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Australian Mortgage Sites - Make the Right Choice
With the hectic pace of life for so many of us today, is it any wonder that we're conducting more of our everyday transactions online? Even when it comes to more serious long-term decisions, consumers frequently start the shopping process by...

Become A Mortgage Auditing Specialist
According to U.S. Government Auditors more that 45% of all home mortgages and 75% of home equity loans contain miscalculations or errors in favor of the lender. These errors are costing homeowners to be overcharged billions of dollars per year,...

Bridging the Mortgage Gap with a Bridge loan
It's a common problem - money gets tight, outgoings seem to be on a relentless upward trend, but income, if anything, appears to be standing still or even falling. This can be a particular problem when you are moving house, because suddenly you have...

Poor Credit Mortgage Refinance - Refinancing Your Home After Your Credit Score Has Dropped
You can still refinance with bad credit, but you will need to shop around. Each refinance application is looked at on an individual basis. So even if you have bad credit, other factors could qualify you for a low interest rate. However, if you...

WEALTH CREATION AND MORTGAGE PLANNING
by Jeff Blovits , Franklin Bank SSB p. 898-5656 copyright, Franklin Bank 2004 for more click here What if I were to tell you that almost everything you have been told about what to do with your home has been absolutely wrong and that one of the...

 
Is Home Mortgage Refinancing Really Worth It?

Is it really worth it? Excellent question... since the refinancing process can take upwards of 2-3 months to complete, plus the expenses and hassles of refinancing may outweigh the benefits.

Not everyone should refinance just because rates are lower. The general rule of thumb is to consider refinancing if rates are at least 2% lower than your current rate. This is considered a safe margin.

Also, consider these things...

Are you planning to sell the house at any time? If so, how far into the future? It may not be beneficial to refinance now. Many people who are "in the know" say that it takes 3 years to fully realize the savings from refinancing; considering in all of the costs of refinancing.

Will you have to pay a penalty for closing the current loan? This may be substantial enough to change your mind about refinancing.

Do you have an Adjustable Rate Mortgage? You may want to lock your loan in at the lower rate if you are fairly sure the rates will rarely, if ever, get this low again.

Do you want "Cash Out" to pay other debts, etc.? Keep in mind that if you ask for "cash out refinancing" that the amount of your loan is usually limited to 80% of your home's value. Of course, all things being different, you should check with your lender to see what exceptions may apply. If you need cash, but the straight refinancing option isn't equitable, you might


want to consider getting a Home Equity Line Of Credit. This lets you borrow against the equity in your home with a credit account, checking account and/or direct payment.

Is your loan owned by Fannie Mae or Freddie Mac and if so, do you have at least 5% equity in your home? The higher the Loan-To-Value (LTV) number the better for you. Most lenders expect you to have at least 10% equity in your home to qualify. 10% equity in your home gives you have a Loan-To-Value (LTV) of 90%. However, if your loan is owned by Fannie Mae or Freddie Mac, your LTV could be 95% - meaning you only need to have 5% equity in your home to qualify. Contact the company where your mortgage payments are sent and ask them about your LTV.

Because each situation is unique, there are several more things to consider. Spend a little bit of serious time researching this topic until you are satisfied with the quality of answers you have found in regard to your own situation.

The wrong decision could... well, hurt. The right decision could end up saving you quite a nice little nest egg.
About the Author

To learn many more beneficial tips about the home mortgage refinancing process, including the various fees to expect, visit: http://www.privilegedinfo.com/refinancewisdom.html . Steve Shannon is webmaster at PrivilegedInfo.com.

 

E-LOAN: Mortgage Refinance, Home Equity, Auto Loans, Savings ...
E-LOAN offers home mortgage, refinance, home equity loans, lines of credit, auto and motorcycle loans, savings accounts and CDs with great rates online.
www.eloan.com
 
LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance
Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online.
www.lendingtree.com
 
Calculators - Refinance Calculator
1, CURRENT MORTGAGE. My monthly payment is: $. My current interest rate is %. I have years and months left on this mortgage. ...
cgi.money.cnn.com
 
Refinance | Mortgage Loans | Home Equity Loans
Join over 3 million homeowners who have used GetSmart, a service of LendingTree, to find a better mortgage, refinance, home equity, or debt consolidation ...
www.getsmart.com
 
Mortgage Refinance - Debt Consolidation Loan - Mortgage Loans ...
iMortgage Central is a borrower's marketplace that provides the consumer a connection with mortgage lenders that match them to their individual needs.
www.imortgagecentral.com
 
Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans
Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI.
www.quickenloans.com
 
Mortgage Refinance Calculators and Mortgage Tools - Quicken Loans
Mortgage refinance calculators from Quicken Loans allow you to calculate your mortgage payments for a variety of refinance loans, home loans, ...
www.quickenloans.com
 
Mortgage Refinance Calculator
Mortgage Refinance Calculator. As those interest rates drop, it's often difficult to know when it's to your advantage to refinance your fixed-rate mortgage. ...
www.aba.com
 
Mortgage Refinance Costs
Mortgage Refinance Costs. When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay ...
www.mortgage101.com
 
Bad Credit Mortgage Refinance,Bad Credit Home Loans,California ...
Bad credit home loans,California mortgages,Debt Consolidation Home Loans, Refinance Home Loans, Refinance Mortgage Interest Rates,Second Mortgage solutions ...
www.alliancemtg.com
 
Directory: mortgage refinance
Internet Access · Online Education · Insurance Quote · Arts · Domain Name · Nutrition · Computer Hardware · Television · Home Mortgage Refinance ...
shurl.org
 
Mortgage Refinance Home Loan - Homeloancenter.com
Our Mortgage Refinance Home Loans allow you to get cash out with a Low mortgage Rates from the leading online lender. Bad Credit Loans are ok.
https:
 
Mortgage | Refinance | Home Equity | Home Loans | Mortgage ...
This era has been marked as the mortgage refinance era. ... Call Us Today For A Free Quote On Your Mortgage Refinance, Home Equity Loan, Debt Consolidation ...
www.lendance.com
 
Mortgage Refinance & Credit Card Rates
Mortgage Refinance · Home Purchase Loan · Home Equity Loan · Debt Consolidation · First Time Home Buyer · Refinance->Cash Out · Lower Payment ...
www.fetcharate.com
 
Home Loan Center - Home Equity Loans | Mortgage Refinance | Bad ...
The leading online lender for home loans, home equity loans, mortgage refinance and bad credit loans. We are approved in all 50 states.
www.homeloancenter.com
 
Mortgage Refinance Options : Cut Your Rates with a Loan Refinance
Get Free No-Risk, No-Obligation quotes for your Refinance from up to 4 lenders.
www.mortgageloanplace.com
 
Wells Fargo Home Mortgage - Refinancing
Wells Fargo Home Mortgage can help you customize a refinance that supports your unique financial goals.
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Mortgage Refinance, Health, Auto, Life Insurance Quote
Online marketplace to refinance and save on your mortgage. Receive up to 4 offers. Save money with GoApply.com for all of your financial needs such as ...
www.goapply.com
 
Mortgage Refinance
Apply for a mortgage refinance today with us! We work with the nation's largest network of recognized mortgage lenders to bring you the best deals on a ...
www.wilsondaily.com
 
What is a Mortgage Refinance
A mortgage refinance refers to applying for another mortgage to replace an existing mortgage on the property. There are many reasons why borrowers decide to ...
www.nextag.com
 
 

 

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  • 2nd mortgage better than refinancing

  • 2nd mortgage loan after bankruptcy get approved online

  • 5 myths about mortgage points

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