On average, the typical American family will refinance their homes every four years. Refinancing has become more common with the low interest rates and the housing slump. Before diving headfirst into a home refinance, there are some home refinancing basics that should be looked into before any forms are signed.
There are many reasons why people look into refinancing their mortgage. The most common reason is to lower a monthly payment. The lowering of an interest rate can dramatically lower a payment and can even cut down on the length of the loan. Read the rest of this entry »
Just about anyone that owns a house and has a mortgage can benefit by lowering their monthly payment. Most people that need help with a lower mortgage payment fall into one of three categories.
>> Those who can not make their current mortgage payments
>> Those who struggle to make their current payments
>> Those who want a better mortgage than their present mortgage
Reducing your mortgage payment can mean the difference between Continue Reading >>
While there are many different reasons to refinance your existing mortgage, many homeowners do so with the intention of getting access to cash. A cash out refi is a process that involves getting cash out of the equity in your home by refinancing your primary mortgage.
What is a Cash Out Refi?
The basic idea behind this type of refinance is simple. In order for a cash out refi to work, you must owe less than what your house is worth. You take out a new mortgage Continue Reading >>
Your mortgage is most likely your largest financial responsibility each month, and sometimes it gets hard to make your payment. When you have a hard time making your mortgage payments, you may miss a few months. In some cases, you may want to refinance so that you can take advantage of lower interest rates in the market and get a more affordable payment to work with.
Refinancing for Distressed Homeowners
When you are behind in your mortgage payment, you may not be able to refinance under normal circumstances. Continue Reading >>
Check out this great infographic from the U.S. Department of Treasury showing the benefits of the President’s mortgage plan (click to enlarge).
Via: White House
Source: U.S. Department of the Treasury
With consumer debt in the United States reaching $2.4 trillion and the recession pushing many families toward fiscal disaster, many people are looking for an easy way out. Debt consolidation has become a hot trend, with a number of organizations popping up to consolidate debt together into one lower monthly payment. For homeowners, the option of rolling debt into a mortgage can be appealing and has the potential to save hundreds of dollars in interest, but comes with some caveats.
For those interested in consolidating debt into your mortgage, here are some points to keep in mind: Continue Reading >>