Home Mortgage

Refinance Home Mortgage Section


 

Refinance Home Mortgage Navigation


|

Stress and Anxiety Guide Home Page
Tell A Friend about us
Calculator Formula Home Mortgage Payment |
California Home Mortgage Loan Rate Money |
Chase Finance Home Mortgage |
Home Mortgage Loan Interest Rates |
Colorado Home Mortgage Refinance Loan |
Current Home Mortgage Loan Rates |
Home Mortgage Rate Florida |
Minnesota Current Home Mortgage Interest Rates |
Current Interest Rates On Home Mortgage |
Idaho Home Mortgage Rate |
Illinois Home Mortgage Loan |
Home Mortgage California Loan Agent Training |
Minnesota Home Mortgage Rate |
Current Interest Rates Home Mortgage |
Current Home Mortgage Interest Rates Massachusetts |

List of home-mortgage Articles
Sitemap



Social bookmarking
You like it? Share it!
socialize it


Main Refinance Home Mortgage sponsors


 

Newest Best Sellers


 

Welcome to Home Mortgage

 

Refinance 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.

When Mortgage Refinancing is a Good Idea

from: Chileshe Mwape




Refinancing a mortgage is simply taking out a new mortgage. It means paying off one or more old debts by getting a new loan. Sometimes, refinancing your mortgage can really save you money. You may be able to pay less interest, lower your monthly payment, or convert from a 30-year loan to a 15-year loan and build your equity faster. But be sure that refinancing is right for you.

1. Refinancing can be a good idea for you if you:

- want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if you intend to stay in the house long enough to make the additional fees worthwhile.

- have an adjustable-rate mortgage and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.

- want to convert to an adjustable-rate mortgage with a lower interest rate or more protective features.

- want to build up equity more quickly by converting to a loan with a shorter term.

- want to draw on the equity built up in your house to get cash for a major purchase or for your children's education.

2. Some situations where refinancing your mortgage can really save you money:

- refinancing your higher interest rate unsecured loans with lower interest rate unsecured loans if the terms of the loans are comparable and the new rate is lower than the existing rate.

- refinancing your secured debts (such as your mortgage or car loan) if the new loan is for the same length of time left on your old loan (or shorter), and the interest rate on the new loan is substantially lower than the interest rate on your existing loan.

- refinancing your home to pay-off expensive car loans or credit cards provided you’re not in financial difficulty and not at risk of losing your home.

Mortgage refinancing can be worthwhile, but it does not make good financial sense for every homeowner. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate. This figure is generally accepted as the safe margin when balancing the costs of refinancing a mortgage against the savings.

Sometimes, refinancing is an appropriate way to resolve financial problems. In some situations, however, refinancing can make existing financial problems worse. If you decide that refinancing is not worth the costs, ask your lender whether you may be able to obtain all or some of the new terms you want by agreeing to a modification of your existing loan instead of a refinancing.

About the Author

Copyright © 2005. Chileshe Mwape writes for the Mortgage Lender Guide at: http://www.lending-guide.org/ which offers informative articles about mortgages and loans. This article may be reprinted as long as all the above links are active and clickable.








 

Refinance Home Mortgage News

BofA Stalls Refinance Work as Wells Fargo Is 'Open for Business' - BusinessWeek


Bloomberg

BofA Stalls Refinance Work as Wells Fargo Is 'Open for Business'
BusinessWeek
The government's Home Affordable Refinance Program, which helps homeowners lower payments, has increased refinance applications and strained capacity at Bank of America, which exited some mortgage lines last year. The US program, now dubbed HARP 2, ...
BofA Said to Put Off Refinancing Clients as U.S. Spurs DemandBloomberg
MBS Prepayments Suggest Slow Uptake On Government's HARPWall Street Journal
Reducing Your Mortgage Interest RatePatch.com
JD Supra (press release)
all 9 news articles »

Read more...


In Obama's Refinancing Plan, Homeowners to Pay a Premium - Fox Business


USA TODAY

In Obama's Refinancing Plan, Homeowners to Pay a Premium
Fox Business
When President Obama last week announced his sweeping plan to help more homeowners refinance their mortgages at lower interest rates, he left out one major detail -- a fee Uncle Sam would charge them for the government's backing.
Editorial: Help underwater homeowners who are responsibleUSA TODAY
President Comes to Area, Announces Homeowners Bill of RightsVirginia Connection Newspapers
Government is the Housing Crisis Cause, and Solution: PollTheStreet.com
U.S. News & World Report -RisMedia.com (press release) -Financial Times
all 31 news articles »

Read more...


Vail Daily column: More on the Making Home Affordable Act - Vail Daily News


Housing Wire

Vail Daily column: More on the Making Home Affordable Act
Vail Daily News
In the first part of this series we identified the Making Home Affordable Act, the Obama Administration's initiative to help struggling homeowners get mortgage relief through mortgage modifications, interest rate reductions, refinancing, ...
JP Morgan: Obama's housing program could help 500000 more homeownersWashington Post (blog)
HAMP Program To Undergo Some TweaksExaminer.com
Obama housing plan helps its one millionth homeownerAGBeat

all 36 news articles »

Read more...


REAL ESTATE: Refinancing expanding for Fannie/Freddie borrowers - Press-Enterprise


89.3 KPCC (blog)

REAL ESTATE: Refinancing expanding for Fannie/Freddie borrowers
Press-Enterprise
... who owe more on their homes than they are worth to refinance at today's rock-bottom rates. The limitations are that the homeowners must be current on their loan payments and their mortgages must be owned by private financial institutions.
Time for New Leadership at Fannie and Freddie: Obama Should Side With ...Huffington Post (blog)
Senator Seek Responses to Reports of Freddie Mac Taking Financial Interests ...Alaska Native News
Obama's Mortgage Plan About Politics, Not EconomicsU.S. News & World Report
New York Times -Habitat magazine -89.3 KPCC (blog)
all 145 news articles »

Read more...


Obama Said to Plan Assistance for Home Mortgage Refinancing - San Francisco Chronicle


Wall Street Journal

Obama Said to Plan Assistance for Home Mortgage Refinancing
San Francisco Chronicle
The president also will reveal a pilot program to sell foreclosed properties in bulk to investors who maintain the homes as rentals, the official said. The pilot will be limited to homes owned by Fannie Mae, the mortgage company under government ...
Obama Seeks Refinancing Aid to Lift HousingWall Street Journal
Obama to detail broader housing refinance planBusinessWeek
Obama proposes broader housing refinance planUSA TODAY
CBS News -CNNMoney -NPR
all 1,125 news articles »

Read more...


Obama Said to Plan Assistance for Home Mortgage Refinancing - Bloomberg


Bloomberg

Obama Said to Plan Assistance for Home Mortgage Refinancing
Bloomberg
Enlarge image Obama Plans Assistance for Rentals, Mortgage Refinancing Obama Plans Assistance for Rentals, Mortgage Refinancing Matthew Staver/Bloomberg Champion Home Builders Inc. in Flint on Oct. 26, 2011. Play Video Play Video President Barack Obama ...
Obama presses Congress on home refinancingUSA TODAY
President Obama urges passage of home refinancing plan for lost equity ...allvoices
Obama: Push for mortgage reformPolitico (blog)
Fox News -Coon Rapids ECM Publishers -Los Angeles Times
all 545 news articles »

Read more...


Barack Obama | Homeowners have earned a fair shake from banks - Kansas City Star


Kansas City Star

Barack Obama | Homeowners have earned a fair shake from banks
Kansas City Star
Homes are where we invest our nest egg, where we raise our family, where we plant roots in a community and build our memories. The housing plan we launched a couple years ago has helped nearly 1 million responsible homeowners refinance their mortgages ...

and more »

Read more...