Sep 5

The risk of increased interest rates is definitely something to consider for homeowners who have set up a home equity line of credit over an extended period, and in a secondary lien position. This is due to the variable interest rates that HELOCs tend to carry. As well, these rates will increase when bank interest rates do. But the risk of rising rates can be eliminated when a HELOC balance is combined with a cash-out refinance. Doing this will also help the homeowner to avoid the rising monthly payments that accompany increased interest rates from the bank.

Jul 18

Home equity loans can be among the least costly loans to acquire. After all, they are backed by the equity of a home. Some may even refinance to lower their mortgage to cut their monthly costs maximizing the benefits they can get from a home equity loan. In particular, they might opt for a home equity loan because they wish to consolidate some of their unwanted debt. Well, no debt is really wanted. Debt that comes with high interest rates may be the least desirable. Moving such debt to a home equity loan with a much lower interest rate is a far better strategy.

Jul 17

There are many reasons why it would be helpful to refinance to a new mortgage. Among the most important reasons would be to acquire a greater chance at long term savings. On the surface, one might not realize how money would be directed towards long term savings. This should not be too hard to figure out. Basically, the money saved by shaving a high interest rate down to a lower one can be invested in the market or in another vehicle. Certainly, investing the money will be far better than mis-allocating it on higher interest premiums.

Jul 16

Refinancing a mortgage brings about a second run at one of the most stressful days in a person’s life. That would be closing day. A lot of anxiety can be felt on such a day because so many remember all the troubles associated with it. Here is some good news for those dealing with a second closing day: you have been there before, survived and now you know what to do to deal with this very day once again. Experience counts for a lot in all endeavors of life and closing day on a new mortgage is no different.

Jul 5

homeA mortgage calculator can give you a decent insight into the future of your finances. The reason is you can compare what you have to pay each month on your mortgage along with your monthly cash flow. Your various expenses can be factored in as well. This will offer a clear and definitive picture regarding what you owe and how long it will take you to pay it off. You may even be able to use the information to take the steps to refinance your mortgage and pay more per month. This will lead to paying off your debt as quickly as possible.

May 5

Those suffering from the enormous weight of debt might not be very interested in taking out another loan much less refinance a mortgage to consolidate debt. Such an attitude is a knee jerk one and it is certainly not very helpful if you wish to get your finances in order. Doing so will hardly be possible if you are paying high interest rates on a host of credit cards and other forms of unsecured debt. By taking advantage of the option of refinancing a mortgage for debt consolidation, you may be able to pay off your debts a lot quicker since the interest rates will surely be much lower. In addition, consolidating your debts into one payment will afford you more liquid cash flow per month to use as you see fit.

Apr 12

Virtually all homeowners would like to spend less on their monthly mortgage payment, but often they don’t know the first thing about getting started. Mortgage refinancing is actually a fairly simple process and isn’t as intimidating as it may sound. The first step is to find out if you’re eligible. You can do this by applying for a refi loan with your current lender and other lenders. Then use an online tool that will tell you how much you’ll save over the course of the loan with your lowered interest rate. Now look at how much it will cost you in fees to refinance. You can then compare the net gain to find out which is the best deal.

Apr 8

Going through a mortgage refinance can lead to lower monthly mortgage payments, but many homeowners then wonder how to best make use of their extra monthly cash. One great tip is to put it right back into the value of your home via home improvement. This could mean necessary repairs like finally getting a new roof put on – before you have no choice – or it could mean adding another bedroom or bathroom. Or perhaps you want to completely redo the kitchen. No matter what you choose, you’ll be doing yourself a double favor – not only will the money you save be put to smart use but you may increase the value of your home at the same time.