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New York Refinance Article
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Home Refinance
If you own a home, refinance is probably a word you've either heard of or are familiar with through your own experience.
With economy slumping as it is, interest rates at banks and lending institutions are constantly changing, causing many individuals and couples to do a home refinance. A home refinance allows you to have your home mortgage refinanced.
For those that are unfamiliar with a home refinance, you're borrowing money to pay off the present loan on your home and getting a new loan, usually with different interest rates and monthly payment amounts. Sometimes the term of the loan may change as well.
A home refinance may take place for a few different reasons. The main reason why most people choose a home refinance is to obtain lower interest rates and possibly lower their payments.
Many times when we take out a home mortgage, we get it with a fixed interest rate for a number of years. A fixed interest rate means that our interest will always be the same regardless of what the interest on the market may be. When the interest rate on the market goes down, many choose to do a home refinance to obtain the lowest possible interest rates.
What may seem like only a couple points lower in interest can make a large difference on a large loan such as a home mortgage.
Another reason many people choose to do a home refinance is to consolidate other debts. Most people owe a lot less money on their mortgage than what their home is worth.
The value of your home is called equity. The difference between your home's value and the balance you owe on your mortgage can often be borrowed as "cash out" and added to your balance of your mortgage by doing a home refinance. This is the day and age of credit cards, with millions of dollars each year being put on credit cards.
The unfortunate truth about credit cards is as handy as they are; the interest rates are usually very high.
Many people find themselves in debt to credit cards for thousands of dollars and with the interest rate so high, they never seem to get paid off. A solution for many is to do a home refinance and use the extra equity on the home to borrow enough money to pay off the credit card debts.
Instead of having a home mortgage payment and numerous monthly credit card bills, the borrower now has only one monthly payment. Lenders will often suggest debt consolidation loans as a way to help the borrower to improve their credit scores as well.
New York Refinance Specific links
New York Refinance News
Mortgage applications up on refi demand: MBA - Reuters
 Mortgage Rates & Trends | Mortgage applications up on refi demand: MBA Reuters | NEW YORK (Reuters) - Applications for home mortgages rose last week, fueled by demand for refinancings as mortgage rates hit fresh record lows, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index ... Look Before You Leap Into Jumbo ARMs Current Mortgage Rates for Wednesday, May 23, 2012 |
Fitch Rates Covenant Health System's (MA) 2012 Revs 'A'; Stable Outlook - MarketWatch (press release)
Fitch Rates Covenant Health System's (MA) 2012 Revs 'A'; Stable Outlook MarketWatch (press release) NEW YORK, May 24, 2012 (BUSINESS WIRE) -- Fitch Ratings has assigned an 'A' rating to Covenant Health System's (CHS) expected revenue bond issuance through the Massachusetts Development Finance Agency (MDFA) and New Hampshire Health and Education ... |
Mortgage refinancing applications jump; rates fall: MBA - Chicago Tribune
Mortgage refinancing applications jump; rates fall: MBA Chicago Tribune NEW YORK (Reuters) - Applications for US home mortgages surged last week, driven by increased demand for refinancing as interest rates hit fresh lows, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted ... |
Covidien Sells $1.25 Billion of Bonds to Refinance Current Debt - Bloomberg
Covidien Sells $1.25 Billion of Bonds to Refinance Current Debt Bloomberg Covidien Plc (COV) sold $1.25 billion of three- and 10-year notes to refinance debt due in October at record-low coupons for the maker of surgical accessories and operating-room products, according to data compiled by Bloomberg. |
30-year mortgage rate hits another record low - KETK
 International Business Times | 30-year mortgage rate hits another record low KETK NEW YORK (CNNMoney) — Buying a home got even cheaper this week as interest rates on the 30-year fixed-rate mortgage set a record low for the fourth week in a row. The 30-year fixed mortgage, the most popular mortgage product, dipped slightly to 3.78% ... Record-Low Mortgage Rates - Are They Hurting US Housing Market? Freddie Mac Repurchase Policy Is MBS Investors' Latest Worry BofA May Turn Profit on Mortgage Buybacks, Credit Suisse Says |