Home Mortgage

Current Interest Rates Home Mortgage Section


 

Current Interest Rates Home Mortgage Navigation


|

Stress and Anxiety Guide Home Page
Tell A Friend about us
Best Refinance Home Mortgage Loan Rate |
Mobile Home Mortgage Lenders |
Refinance Home Mortgage Missouri |
Loan Bids Home Mortgage Loans Refinance |
Refinance Best Banking Home Mortgage Rates |
Home Mortgage Lenders Who Refinance Over 10025 Of Value |
Home Mortgage Refinance Rates In Britain |
Home Mortgage Finance Rate |
Best Home Mortgage Interest Rates |
Bad Credit Home Mortgage |
Home Mortgage Amortization Calculator |
Lowest Home Mortgage Interest Rate Today To Refinance |
Home Mortgage Rate Refinancing |
2nd Home Mortgage Rates |
Home Mortgage Refinance Rates London |

List of home-mortgage Articles
Sitemap



Social bookmarking
You like it? Share it!
socialize it


Main Current Interest Rates Home Mortgage sponsors


 

Newest Best Sellers


 

Welcome to Home Mortgage

 

Current Interest Rates Home Mortgage Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.


You may also listen to this article by using the following controls.

Home Mortgage Refinancing: A second chance for homeowners with high interest loans

from: Syd Johnson




Home Mortgage refinancing is a great option for homeowners who have a mortgage that is a couple years old, have built up some equity, but find themselves struggling with a high interest debt. The entire home mortgage refinancing process is basically getting your mortgage company or another lender to pay off your existing loan, and qualify you for another one with a lower interest rate.

Your finances get a second look
Even if you are dealing with your current mortgage lender, you have to fill out some kind of paperwork to let them know that you want to refinance and get everything started. In most cases, the lender will take a second look at your entire financial picture.

You have to provide your payment history, proof of income, list of all outstanding debt, credit report, current loan amount, loan rate and reasons for wanting to refinance your loan. If you have a high interest rate because of past credit problems, you can still qualify for home mortgage refinancing.

Check market index to see if the time is right for refinancing
First, take a quick survey of the home mortgage refinancing market to make sure that the average rates are better than what you currently have on your loan. Call your own lender and look for others online to get preliminary quotes. Then take a second look at your financial picture to see if you really need to go through the home mortgage refinancing process to get the best deal.

Can go from adjustable to fixed rate mortgage
You should consider home mortgage refinancing if you want to change from an adjustable rate mortgage to a fixed rate loan. In this chase, see if you can get at least a two percent different when you go from the old loan to the newer loan. If you have a fixed rate loan and want to get another fixed rate loan, look for at least a one point five percent difference in the rates.

Fees involved
There are always fees associated with refinancing your loan. You might have to pay for new another appraisal, title insurance fees, home inspection, loan origination and associated credit reporting fees.

One quote from current lender to compare against outside quotes
Always try to get at least one of your mortgage refinancing quotes from your current lender. Sometimes, they can waive certain fees or eat the cost because you are long term customer. This does not mean that you should not get quotes from outside sources. They might give you a lower rate and potentially match, or surpass the quote from your previous lender.

In either case, try to maximize your potential savings and minimize the amount of fees and up front costs that are involved in switching to another loan.

About the Author

This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor








 

Current Interest Rates Home Mortgage News