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Refinance Mortgages 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.
Refinance Mortgages Specific links
Refinance Mortgages News
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 International Business Times | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% Record-Low Mortgage Rates - Are They Hurting US Housing Market? Refinancing homeowners overwhelmingly choose fixed loans |
Mortgage comparison-shopping: How to read good faith estimate - Community Voice
 King of How To News | Mortgage comparison-shopping: How to read good faith estimate Community Voice By Scott Sheldon May 24, 2012 12:51 pm Taking out a mortgage loan requires careful consideration of all the costs associated with a purchase or refinance transaction. For many, who do their due diligence of mortgage comparison shopping, reading, ... Mortgage Refinance in Today's Real Estate Market No Drop in Refinancing Expected Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... |
Real: FHA streamline refinance gets cheaper - The Republic
Real: FHA streamline refinance gets cheaper The Republic The government is about to make refinancing FHA mortgages more affordable -- and potentially easier -- for hundreds of thousands of homeowners. — The Federal Housing Administration will reduce mortgage fees significantly for borrowers who qualify for ... |
Real estate industry pushes Senate on refi bill - MarketWatch
Real estate industry pushes Senate on refi bill MarketWatch Appearing before the Senate Banking Committee, Mark Zandi, chief economist and cofounder of Moody's Analytics, said lawmakers must act quickly because “mortgage rates are very low, and this is such a good time to refinance. Push intensifies to pass home-loan refinancing bill HARP 2.0: Good News For Home Owners Who Are Upside Down Don't HARP on it, refinance program too good to pass up |
Costco members can now shop for mortgages online - Chicago Tribune
 Chicago Tribune | Costco members can now shop for mortgages online Chicago Tribune Mortgages? Well, not exactly. The company is receiving a fair amount of publicity for the rollout on its website of a home purchase and refinancing mortgage product for members. But technically it's not Costco's program. It's an online mortgage ... |