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Thinking About Refinancing Your Loan?
Refinancing your home or property is a big decision that could drastically affect your financial future, for the good or the bad, depending on how smart you go about the process. Take the time to explore all of the different refinancing options you have available to you. Many loan agents offer you refinancing deals that seem too good to be true, and while most of them seem to have your best interests at heart, do try to keep in mind that they are not paid unless they approve you for a loan--and you take it. Refinancing your mortgage can lower your monthly payments, lower the amount of interest you pay on your loan, or even shorten the term of your mortgage without having to pay a penalty for early mortgage pay off.
Refinancing a mortgage usually involves allowing a loan company to pay off your original home loan in return for you signing a loan contract with them. Most times, the second loan is more beneficial to the mortgagee, especially for that present time.
There are a couple of things you want to consider when trying to decide whether or not to refinance your home loan. First off, a lender usually charges fees on a point system; the points on your mortgage can range anywhere from zero points to four, depending on the credit worthiness of the borrower, and the type of lender you are using. Some lenders may offer a much lower interest rate with a higher number of points, while others may offer a higher interest rate and only zero to one point involved. Points are fees that are equal to one percent of the face value of the loan. A $200,000 loan with three points would cost the borrower $6,000 up front. A lower number of discount points may cause the loan to have a higher interest rate than the loan you are thinking of refinancing, perhaps causing your loan to cost you more in the end.
Of course, when thinking of refinancing, you are going to want to make sure that it will be in your benefit! The penalty costs of paying off your loan or mortgage early, the cost of appraising your home, related attorney costs, settlement fees, and closing costs are all amounts that should be taken into consideration when one is refinancing. As far as your current loan is concerned, these are all costs that, more often than not, have already been taken care of and you could be making things worse for yourself by taking these things on again, especially if your reason for refinancing is a rather tight financial situation.
The mistake not to make is to refinance to save your mortgage, to keep a bank or lender from foreclosing on your property. While sometimes situations like this are inescapable, borrowers who attempt to refinance their properties and homes under conditions such as this often end up essentially paying more than they were, saving their property and possibly harming their credit in the process.
Copyright 2005 http://www.2nd-mortgage-tips.com This article may be used as long as the links remain live and the resource box stays with this article.
Tracy Price is a staff writer at http://www.2nd-mortgage-tips.com Please visit for more useful tips on mortgages and refinancing a mortgage.
MORE RESOURCES updated Sat. April / 10 / 2021
5 ways to identify mortgage refinancing scams FOX 35 Orlando
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 - Fox Business
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 Fox Business
Today's Mortgage and Refinance Rates: April 3, 2021 | Rates Bump Up Business Insider
Today's mortgage refinance rates stop rising, hover near historical lows | March 16, 2021 - Fox Business
Today's mortgage refinance rates stop rising, hover near historical lows | March 16, 2021 Fox Business
Looking to maximize mortgage refinance savings? Do this now FOX 6 Milwaukee
Today’s refi rates trends higher | April 7, 2021 Bankrate.com
Unify Collaborates with Experian to Improve Mortgage Refinance and Purchase Lead Quality - PRNewswire
Mortgage Rates Are Rising. Read This Before You Refinance. The Wall Street Journal
Today's Mortgage and Refinance Rates: March 14, 2021 | Rates Go Up Business Insider
When to Refinance Your Mortgage | Mortgage Chase News & Stories
Are we seeing a cash-out refinance crisis? HousingWire
Mortgage Interest Deduction: Who Gets It? The Wall Street Journal
Mortgage And Refinance Rates Today, Mar. 16 | Rates unpredictable The Mortgage Reports
New American Funding Mortgage Review 2021 Business Insider
Today's mortgage refinance rates tie March high — though one key rate holds firm | March 29, 2021 - FOX 7 Austin
Today's mortgage refinance rates tie March high — though one key rate holds firm | March 29, 2021 FOX 7 Austin
Millennials Contributed To A Surge In February 2021 Refinance Activity - National Mortgage Professional Magazine
Millennials Contributed To A Surge In February 2021 Refinance Activity National Mortgage Professional Magazine
When is the Right Time to Refinance to Pay Off Debt? - RealtyBizNews: Real Estate News - RealtyBizNews
When is the Right Time to Refinance to Pay Off Debt? - RealtyBizNews: Real Estate News RealtyBizNews
Mortgage forbearance ending? Here are your options Tampa Bay Times
Mortgage and real estate news this week: Bids over list price surge, and waiving inspections - Bankrate.com
Mortgage and real estate news this week: Bids over list price surge, and waiving inspections Bankrate.com
Naples wants to lower the city's unfunded pension liability. Are bonds the right approach? - Naples Daily News
Naples wants to lower the city's unfunded pension liability. Are bonds the right approach? Naples Daily News
Mortgage Refinance Options & Types | Refinance Chase News & Stories
Best mortgage refinance lenders in 2021 Bankrate.com
Top 5 mortgage refinance questions answered Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money - Fox Business
Mortgage refinance applications soar despite a new fee that increases the cost - Pittsburgh Post-Gazette
Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette
3 signs you should refinance your mortgage right now Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business
What It Means to Refinance Your Mortgage Business Insider
How to decide if you should refinance your mortgage Fox Business
15-Year Mortgage Refinance Rates for April 2021 NextAdvisor
Today's Mortgage and Refinance Rates: February 8, 2021 | Rates Up Business Insider
Current 30-Year Refinance Rates for April 2021 NextAdvisor
How do I get the most out of my mortgage refinance? Fox Business
How a mortgage refinance affects your net worth Fox Business
How to refinance your mortgage Fox Business