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Refinancing Your Home Mortgage - Get Up To 125% Cash From Your Home's Value
Author: Carrie Reeder
With the low interest rates being offered by lenders today, now can be the perfect time to refinance your existing mortgage. Remember that you do not have to refinance your home through the same lender that provided your initial mortgage. Lending institutions are offering competitive terms and rates, with some lenders offering home loans up to 125% of the value of your home. Compare your current interest rate to the rates being offered by a variety of lenders and make sure the costs involved in refinancing your home will be worth your time and effort.
Ask each lender you contact to supply you a list of costs and charges involved in refinancing your home loan. Take into consideration the many implications involved in a mortgage refinance. Lowering your monthly payments and interest rate may decrease the amount you can deduct from your taxes each year. If you make the decision to refinance, ask the lender how many points will be charged and the annual percentage rate for your particular loan. Depending on the amount you owe on your current mortgage and the appraised value of your home, you may be able to get a loan up to 125% of the value of your home, allowing you to send your kids to college or simply consolidate debts into one monthly payment.
A lending institution must provide you with a written statement of the terms and costs of refinancing your mortgage. This statement will inform you of the amount of the loan, the interest rate, payment schedules, and charges related to the loan. You will have the right to cancel the loan and receive a refund of monies paid within three days of signing your contract.
You may be able to get a loan up to 125% of the value of your home. This would mean an increase in your monthly payments, depending on the interest rate you receive, and the extra cash you get can be used for any purpose you see fit. This is an excellent option for those wanting to pay off credit cards, student loans, or make improvements to the home. By comparing lenders and loan packages, you can potentially save thousands of dollars in interest and possibly get the extra cash you need.
Today's low interest rates and competitive lending industry give homeowners many choices in refinancing or purchasing a home. You can save money each month and over the entire length of your loan by comparing lenders and the products they offer.
To view a list of our recommended refinance lenders, visit this page: Recommended Home Loan Refinance Lenders.
About the Author
Carrie Reeder is the owner of ABC Loan Guide. ABC Loan guide is an informational website about various types of loans. The site has informative articles and the latest finance news.
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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