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California Refinance Article
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Refinance Loan
This is the day and age of loans. Whereas years ago, in our parents and grandparents' day, many things were paid for with cash, this is not the case today.
Homes, cars and merchandise in general are much more expensive then they were years ago. Couple this with the cost of living and it's understandable why so many people need to take out loans when they buy things or just need cash for some expense.
Unfortunately, one loan is not all many people have today. Most people have a mortgage for their home, a loan for automobile and often other loans for miscellaneous items.
Having several loan payments can add up to a lot of debt if the payments are high. Many times circumstances change after loans are taken out. There may be a job change, loss of job or unexpected expenses arise. In situations such as this, many choose to go with a refinance loan.
Often if you are having difficulty making your monthly payments, your lender will suggest a refinance loan to help you get back on your feet financially.
A refinance loan is when your current loan is rewritten with different terms such as:
• Different monthly payment amount
• Different interest rate
• Increase or decrease in collateral
• Different length of loan
Any or all of the terms of your original loan may change with a refinance loan, depending on your reason for the refinance loan and your current financial situation.
The major reason for a refinance loan may be different depending on what type of loan it is. For a mortgage, a refinance loan is most common to obtain lower interest rates.
For a consumer loan such as for an automobile or other consumer item, the refinance loan is usually to consolidate debts into one loan and one loan payment.
With a mortgage loan, the borrower will often get a refinance loan to get lower interest rates. When the current interest rates on the market go down, your bank will usually pass on a lower interest rate to their customers if they are in good standing.
The interest rate may only seem like it's one or two percent lower than you were paying, but on a long term loan of a large amount, that one or two percentage can save you thousands of dollars.
With a consumer loan, the most often reason for a refinance loan is to combine several loans into one or refinance to change the terms. If debt consolidation is the main reason for the refinance loan, the borrower will usually get their loan extended for a longer period of time to ensure them lower monthly payments.
Whatever the reason for a refinance loan, they can be very helpful with your financial situation.
California Refinance Specific links
California Refinance News
California Refinancing Expert Explains New Home Affordable Refinance Program - SBWire (press release)
California Refinancing Expert Explains New Home Affordable Refinance Program SBWire (press release) California Refinancing Expert Jason Richardson explains all about the revamped government program that provides refinancing options to homeowners who owe more on their mortgage than their house it worth called HARP 2.0. |
Real estate industry pushes Senate on refi bill - MarketWatch
Real estate industry pushes Senate on refi bill MarketWatch The Responsible Homeowner Refinancing Act of 2012, proposed by Senate Democrats Robert Menendez of New Jersey and Barbara Boxer of California would benefit homeowners whose mortgages are owned by the government-supported entities Fannie Mae and Freddie ... HARP 2.0: Good News For Home Owners Who Are Upside Down How 7 REITs Could See A Buying Frenzy Soon HARP 2.0 : Approved By Fannie Mae, Denied By Freddie Mac? |
HARP 2.0: California Refinancing Expert Explains New Home Affordable Refinance ... - SBWire (press release)
HARP 2.0: California Refinancing Expert Explains New Home Affordable Refinance ... SBWire (press release) California Refinancing Expert Teri Banholzer explains all about the revamped government program that provides refinancing options to homeowners who owe more on their mortgage than their house it worth called HARP 2.0. San Ramon, CA -- (SBWIRE) ... OCHOPC Presents a free Mortgage Refinance Assistance event Tomorrow in Santa ... |
Homeowner Refinance Bill Moves into Committee - C-SPAN
 C-SPAN | Homeowner Refinance Bill Moves into Committee C-SPAN The Senate Banking Committee heard testimony today on legislation that would expand the number of homeowners who could refinance and take advantage of record low interest rates. The bill, co-sponsored by Senators Barbara Boxer of California and Bob ... |
California Refinancing Expert Explains New Home Affordable Refinance Program - SBWire (press release)
 eNewsChannels | California Refinancing Expert Explains New Home Affordable Refinance Program SBWire (press release) California Refinancing Expert Ralph Easterling explains all about the revamped government program that provides refinancing options to homeowners who owe more on their mortgage than their house it worth called HARP 2.0. Menendez, Boxer Introduce Bill To Help Responsible Homeowners Refinance A strategically missed mortgage payment |