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Foster Home Uses Pay Option Mortgage Loan For California Refinance
“We recently received an application from Angela P. who needed to refinance her California home. While finding out her specific goals for the refinance I learned that she was a foster mom and cared for multiple "crack" babies that had been taken...
Home Mortgage Refinancing - Things To Consider When Looking To Get Cash Out On A Refinance
When you refinance your home mortgage, lenders often tempt you with the option of cashing out part of your home’s equity. Cash at a comparably low interest rate may seem like a good option, but make sure you will financially benefit from it first. ...
Know Your Mortgage Options
While trying to find the lowest rates, many homeowners fail to examine the type of mortgage, and which type of mortgage is best suited to their needs. Whether you are buying a new home or refinancing, it is important to understand the different...
Mortgage Refinance Quote Offers Flexibility to Homeowners
Over the past several years, the housing market in the U.S. has
boomed. Homeowners have watched their home equity balloon as
housing prices have soared. In many areas in the U.S., modest
homes purchased as recently as seven years ago have doubled...
Second Mortgage for Home Improvement
Now that you have been in your home for a few years and you have established some equity, you may be considering doing some home improvement with a second mortgage.
Home improvement comes in many forms. Such as a new kitchen, bathroom, roof,...
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Mortgage Borrowing Tip - Length of Loan
When borrowing money for a mortgage, homebuyers are primarily concerned with simply qualifying. Still, paying attention to the length of the loan is a borrowing tip that can save you a ton of money.
Home Loans
In the mortgage industry, the length of your loan used to be the only major issue you had to deal with. How times have changed! In the current market, the variety of loans that exist are simply stunning. Of course, the massive increase in loan options has inevitably led to massive confusion.
Borrowing Tip
Regardless of the type of loan you go with, you should always try to keep your loan term as short as possible. The shorter the loan period, the less you will pay in interest. Here an example using 15 and 30 year loans.
Assume our first homebuyer gets a $100,000 loan at 8 percent interest. He length of the loan is 30 years with a monthly payment of $733.76. For this mortgage, our homebuyer is going to pay
$164,155.25 in interest over the life of the loan.
Now, take the same scenario, but reduce the term of the loan to 15 years. Our homebuyer is going to see the monthly payment bumped to $955.65 per month. Over the length of the loan, our homebuyer is going to pay $90,000 less in interest payments over the life of the loan. On top of this, the house will be paid off in half the time.
When borrowing money for a home purchase, you have to carefully budget your finances. If you can afford increased monthly payments, however, a shorter loan length is going to save you a lot of money over time. About the Author
Dan Lewis is a mortgage broker with http://www.gwhomeloans.com - San Diego mortgage brokers providing home loans and refinances. Visit http://gwhomeloans.com/services.html to learn more about options for San Diego mortgages.
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Mortgage Refinance Calculator |
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Mortgage Refinance Costs |
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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. |
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Wells Fargo Home Mortgage - Refinancing |
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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 ... |
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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 ... |
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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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