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Refinance Rate Article
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Auto Refinancing
With economy like it is today, refinancing is a word that is used quite frequently by lenders as well as their customers.
Mortgage refinancing is a very common type of refinancing. Many homeowners, as a way to improve their credit or financial situation, will refinance their mortgage loan.
Although mortgage refinancing is very common today, it isn't the only type of refinancing that banks and consumers deal with. Auto refinancing is also very common.
In looking at recent studies, in the year 1908, you could buy a new car for $7,300. Today you'd be lucky to buy a good reliable used car for that price. Next to your home, an automobile is your next largest purchase.
It's also something we all need to have for transportation, whether for work, school or other appointments. Unfortunately, not everyone can afford to own an automobile, but a large percentage of the population does own automobiles.
Many families today are two income families requiring both people to own automobiles. Since the price of new or even good used automobiles is very high, most people find themselves taking out loans to purchase their automobiles. Unlike our homes that increase in value, automobiles depreciate in value and depreciate fast.
Whereas we are able to take out our home mortgages for up to 30 years, automobile loans are usually only given for up to 5 to 7 years at the most. Only new automobiles can be taken out in that long of a term, whereas used cars usually only are allowed 3 to 4 years.
With the high price of automobiles, many people find them selves requesting auto refinancing for different reasons. Auto refinancing is often needed if they need to purchase another care before their current car loan is paid off. The lender will just release their lien on the current title and put it on the new car.
If an individual has a car that is still worth a lot more than the loan balance, the consumer may use auto refinancing to get additional cash for personal reasons, leaving their automobile on the loan as collateral.
Auto refinancing is also done if a couple wishes to combine their two automobile loans into one loan to get smaller payments.
Another reason people choose auto refinancing is for better interest rates. Many times the interest rates fluctuate, so consumers use this opportunity to refinance their loans to get the lower interest rates.
Auto refinancing is often an option if an individual or couple is having financial difficulties. If the car is still worth quite a bit, the bank will allow auto refinancing to let them extend the period of the loan so they can have lower monthly payments.
There are many benefits the consumer can get from auto refinancing at the right time with the right bank.
Refinance Rate Specific links
Refinance Rate News
Mortgage Rates Today: Wells Fargo, PNC Bank and KeyBank Refinance Rates for ... - Eastern Morning Herald
 e-wisdom.com | Mortgage Rates Today: Wells Fargo, PNC Bank and KeyBank Refinance Rates for ... Eastern Morning Herald The ongoing debt crisis also contributes to the fact, that US mortgage rates remain at record-lows these days. Browsing through today's refinance rates at some of the top US lenders, home refinance deals at Wells Fargo (NYSE:WFC) certainly look ... Refinancing Up as Rates Keep Falling Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances |
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. HARP 2.0: Good News For Home Owners Who Are Upside Down Don't HARP on it, refinance program too good to pass up Mortgage Q&A: Borrowers hit by mess others made |
MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... - LoanSafe
 Eastern Morning Herald | MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... LoanSafe “Mortgage rates again dipped to new record lows in the survey, which spurred more borrowers back into the refinance market. As a result, applications for refinance loans have increased for the third straight week and are at the highest level since ... Mortgage Rates Today: Wells Fargo, Citibank and KeyBank Refinance Rates for ... Time to Refinance While Mortgage Rates are So Low Record-low mortgage rates spur refinancing |
Freddie Mac: 30-year mortgage rate down a tick at 3.78% - Los Angeles Times
 e-wisdom.com | Freddie Mac: 30-year mortgage rate down a tick at 3.78% Los Angeles Times Reflecting the bargain home-loan rates, the Mortgage Bankers Assn. on Thursday increased its mortgage origination forecast for 2012 by almost $200 billion — but attributed the greater volume entirely to an increase in borrowers refinancing existing ... Refinancing homeowners overwhelmingly choose fixed loans Record-Low Mortgage Rates - Are They Hurting US Housing Market? 30-year mortgage rate hits another record low |
Real: FHA streamline refinance gets cheaper - The Republic
Real: FHA streamline refinance gets cheaper The Republic Some lenders are willing to accept 620 and a few will go lower than that, but they usually charge higher rates on loans with lower scores. With the streamline program, the FHA allows borrowers to refinance without having to show proof of employment and ... FHA Streamline Refinance Set To Spur Refinance Boom |