Mortgage and Refinancing Information Channel:
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What does it mean to refinance? Why would anyone want to consider it? There are numerous situations when someone would refinance. When we use the word refinance, we are basically referring to a loan: for example a car or house loan. It may also be a business loan. In this article, we are going to explain the home loan and some of the common terms of refinancing and how they apply to other types of loans as well.
The process of taking out a new mortgage or loan is called refinancing, and using that money which you have received, to close out your older mortgage. The process of doing a refinance helps many homeowners, because you may then be able to obtain a loan at a more favorable interest rate. This can mean that you have the capability to retire your mortgage earlier and have a lesser amount owed.
Since a refinance plan basically amounts to taking out a new mortgage and closing out the former mortgage, the procedure is very similar to the procedure involved in the previous mortgage. So you have to keep in mind that it will again cost you some of the same expenses, due to this. However, when you think broadly, the huge amount of money that refinancing can save you, homeowners find that it is often well worth the trouble. Some people may even like to save up a certain amount of money and apply as a 'down-payment' on the sum that they refinance. As a result they refinance a lesser amount and the payments will be lesser each and every month.
Of course, the most popular reason to refinance is so that homeowners can secure a lower interest rate and therefore pay lower repayments each month. If the interest rate that you received on your mortgage is higher than current interest rates, you will probably want to consider the benefits of refinancing. This means that even if your refinanced mortgage is for the same amount as your original mortgage, the lower interest rate means a total lowered cost to you. Often a long-term loan will have a large amount of interest and you may spend years paying off just the interest and not paying the principal.
Obviously, when you opt for refinance, it helps in lower monthly mortgage payments for you and your family. This basically gives you greater liberty every month, and much better safety financially. Research for refinancing options available today, and begin saving on your home mortgage! Try to find a mortgage broker and discuss all available options.
Hilda Schultze is founder of Refinance CTR an excellent resource site dedicated to information on Refinancing
MORE RESOURCES updated Sun. September / 20 / 2020
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
How and Why to Refinance Your Mortgage: A Step-By-Step Guide ActionNewsJax.com
Refinance your home before December 1 to avoid paying a new fee Business Insider
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
How often can you refinance your mortgage? Fox Business
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
The best mortgage and refinance rates today: Wed, Sept 16, 2020 | Fixed rates decrease - Business Insider
The best mortgage and refinance rates today: Wed, Sept 16, 2020 | Fixed rates decrease Business Insider
Should you refinance your mortgage? Tennessean
Mortgage Refinance Calculator Clark.com
When Should I Refinance With a No Closing Cost Mortgage? Clark.com - Clark Howard
Complete Checklist of Mortgage Refinancing Requirements Credible News
Today's best mortgage and refinance rates - Tuesday, August 25, 2020 Business Insider
The refinancing boom is just getting started HousingWire
Refinancing just got more expensive, thanks to this new fee | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Refinancing just got more expensive, thanks to this new fee | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Clark Howard’s Special Rule for Refinancing Your Mortgage Clark.com - Clark Howard
Is the FHFA about to delay the refi fee? HousingWire
Mortgage refinance: Everything you need to know Fox Business
How to get the best mortgage refinance rates Fox Business
When should you refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
What Is a Mortgage? Everything to Know About Home Loans Credible News
Student Loan Refinancing Rates Hit Another New Low Credible News
Compare Today's Mortgage Refinance Rates: Sep 19 Credible News
How to get a low-cost mortgage refinance Bankrate.com
VA Loans Are Exploding in 2020, Data Reveals The Motley Fool
How does mortgage refinancing work? Bankrate.com
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
Refinancing your mortgage isn't always the right move — here are 6 reasons to hold off, according to a loan officer - Business Insider
Refinancing your mortgage isn't always the right move — here are 6 reasons to hold off, according to a loan officer Business Insider
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC