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What is a Mortgage

A mortgage can be defined as a legal document which uses real estate as a collateral against a loan. This legal document can also be called an instrument and is a document that is written that states the rights and liabilities of the people involved in that transaction.  It is noteworthy to remember that a mortgage takes place between two parties whereas a deed of trust includes a trustee, although the two are usually considered one and the same, depending on your location and situation. But the question is should I refinance home?

Banks are ready to repay TARP

The Financial Times reported on Monday that Goldman Sachs, JPMorgan Chase & Co, and American Express Co were expected to be in the first wave of major lenders allowed to return TARP funds. The government’s stress tests said none of the three needed to raise capital, even among the most negative economic scenario that regulators considered.
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When Should I Refinance?

Generally speaking, if you can earn the refinancing costs (normally 1%-3% of the loan value) back within two to three years, and it’s a home you’re prepared to stay in for much longer than that,it’s usually a good option to refinance your mortgage. From a risk perspective if you have an adjustable rate mortgage, refinancing to a low 30 year fixed rate may also be a good idea because it will ensure your repayments never skyrocket and place you under financial duress.

Also, never blindly trust mortgage brokers who will give you life-of-loan refinance savings calculations that may not factor in the taxation implications (mortgage interest is tax deductible). Also, consider the opportunity cost of refinancing.

Refinancing Home Loans

Could you make more by putting that money into other investments? You can search on-line for a number of refinancing calculators and do the numbers based on your own personal situation. So do your homework before looking to refinance and like any financial product or service always shop around to get the lowest fees and best rates. Should I Refinance My Home?

Down Mortgage Paying

The reader notes that just about every personal finance guy he has read says not to pay off your mortgage with the idea being that market returns typically, I say typically, exceed mortgage interest rates paid..

Continue reading Down Mortgage Paying

Obama mortgage rescue

NEW YORK (CNNMoney.com) — More than 55,000 troubled homeowners have received loan modification offers under President Obama’s foreclosure prevention program, officials said Thursday.

The administration also announced it was expanding the $75 billion program to assist more troubled borrowers. The government will provide incentives for servicers and borrowers to avoid foreclosure using methods such as short sales.

Interesting bits

Latest from the News

Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.