Refinance Home Mortgage

Question: How can a refinance home mortgage help me?

(Posted by: Maitland A on 2008-01-02 05:46:31)

Posted by: sammy3256 on 2008-01-02, 05:52:18

Either use existing bank or find another lender. Contact them and fill out application When you refinance you can look for lower rate and even roll in some debt. They will require an appraisal of the property, but they will arrange that. There may be some additional costs with the load app, you will need to discuss their fees and costs. Good luck.

Posted by: tom bailey on 2008-01-02, 05:53:38

Depending on when you last financed your home you could refinance and lower your monthly payment. It really depends on what your current interest rate you are paying is. Another thing to take into account is if you have a better credit rating or have extra money to put into a refinance you could also lower your interest rate you are paying (your monthly payment).

Posted by: DakB on 2008-01-02, 06:13:01

If you are in a tough spot and still have some income-you can pull out some of the equity and use it to grow a business or fixup the house for sale or take a trip. Our family believes in using money to make money so we would use it to grow a business or rehab the house for sale if we couldn't afford it. You don't have to say too much to the bank and they don't chase you down for how you use the money. Some of the money could be used to tide you over and make payments back to the bank. Why would you do this: to reset the interest rate to a lower rate and then give you time to find a new job or fix up the house for sale. The rates are very low and if there is at least a 2% difference in what the going rate is now and your interest rate on the current mortgage it may be worth looking into. Also you may be happy going back to the original lender after you scout around they may care enough to offer great rates or terms to keep your business. Good Luck.

Posted by: DannoREA on 2008-01-02, 07:42:10

A mortgage refinance is helpful when you need to do one of 2 things : 1) You can lower your monthly mortgage payments by taking a high interest rate mortgage and paying it off with money borrowed at a lower rate of interest. Depending on how much lower, I normally advised people who would recoup the money spent on the refinance within 6-12 months that it was worth it. OR 2) You could take some of the equity in your home and "cash out ". You refinance into a new mortgage that has a larger balance that the one you had before, leaving you with cash leftover at the end of the transaction. But be warned, if you borrow more money (even at a lower interest rate) you will end up with a larger monthly payment! How can these help? It depends on your goal. What would you like to accomplish with the refinance? The first option is pretty simple. Paying less each month will leave you with more cash on hand to do what you'd like. Since you would be paying a lower interest rate on a lower loan amount, your monthly payment can drop significantly. Cashing out your equity can be a little tricky. Since you would have a higher loan amount, you would have a higher monthly payment. If you are taking that cash to payoff credit cards, you should cut up the credit cards after the transaction. If you're deep enough in debt to make a refinance of your home to pay it off seem like a good idea, you will probably keep spending like you are right now. That's a recipe for disaster.

Posted by: saeed q on 2008-01-03, 01:42:14

A lot people giving advice are also looking to give you a loan, if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL! Remember Buddha's advice: "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense. " You are the only "expert " you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling " you something. Don't buy "it. "