same-day settlement)<br /><br />>> Enable an "Unattended" refinance settlement (no settlement meeting or booking takes place)<br /><br />>> Reduce settlement costs (all correspondence and funds sent electronically)<br /><br />>> Streamline the mortgage loan process (requires minimal additional documentation)<br /><br />What is Title Insurance?<br /><br />Title Insurance provides protection to lenders/credit providers against known and unknown title defects on a security property. It offers additional risk cover to strengthen and enhance your legal interest in the mortgage and the security property.<br /><br />Why Choose Fast Refinance?<br /><br />You should refinancing your mortgage with the same extreme care you put into getting your original mortgage, and it is just as big a financial decision. So when you are thinking of refinancing, you should consider the following benefits of "Fast Refinance" and more importantly why wait for up to 6 weeks or more to take advantage of these benefits, such as:<br /><br />No Fees - most lenders do not charge fees<br /><br />Very quick Settlement - when all documents are received and certified you can have an approval in as little as one or two days<br /><br />Savings - if <b>refinancing</b> at lower interest or extended term, it will save you money and even reduce your monthly repayment<br /><br />Easy for you - as your new lender will contact your current lender and organise the new loan, you do not have to approach your old lender<br /><br />Access to Funds - you may be able to access additional or surplus funds much quicker than when doing a standard refinance transaction<br /><br />No Contact from your old Lender - process circumvents the old lenders "retention unit" from making contact to try to persuade you to stay with them<br /><br />How Does Fast Refinance Work?<br /><br />You will need to complete a new loan application with the new lender/credit provider and provide all requested documentation for your new loan, and the new lender/credit provider will:<br /><br />>> Approve the loan application<br /><br />>> Prepare all the Fast Refinance loan documents<br /><br />>> Request you to sign and complete all the documents and state the "payout figure."<br /><br />>> Deposit into your old loan account sufficient money to reduce the loan balance to Nil<br /><br />>> Pay you direct any surplus funds from the new loan<br /><br />How Can a Finance Broker Help With Fast Refinance?<br /><br />A professionally qualified finance broker is very experienced with arranging refinancing of client loans and he/she will help you in answering the following questions:<br /><br />>> Am I eligible and how can I qualify for a "Fast Refinance" loan?<br /><br />>> Can you help me to compare my current product features against the new product features before I decide to refinance my home loan?<br /><br />>> Can you help me obtain formal approval to Fast Refinance my existing home loan and at the same time obtain pre-approval for the purchase of a new investment property?<br /><br />>> With a <b>Fast Refinance loan</b> can I access the equity from my existing owner occupied property to assist me in the purchase of a new investment property?<br /><br />>> Will I be better off refinancing my existing home loan and consolidating my debts?<br /><br />>> What documents do I have to provide when refinancing or consolidating my debts?<br /><br />>> Can you help me to calculate the value of my home equity?<br /><br />>> Can you help to calculate my present loan-to-value ratio?<br /><br />So, don't forget to help of a finance broker. He/she will make you ready for fast refinance and ensure that you get cheaper rates and a better deal.<br /><br /><br />Singh Finance is a reputed Australian finance brokerage that employs the best finance brokers of the industry to help you with low rate home loan refinance [http://www.singhfinance.com.au/residential-finance/refinance-home-loans]. The firm will even find you a new low document home loans [http://www.singhfinance.com.au/residential-finance/low-doc-finance] to ensure affordable repayments. Call on 0424 190 908 or enquire online now.<br /><br /><br /><br />By: Frank ZelaskoQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-37049041354821035312018-09-29T22:45:00.000-07:002018-09-29T22:45:03.520-07:00Finding a Mortgage Refinance CompanyThere are plenty of companies out there that can help you with a <b>mortgage refinance</b>. In fact, choosing a mortgage refinance company means that you have a variety of options to choose from. Shopping around for a mortgage refinance company that offers the loan terms that you want is easier than ever. You can look online, or you can go in to a more "traditional" lender for your mortgage refinance. Really, you have almost unlimited options when it comes to finding a mortgage refinance company that fits your needs.<br /><br />Looking Online<br /><br />The Internet offers virtually endless possibilities for mortgage refinance. Many companies have online operations, and there are even some mortgage refinance companies that operate almost entirely over the Internet. There are also "brokerages" of sorts available online that can help you find a mortgage refinance company that best fits your needs. These online brokerages take your information and then submit it to several mortgage companies. These companies then make offers, and you can choose the mortgage refinance company that offers the best terms.<br /><br />Staying Offline<br /><br />Many people are still wary of looking for a <b>mortgage refinance</b> company online, and for good reason. There are many pitfalls to an online mortgage refinance. And many people prefer the face to face contact they get when they meet with mortgage refinance representatives in person. This can also be a good way to choose a good mortgage refinance company. You can get a better "feel" for the kind of company you are dealing with when you can go in. Plus you can evaluate each mortgage refinance company on things like service, personal attention, and willingness to help you get the loan you need.<br /><br />What to look for in a mortgage refinance company<br /><br />There are a few things you should look for when it comes to choosing a company to <b>refinance</b> your mortgage. You want to make sure that you are comfortable with your choice, and with the loan terms.<br /><br />· Personal service. You want a mortgage refinance company that will pay attention to you personally, and get back to you in a timely manner.<br /><br />· Individual planning. Your situation is different from someone else's. Look for a mortgage refinance company that will work with your individual needs.<br /><br />· Honesty. It helps to find someone who can help you find the loan that is truly best for you. Find a <b>mortgage refinance company</b> that is more interested in helping than in earning a fat commission.<br /><br /><br />Visit Refinance Smarts to view our Recommended Refinance Lenders [http://www.refinancesmarts.com] online. Also, visit Refinance Smarts for help in finding a good Home Mortgage Refinance Company [http://www.refinancesmarts.com/refinance_loans-comparing_refinance_loan_lenders.shtml].<br /><br /><br /><br />By: L. SampsonQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-58032541756619740312018-08-12T20:31:00.000-07:002018-08-12T20:31:12.283-07:00No Closing Cost Refinance For You!When you're thinking of <b>refinancing</b> your home mortgage, one of the biggest uncertainties you have to face is to determine if refinancing to a lower rate is worth the refinancing cost that you have to pay to the lender. You run the numbers at mortgage refinance calculators over and over again to help you decide. However, there is an option, a no closing cost refinance, for homeowners to think about. With this type of plan, you don't have to pay the up-front refinancing cost because the lender will assume this cost and it will not be added to your loan balance.<br /><br />The downside to a no <b>closing cost refinance</b> option is that your refinance rate is higher than the rate you'll get if you're the one to assume the refinance cost. Your refinance rate is usually higher by 0.25% or higher, which basically means that you'll still be paying the cost but this time instead of paying it up-front, you'll be paying it over a period of time, due to the higher refinance rate. When you're thinking of such refinance, you have to consider this increase in refinance rate, even though you may think that a slight increase in refinance rate means nothing compared to paying thousands of dollars for this type of cost.<br /><br />To fully understand if a no closing cost refinance is ideal for you, let's run the numbers. If you have a $300,000 refinance loan, your monthly payment will be $1,847.15 at a 6.25% refinance rate. If you will be the one paying $2,800 instead of the lender, your rate will be at 6% only. You will be paying $1,798.65 a month in this deal. If you choose to go for this type of refinance, you would have saved $48 a month. If you divide the cost by this monthly savings, you will see that it will take you 4.81 years to break even.<br /><br />If you were wondering what a breakeven point is, this is the number of years that you would have recouped the amount you paid for the closing cost. To determine if such refinance is the right option for you, you should also determine if how long are you planning to hold on to your mortgage. This is where the breakeven point comes in. If you're planning to leave your home or to let go of the mortgage in 5 years or less, this refinance is a good idea. However, if you have plans of staying in more than 5 years, it is best if you'll pay for the closing cost yourself.<br /><br />There are no closing cost <b>refinance</b> deals and there are no-cash refinance deals. Do not confuse yourself with these two because they are definitely not the same. With no closing cost refinance, your lender will be the one paying for the cost, while in no-cash refinance, it will be added to your outstanding balance and you'll be paying for it plus interest. Before signing up for any refinancing deals, you should understand all the minute details and ask your lender everything you want to know. There are refinancing calculators that can help guide you in this decision and you should utilize these free online tools from refinancing websites.<br /><br /><br />Will a no closing cost refinance [http://www.noclosingcostrefinance.co/] help you financially? Is it the best type of refinance you can get? Find out more here.<br /><br /><br /><br />By: Jessica FerventQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-8079364890918582422018-08-07T20:27:00.000-07:002018-08-07T20:27:23.311-07:00 Great Mortgage Refinance AdviceYou are probably going to consider <b>refinancing</b> your mortgage at some point before the term of your mortgage ends. Refinancing your mortgage can help you to take advantage of lower interest rates. In some cases you can refinance in order to shorten the terms of your loan or even to take advantage of a lower monthly payments. There is considerable amount of mortgage refinance advice to follow if you are considering a refinance for your home loan.<br /><br />Take some time to consider whether or not refinancing is a good option for you. Your house cannot be worth less than you currently owe if you are going to refinance. You should have built some equity in your home before even thinking about changing your current mortgage. Do not refinance your home to access money for unnecessary purchases or expenditures.<br /><br />A <b>refinance</b> might not be a good choice for you if your current mortgage lender is going to charge you a pre-payment fee or penalty for paying off your mortgage too soon. You should also determine whether you can afford all the fees and costs associated with taking out a refinance mortgage. The benefits of a refinance need to truly outweigh the costs of the refinance if they are going to benefit you.<br /><br />When considering <b>mortgage refinance</b> advice, you should always remember to receive refinance quotes and information from more than one lender. Apply for pre-approval with lenders who will not pull your credit report until you actually apply for the refinance mortgage. By shopping around, you will have access to the best interests rates and mortgage terms.<br /><br />Decide whether or not you will refinance if doing so allows you to pay less each month, but extends the terms of your loan. You need to decide if it is crucial to save money now or later. If you extend the term of your loan, you will be paying back more over the long haul. Try to find the terms that help you to save money not just now but over the course of your home mortgage.<br /><br />You will be better able to decide if you want to take out a <b>home refinance</b> if you follow mortgage refinance advice. Never simply jump to the decision of taking out a refinance loan without giving everything careful consideration. Talk to a trusted lender if you have one so that they can help you crunch the numbers to determine if you should try to refinance your home.<br /><br /><br />Need more mortgage refinance advice [http://www.mortgagerefinanceadvice.org]?<br /><br /><br />Check out our site to find out: should you refinance [http://www.mortgagerefinanceadvice.org/should-you-refinance-your-mortgage.html]?<br /><br /><br /><br />By: Daniel SkilbeckQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-91907211767821932802018-08-06T20:25:00.000-07:002018-08-06T20:25:03.968-07:00Applying For a Refinance Mortgage Loan Can Be EasyTaking up a <b>refinance mortgage loan</b>, also referred to as a second mortgage, may at the start seem daunting. Nevertheless, if you use a methodical approach, then it will be as easy as 1-2-3.<br /><br />Prior to taking out a refinance mortgage loan, you should decide precisely why you want to do that. A home loan could be compared to buying a vehicle. While countless options exist, only a few seem right for you. A choice of varieties of mortgages satisfies various needs of the customer.<br /><br />In particular, conclude how long you plan to remain in the house. More often than not several options can be presented to you, if you want to take out a refinance mortgage loan. Keep in mind that while a mortgage loan for refinancing those changes monthly or yearly will boast of a particularly low rate that may not be in your best interest.<br /><br />Even if you are positive that you want to refinance your home you still have to take time and make the most of the process. The first thing you should do here is get to identify what the present refinance rates are, in order that you can decide whether or not it is going to even be worth it for you to refinance your mortgage.<br /><br />You have a handful options when you want to find out refinance rates, and the two best resources that are going to be accessible to you here are the Internet and your bank. The Internet offers an assortment of different companies that help you to find the lowest refinance rates on the market, and generally for free. The goal of these companies is to assist borrowers find the best mortgages or loans to suit their individual needs.<br /><br /><b>Refinancing</b> your home can be an extremely beneficial and financially rewarding option. Mortgage refinancing involves paying off your previous mortgage debts with a new loan, even though you usually only do this if you are going to be offered a lower interest rate than the one you started with the intention that you will be saving money, both initially and long-term.<br /><br />This is the vital advantage of <b>home refinance</b>, and the mortgage loans come with two types of interest rates: fixed rate and changeable rate. If you refinance your home, you also comprise the option of switching from a fixed rate to an adjustable rate of interest; either is going to result in being more profitable for you.<br /><br />If you are in search of a quick low interest refinance mortgage interest rate, the Quicken Loans Company is absolutely one to check out. They are indeed recognized as being the nation's largest online mortgage lender and they recommend mortgages in all 50 states. They at the moment have more than 4,000 passionate home loan experts working for them, all who are devoted to getting you into the home of your dreams.<br /><br />They have over 22 years of mortgage lending experience so you be acquainted with they have the expertise and knowledge that you are looking for, and they are accepted as being the preferred mortgage lender for several of America's top companies including AT&T, Google, Yahoo!, Compuware, EDS and more.<br /><br />They make sure in dealing with every single client and they are able to process your loan in as little as 15 days. They are certainly a great company to go to if you are looking for the lowest refinance mortgage interest rate, and they in fact offer more than 150 different loan programs, ensuring that you are able to get the specific loan that you are looking for.<br /><br />This is one more great company that you may want to try out for the lowest refinance mortgage interest rate. They are proud to be one of the foremost mortgage refinancing companies in the world today and their loan network provides you with free mortgage quotes for debt consolidation, low rate refinancing, and acquisition home loans.<br /><br />If you take the time to check out what the current average refinance mortgage interest rate is and have determined that at this time would be a good time for you to refinance your home, in that case it is definitely something that would be beneficial for you to go through with. You can make use of the extra money from refinancing your mortgage to pay off other bills, put towards an investment, or even just keep it as pocket change.<br /><br />To or Not to <b>Refinance</b><br /><br />After investigative refinance mortgage rates, you may come to a decision to refinance. The best way to get hold of the rates is by visiting several web sites that offer the service. In addition, you could learn about refinance mortgage rates from lenders in your area. In conclusion, another option is to ask your current lender if some of the closing costs could be relinquished.<br /><br />When refinance mortgage rates have dropped low, you will have more than a few options. Think about if refinancing will provide you with significant savings.<br /><br /><br />Cindy Heller is a professional writer. Visit Mortgage And Refinance [http://www.mortgageandrefinance.org] to learn more about finding the best refinance mortgage rate [http://www.mortgageandrefinance.org/best-refinance-mortgage-rate.php].<br /><br /><br /><br />By: Cindy HellerQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-9639408540705937992018-08-05T20:23:00.000-07:002018-08-05T20:23:12.044-07:00Essential Facts About Home Loan Mortgage RefinanceOne should apply for home loan <b>mortgage refinance</b> only if refinance is really required. Once you decide that you need mortgage refinance, you can review various options. Every individual has different circumstances. Different mortgage loans are suitable for different borrowers. Accordingly, you should select a refinance.<br /><br />Factors That Affect Your <b>Home Loan Refinance</b>:<br /><br />There are many factors that you should consider before selecting a loan refinance. Before mortgage refinancing, you should review factors like the total loan cost, number of years that you plan to stay and term of your mortgage. You should calculate the difference of interest amount you would have to pay during the loan period. The most important factor is the amount saved during the loan term. All these factors are interlinked. Giving more importance to one factor over others can change the situation in your favor. For example, sometimes you can save thousands of dollars by converting to a better loan term. Then you should not worry about a low interest rate. Depending on the factor that is more beneficial, you can select a suitable mortgage refinance.<br /><br />Steps To Obtain A Suitable Home Refinance:<br /><br />To obtain an appropriate home loan mortgage refinance, you need to take various steps. These will help you to decide and get the best possible option:<br /><br />1. You should establish a good payment record with your existing financier. Proper credit records make you eligible for a low rate refinance. Your application is usually rejected if you have a poor payment history.<br /><br />2. You should not depend on only one lender. Compare home refinance quotes from several lenders. This way you will be able to select an appropriate mortgage loan that will be financially favorable to you.<br /><br />3. You should decide on the right time and utility of a refinance on your home. Just because the mortgage refinance rates are declining, you should not apply for refinancing mortgage.<br /><br />4. You can use <b>online refinance</b> calculator to evaluate various options. Also, you can discuss with family and friends and benefit from their experiences with refinancing.<br /><br />You should review every aspect in detail. Do not take a hasty step that can affect you adversely.<br />You can select a refinance quote from many quotes offered by different lenders. Usually, mortgage refinance is available in two types. You can either select a home mortgage refinance quote based on fixed rate interest or a quote based on adjustable rate mortgage (ARM). Both types of home refinances have their distinct advantages and disadvantages. Select a home loan mortgage refinance quote that suits best for your requirements and budget.<br /><br /><br /><b>Home loan mortgage refinance</b> [http://www.mortgagerefinanceloan101.com/home-loan-mortgage-refinance.html] is of use to you only if you really need it. Once you decide that it is essential, you should know a few facts that are important before going in for refinance. For more information on home mortgage refinance rate, you may visit mortgage refinance loan [http://www.mortgagerefinanceloan101.com].<br /><br /><br /><br />By: Anupriya JainQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-75572309603446337652018-08-04T20:22:00.000-07:002018-08-04T20:22:21.367-07:00House RefinanceWhen to do a <b>house refinance</b><br /><br />When considering doing a home or house refinance, every homeowner is unique. The right time for a house refinance will vary with each case. Typically, effective house refinancing means lowering your current mortgage loan rate by at least one percent. Within the house refinance you might also want to consider changing the length of your loan or receiving cash from the house equity. There are many house refinance calculators available online to see which mix of variables will give you the houses refinance result that you are searching for.<br /><br />House <b>refinancing</b> benefits.<br /><br />House refinance that lowers your monthly payment can help in achieving better cash flow. This is often done to offset the short term costs of perhaps a business loan or another short term need such as providing an education for the children. Again a house refinance calculator can assist in seeing the benefits that the house refinance could have. If the goal of the house refinance is to shorten the term of the house loan, it is sometimes advantageous to move from an inflexible house loan arrangement taken out many years ago, to refinance with a progressive income offset or other more modern institution. A quick search for house refinance on the internet will provide you with a huge array of companies that will often give you a free house refinance quote.<br /><br />House equity considerations.<br /><br />House equity is often used to borrow against and the cash utilized to make house improvements. Commonly, up to 90 percent of the appraised value of your house can be used to make home improvements. Useable house equity is based on the value of the home and what you currently owe, subject to individual state laws. Often, if you do a house refinance with a new rate and term, you may still qualify even if you have little house equity. Sometimes up to 90 percent (LTV) loan-to-value. In this case, for a house refinance to be accepted, a reappraisal of your home may be required.<br /><br />Costs of a house refinance.<br /><br />To do a house refinance, you will have associated closing costs that include various processing fees. Often you will be able to roll these into your new house refinance package to help minimize out of pocket expenses. The online calculators for the different house refinance companies should include these costs in there quotations.<br /><br /><b>House refinance</b> in conclusion.<br /><br />Depending on your circumstances and goals, a house refinance can be a profitable option. Be aware of noting all of the set up costs involved in the house refinance, and balance the total end of loan figures against any momentary gains. There are many house refinance companies vying for your business. Do not be afraid to ask for a better deal than what is being offered, as the amount of house refinance competition is huge and companies can often come up with a better house refinance package when pushed to do so.<br /><br />Happy refinancing.<br /><br /><br />Marc is interested in many facets of life as can be seen on his website.http://www.healthywealthywiseonline.bigpondhosting.com/<br /><br /><br /><br />By: Marc BrookQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-41898797243221077122018-08-03T20:21:00.000-07:002018-08-03T20:21:15.440-07:00Auto Loan Refinance - Is Refinancing The Right Option For You?There are many reasons why consumers choose to go through the <b>auto loan refinance</b> process, but many often fail to fully understand the process of refinancing a vehicle and pursue it just because they want to get a lower monthly payment.<br /><br />It may be the case that current tough economic times have got you in a tough spot leaving you unable to afford your current payment, or you simply want to lower your monthly payment so you have more money to spend on other bills or monthly expenses. Then an auto loan refinance can help you achieve a lower monthly payment.<br /><br />Current interest rates are at all new low levels due to the swing in recent market conditions, so now may be the perfect opportunity for you if you are considering an auto loan refinance.<br /><br /><b>Auto Loan Refinance</b> Defined<br /><br />An auto refinance loan is a loan that aims to pay off an existing loan more effectively by providing a lower interest rate, reducing the monthly loan premium that the borrower is responsible for, and reducing the overall costs that the borrower ends up paying above and beyond the initial value of the loan.<br /><br />Borrowers can refinance their vehicles by going through their current lender for the new loan, or they can research other lenders to see who has the best terms based on current market conditions.<br /><br />Should You <b>Refinance</b> Your Auto?<br /><br />Before you jump into the process of refinancing your vehicle, it might be a good idea to assess your particular situation in order to identify whether or not refinancing is the right decision for you. The decision you make will depend on what your goals are from a borrowing standpoint.<br /><br />You should consider refinancing if:<br /><br />You would like to get a lower interest rate in order to reduce overall interest costs on your loan. As mentioned before, interest rates are at all new lows. This means that a new loan with the same terms will cost less when all is said and done because of the lower interest rates. If your current loan has a 6% interest rate, and you now qualify for a 3% loan with the same terms, you will save dramatically on interest costs when your loan is finally paid off if you refinance instead of sticking with your current loan.<br /><br />You might also consider an auto loan refinance if you want to reduce your monthly payment. Your monthly payment can be reduced if you are able to get a new loan with a lower interest rate, you extend the payoff period of the loan, or you get a lower interest rate and extend the period of the loan. Keep in mind that simply extending the period of the loan with all other factors remaining the same may increase your total interest cost in the long run.<br /><br />How To Refinance Your Car<br /><br />There are a number of options that you can choose from in order to refinance your current auto loan. The first and perhaps the simplest option would be to contact your current lender to see if they can offer you a better rate on your current loan or if they can simply extend the payoff period of your loan. Going through your current lender would save costs associated with lien transfer fees and would save you the hassle of having to find a new lender.<br /><br />If you'd rather not stick with your current lender, then you can shop around to find another lender who is willing to offer you the best rates and terms on your new loan. The quickest and easiest way to find a qualified lender with better loan rates is by searching on the internet. There are numerous online lender comparison tools designed to get you in front of multiple lenders in order to compare the different rates and terms that they have available.<br /><br />Once you locate your lender of choice, then all you have to do is apply for the refinance loan with them. They will normally check your credit score and if you are approved for the auto loan refinance, your new lender will pay off your current loan and your title will be transferred to them.<br /><br />Calculating The Cost Of <b>Auto Loan Refinance</b><br /><br />The quickest and easiest way of determining how much it will cost to refinance your current auto loan is to use a refinance auto loan calculator. You simply input the total amount of the loan, the interest rate, the number of months it will take to pay off the loan, and any down payment that you will be making. The end result is the total cost of the new loan that you will be taking on based on the new refinance auto loan rates. You can use the loan calculator to perform the same calculation for your current loan in order to determine whether or not refinancing is more cost effective.<br /><br />Advantages and Disadvantages Of Refinancing Your Vehicle<br /><br />There are many advantages and disadvantages of refinancing a vehicle. In order to make the decision on whether or not refinancing makes sense for you, you have to consider the advantages and disadvantages and whether or not they apply in your particular situation.<br /><br />Advantages<br /><br />Lower Interest Rate - One of the biggest benefits of refinancing that consumers aim to take advantage of during certain economic conditions is lower interest rates. Lower interest rates on loans help save the borrower money in the long run. This is due to the fact that lower interest rates result in lower overall interest costs on the loan.<br /><br />Reduce Monthly Payment - Another important advantage of the auto loan refinance is that it can help you reduce your monthly payment. Borrowers can reduce their monthly payment either by extending the term of the loan or by getting a lower interest rate.<br /><br />Stress Relief - Often times borrowers enjoy lower stress levels when they are able to refinance and get a lower monthly payment. If you have seen a drop in income, have more bills to pay, or simply need more money for other expenses each month, refinancing can help give you the financial relief that you need.<br /><br />Disadvantages<br /><br />The auto loan refinance can also have disadvantages that you might want to consider before going through the process.<br /><br />Increase Interest Cost - If you refinance simply to extend the term of your loan and get a lower monthly payment, the auto loan refinance will most likely end up costing more in the long run due to higher interest costs. This would be true if you refinanced with a loan that has the same interest rate and a longer payoff period.<br /><br />If you are looking to refinance your vehicle even if your credit history is not great, you should find out what your credit score is. You can find guidance on what your credit report and score means on the page below:<br /><br />check credit score [http://refinance-car-loan.net/check-credit-score.html]<br /><br /><br />More information on refinancing auto loans can be found on the website: [http://refinance-car-loan.net/]<br /><br /><br /><br />By: Paul TreweekQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0tag:blogger.com,1999:blog-1463459996923113841.post-66392857236373435282018-08-02T20:20:00.001-07:002018-08-02T20:20:43.448-07:00Is Loan Refinance the Best Option For YouEvery individual needs money. When individuals do not have enough money of their own, they need to avail loans to "finance" their needs. The vast majority needs credit facility to satisfy their financial needs, so loans and repayments are more or less accepted as a part of "life". Therefore, individuals avail loans, and once they do, they try to find ways and means to "save" something out of the situation, since loans are associated with debts, and debts indicate financial commitments and less or no savings. Individuals "need" to save money. There is one option available, as far as saving money is concerned - refinance your existing loans. The basic question is "Is <b>refinancing</b> beneficial to you?", "Can you possible gain something through refinancing by saving some money at the month end?", "Is refinancing recommended for you and your debt condition?". The article tries to answer these questions.<br /><br />What is a <b>refinance</b>, or "refinance option"?<br /><br />Refinancing your loan means to avail a "new" loan, which is basically an extension of your existing loan, having a different set of loan terms and conditions, which are more favorable in terms of redeeming your credit dues, and also help to save some money at the month end. As per the refinance plan, your "older" loan is "paid off" to your lender, and you begin with a "new" credit facility having a new balance, a new interest rate, and new repayment options. The main advantage about refinancing activity is that your interest rate, associated with your new loan, is generally lower in comparison to your prior loan rates, thus enabling you to "save". This is perhaps the most efficient, and recommended way of saving your money each month, in addition to your loan repayment. The refinance can be done for many types of credit facilities and loans. It is possible to refinance your car loan through car refinance or "refinance car loan" programs, and your existing mortgage with a refinance mortgage programs.<br /><br />Majority of the <b>auto refinance</b> companies and banks provide facilities to "refinance" existing car loans, in addition to other types of loans related to mortgage or home, and even personal loans, provided you meet the eligibility criteria. In case of mortgages, the refinance is offered through mortgage refinance loans, whereas a few lenders provide the same facility in the form of home mortgage refinance. This is generally done without any additional charges, and all you have to do is fill out an application form, or alternately apply online. A word of caution - most loan companies tend to check your credit ratings before approving your application, and your refinance request. Another issue is not all credit institutions charge the same interest rates. So it is recommended to check out the various refinance interest rates offered by several lenders and banks before committing to one particular company or lender. Doing some "research" can help you avail competitive rates, and make your redemption more meaningful, as well as effective.<br /><br />Why should I avail refinance facilities?<br /><br />Considering the current market conditions, and how individuals the world over are affected by the economic recession, it is but logical that the average person would desire to "save" rather than "spend". Earning and saving dollars is not as easy as it was in the past. The recent past. And if the individual thinks about availing facilities to "earn" some money, or "save" some money by "doing" something, the basic thinking is "why not?". The concept of refinancing is fundamentally based upon "saving", as well as "making things easy and affordable". Refinance does have obvious advantages, and those advantages result into saving of money. Maybe "some" money, but "definitely" money. Refinancing can help you to effortlessly redeem your outstanding dues, and also help you save in the process. And availing refinance is easy, you do not need extraordinary eligibility criteria to become "eligible" for it. Another strong motivation is that refinance interest rates are steadily reducing, and as per statistics, there is a gradual and prolonged decrease in the refinance rates since some time. The turbulent market conditions are geared up to deal with refinancing, and the U.S. government, as well as lenders and banks are actively supporting the concept. Another reason, which strongly supports refinance, is that the idea can be used for all types of loans, whether it be a mortgage loan, a credit card loan, a personal loan, or for that matter any legal and valid loan as supported by the law and U.S. financial department.<br /><br />From where do I avail refinance facilities?<br /><br />Almost all registered banks and financial institutes within the U.S. support and provide refinance facilities and programs. A few institutions do not support refinancing of any kind, but such lenders are few and rare. The point to be considered is that the refinance rates vary from bank to bank, and lender to lender. There are no set guidelines provided by the finance department, which suggest the limits, or the range within which the lenders ought to charge their borrowers. In addition, the FICOs make a difference while availing refinance options. Good scores attract low and reduced interest rates, while poor scores invite higher rates of interest. The good news is that several companies support refinancing activities even when the FICO is low, and this turns out to be a distinct plus point for the vast majority of applicants who do not have decent credit ratings. Newspapers, magazines, and periodicals often advertise lenders and their refinance programs. One can also approach the credit bureaus and get a list of registered lenders. And the best option would be to check online for companies offering credit facilities and refinance options. There are many such companies and institutions, in fact the net is proliferated with such companies. They are quite easy to find. If you have a bad credit rating, and still desire to avail refinance facilities for refinancing your current car loan, companies offer the facility through bad credit car refinance programs, or the bad credit auto refinance plans, as some experts prefer to call it. The same hold true for mortgage refinance, in which case it is bad credit mortgage refinance programs, and bad credit home mortgage refinance plans respectively.<br /><br />Many people are concerned about <b>refinancing</b> their mortgages but what about your auto loan, it's even easier to obtain a refinance car loan [http://www.refinanceitt.com/car-refinance-loan.php] than a mortgage refinance loan. Get the lowest rates on auto refinance loan at refinanceitt.com and save your money.<br /><br /><br /><br />By: Matthew MajorsQimansahttp://www.blogger.com/profile/03591512738258404574noreply@blogger.com0