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ARM - Adjustable Rate Mortgages
Traditionally, homebuyers could look to two forms of mortgages - fixed rate and adjustable mortgages. While there are now many more options, this article takes a look at the adjustable rate mortgage.
What is an ARM Loan?
An adjustable rate...
Home Loan Lenders - Finding the Best Home Mortgage Lender
The process of obtaining a mortgage or home loan can be very stressful and quite time consuming. Finding the best lender for your situation requires research and comparisons between lenders and loan packages. You may be searching for a first time...
Home Loans and Mortgages – Time to Consolidate Loans?
Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes – home improvement, debt consolidation, vacations, and more. The loans, backed...
How To Save Thousands On A Mortgage Or Any Other Loan
Interest on the average home mortgage will cost the homeowner nearly TWO TIMES the cost of the home. If you were to purchase a $150,000 home with a $120,000 mortgage (80%), and you paid an interest rate of 9% for 30 years, you will have paid over...
Mortgage Qualification Problems - Low Appraisals
The real estate market in the United States is undeniably hot, hot, hot. This toward pace has resulted in an odd mortgage qualification problem - low appraisals. Here are your options if you get a low appraisal amount.
Appraisals
An appraisal...
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Refinance Your Second Mortgage
A 2nd mortgage is a secured loan on your property, with your home serving as collateral. Depending on the particular terms of your second mortgage, you could be able to refinance if you wish to reduce your monthly payments or are in need of extra cash. Refinancing a 2nd mortgage can be an option for those who want to pay off their mortgage (excluding any home equity lines of credit), reduce the interest rate they currently pay on their second mortgage, or simply want reduce their monthly payments. Refinancing a 2nd mortgage can also be an option if the homeowner wants to pay off the mortgage, including home equity lines of credit, and receive cash.
You can refinance your second mortgage even if your credit is less than perfect. Second mortgages are an excellent means of reducing monthly payments and getting extra cash for bills, remodeling needs, or any reason the homeowner sees fit. If your interest rate on your 2nd mortgage is substantially above the current interest rates being offered by most lenders, you may be able to refinance your second mortgage. Sub-prime loans are available for second mortgage refinances and even with adverse credit, you may be able to lower the amount of interest you pay on your second mortgage. A poor credit rating is no reason not to explore the possibility of refinancing your 2nd mortgage.
Lenders are standing by to give you a no-obligation quote on refinancing your second mortgage. You can get quotes from
several different lenders with one simple application, reducing the number of inquiries on your credit report. Often you can submit your application with no initial credit inquiry at all. Now is the perfect time to think about refinancing your second mortgage. You could be approved in less than twenty-four hours and begin saving money each and every month.
Refinancing your second mortgage is a fast, easy process and with the availability of multiple quotes from one simple application you will be assured you are receiving the lowest rate and best terms possible for your individual situation. If you have poor credit, you may still be able to refinance your 2nd mortgage. Mortgage lenders work with any credit situation and may be able to save you money by refinancing at a much lower interest rate that you currently pay. Get multiple quotes on refinancing your second mortgage from one fast, simple online application. The potential decrease in your interest rate could save you money on your payments each and every month.
To view our list of recommended second mortgage refinance lenders, visit this
page: Recommended 2nd
Mortgage Refinance Lenders.
About the Author
Carrie Reeder is the owner of ABC Loan
Guide, an informational website with articles and the latest news about
various types of loans.
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