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Home Mortgage Refinancing: A second chance for homeowners with high interest loans
Author: Syd Johnson
Home Mortgage refinancing is a great option for homeowners who have a mortgage that is a couple years old, have built up some equity, but find themselves struggling with a high interest debt. The entire home mortgage refinancing process is basically getting your mortgage company or another lender to pay off your existing loan, and qualify you for another one with a lower interest rate.
Your finances get a second look
Even if you are dealing with your current mortgage lender, you have to fill out some kind of paperwork to let them know that you want to refinance and get everything started. In most cases, the lender will take a second look at your entire financial picture.
You have to provide your payment history, proof of income, list of all outstanding debt, credit report, current loan amount, loan rate and reasons for wanting to refinance your loan. If you have a high interest rate because of past credit problems, you can still qualify for home mortgage refinancing.
Check market index to see if the time is right for refinancing
First, take a quick survey of the home mortgage refinancing market to make sure that the average rates are better than what you currently have on your loan. Call your own lender and look for others online to get preliminary quotes. Then take a second look at your financial picture to see if you really need to go through the home mortgage refinancing process to get the best deal.
Can go from adjustable to fixed rate mortgage
You should consider home mortgage refinancing if you want to change from an adjustable rate mortgage to a fixed rate loan. In this chase, see if you can get at least a two percent different when you go from the old loan to the newer loan. If you have a fixed rate loan and want to get another fixed rate loan, look for at least a one point five percent difference in the rates.
Fees involved
There are always fees associated with refinancing your loan. You might have to pay for new another appraisal, title insurance fees, home inspection, loan origination and associated credit reporting fees.
One quote from current lender to compare against outside quotes
Always try to get at least one of your mortgage refinancing quotes from your current lender. Sometimes, they can waive certain fees or eat the cost because you are long term customer. This does not mean that you should not get quotes from outside sources. They might give you a lower rate and potentially match, or surpass the quote from your previous lender.
In either case, try to maximize your potential savings and minimize the amount of fees and up front costs that are involved in switching to another loan.
About the Author
This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor
Article Keywords:
Home Loans
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As you may know, I have a very deep passion for real estate and mortgages. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs
and courses about real estate and mortgages that are on the market today. I’ll
be honest with you. Most of them are garbage. (Although
I do strongly recommend the programs in the “Must Have” box
above).
But, let me tell you, when I came upon the following headline, I new
I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current Mortgage.
Now, the reason I knew it was a winner was because of the name behind
the headline. Craig Romero. Many consider Craig to be one
of the true geniuses in our field. I have a lot of respect for
him, and I
urge you to drop what you are doing right now and click the link below... |
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