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Five Reasons to Get a New Mortgage
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Mortgage Loan Shopping
The number of people running around to catch hold of the ideal mortgage has the best options online. It is said that over the next 5 years, ten to twenty percent of mortgages will mainly be Internet-based and eighty five percent of equity and refinanced mortgages will be done electronically. This is due to the fact that the Internet ensures that the job of comparing loans is quick and easy. And ad... Read mortgage refinance article
Mortgage Refinance Information
Mortgage refinancing can be a nerve wracking situation for any homeowner. It doesn't matter how much equity you have in your home or what your credit is like, whether or not you overpay for the loan depends on how much time you can invest doing your homework and researching mortgage offers. Here are several tips to help you find the most competitive offer while avoiding common mistakes.
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Five Reasons to Get a New Mortgage
If you are on the fence about mortgage refinancing, there are a number of great reasons to refinance your mortgage regardless of what interest rates are doing. With mortgage refinancing you can reduce your monthly payment, lower your interest rate, and even cash out equity in your home for any reasons. Here is a list of five excellent reasons to help you decide if mortgage refinancing is right for you.
I. Mortgage Refinancing to Reduce Your Monthly Mortgage Payment
The most common reason homeowners have for mortgage refinancing is to lower their monthly mortgage payments. There are several different ways to accomplish this. If you plan on staying in your home for a long time, consider paying a point or two in order to buy down your mortgage interest rate. If your financial situation has improved since purchasing your home, you may qualify for a better interest rate without points. If you are unable to qualify for a lower rate, you can still lower your monthly mortgage payment by extending the term length of your mortgage loan. Mortgage loans typically come with a term length of thirty years; however, there are now forty and even fifty year mortgages to choose from.
II. Mortgage Refinancing to Switch Your Adjustable Rate Mortgage (ARM)
If you purchased your home with a risky Adjustable Rate Mortgage and concerned with the risk of rising interest rates, refinancing to a fixed interest rate loan could give you the financial peace of mind you need. Fixed interest rate loans typically come with higher rates than adjustable rate mortgages; however, you can lower your payment amount with the new interest rate by extending the term length. A lower payment with a fixed interest rate mortgage will allow you to plan your monthly budget around the mortgage payment.
III. Mortgage Refinancing to Avoid Balloon Payments
Balloon mortgages are popular because they come with very low monthly payments; however, once the balloon payment is due you could be facing a financial hardship if you're unable to pay. Refinancing to a fixed or adjustable rate with a long term length could match your current payment amount.
IV. Mortgage Refinancing to Stop Paying Private Mortgage Insurance
Many homeowners that purchase their homes with less than 20% down or borrow above a certain level of home equity are required to purchase Private Mortgage Insurance. Private Mortgage Insurance is expensive; the premiums can add hundreds of dollars to your monthly payment amount and does nothing else for you. Private Mortgage Insurance only protects the lender from losses if you default on the mortgage. Even if you have not build up sufficient equity in your home there are a number of mortgage refinancing programs to help you drop this costly insurance.
V. Mortgage Refinancing to Borrow Against Your Home's Equity
Another popular reason for mortgage refinancing is to cash out equity in your home. This cash can be used for any reason: you can pay off credit cards, make repairs to your home, pay for college, even purchase a new car or take a vacation. With cash-back mortgage refinancing this is fast and easy. You even gain a tax deduction for the interest you pay when borrowing against your home equity.
To learn more abut your mortgage refinancing options, including costly mistakes to avoid, register for a free mortgage tutorial.
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Mortgage Refinance - Buyer Beware
Applications for mortgage refinance are up nearly 20% from a year ago. Nearly one third of all outstanding mortgages have an adjustable rate feature. Foreclosures were up 72% from the first quarter of 2005 to the same period in 2006. A record 323,000 properties were in foreclosure in that period. What does all this mean?
If you are a homeowner who is about to lose your home to foreclosure BEWARE. The phone call you get offering to help may not be a guardian angel but the devil himself. Because of the great value in real estate and the number of folks struggling to make their mortgage payments, mortgage fraud is on the rise.
Scam artists prey on frightened homeowners who lack the knowledge of how things work in a foreclosure. If you are being foreclosed upon it is a matter of public record. A suit has to be filed in many states so all the information a scammer needs to know is at the courthouse. For a smooth talking con artist who offers to "help" you could be his next target.
Remember the old saying "if it sounds too good to be true, it isn't (true)". Scam artists make everything sound so simple and easy. And you as the beleaguered homeowner are all to willing to be saved by the "knight in shining armor."
Unfortunately some of the folks who are at risk the most are the elderly and people who do not understand English all that well.
Probably the smartest thing you can do is get an attorney you trust to guide you.
Some things to remember:
1. DON'T fall for outrageous promises like saving your credit or getting a new lower payment mortgage.
2. DON'T sign away ownership of your home (without an attorney's advice).
3. DO know what your rights are.
4. DON'T do anything verbally-get it in writing.
5. DON'T sign anything with blank spaces (that can be filled in later).
6. DO be skeptical about everything-check and recheck to make sure you are protected.
Selling your home is much more preferable than foreclosure. It may not be your favorite choice but in the long run it may be the best choice.
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Five Reasons to Get a New Mortgage
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