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5 Reasons to Refinance

1 – Lower Monthly Payments

Interest rates are low, you’re already halfway through your existing mortgage and your monthly costs are up and you could really could use the cash. By taking advantage of lower than low interest rates and extending your 25 year home mortgage that has only 15 years remaining on it back for another 25 years, you lower your monthly payments and you get more cash in your pocket at the end of each month. Keep in mind though, that you are still in debt and that you are now going to be paying that loan for a much longer period of time.

2 – Bigger Savings

With lower interest rates and less fees these days, refinancing could save you thousands in the long run. You can also try to take advantage of the bonuses for earlier repayments. These things combined could amount to several thousand dollars in cumulated savings.

3 – Get Cash. Now.

By refinancing that mortgage in a way that gives you some cash to use, like switching to a Home Equity or Line of Credit loan, you get the opportunity to add some value to your home, or even get that car you urgently need. But remember, this is not cash you own, but cash you owe so spend it wisely.

4 – Debt Consolidation

Taking out a new loan can let you pay off your existing mortgage as well as your existing credit card debt and replace it for a loan that may take longer to pay but has a far lower interest rate than that credit card bill you have been struggling to pay off.

5 – Early Mortgage Repayment

Let’s say you just had that rare salary increase and you think you would like to put that mortgage out of your mind earlier in life. Refinancing your existing mortgage sounds like a good idea. You can take out a new loan with shorter terms, say 10 years instead of 25, and you can end up owning your house sooner than later. Less things to worry about later in life.

Taking out a new loan for your existing home mortgage might sound tedious or scary but by just getting the facts straight and throwing in a little careful math, you can make refinancing work for you.

Should I Refinance – Chase Customer

Question:
I am in need of some help with a possible refinance. I hope someone can assist. I have a feeling refinancing is the way to go but when I asked my current lender, Chase several questions today, my head went spinning.

Should I Refinance

My situation is as follows:
498,00 purchase price in 7/05 and current value is also 498,000
373,500 financed at closing in 2005
351,000 is my balance now
5.75 is my current rate with a 10 year fixed and then 20 year variable
2179.00 monthly payments now
Chase offered 2 options today to start thinking about:
30 fixed at 4.625 1 discount point at a cost of 3500 making the monthly payment 1840 or
30 year fixed 5.125 par no points making the monthly payment 1932
the 2100 in closing costs quoted will be rolled into new loan and are included in the above monthly payment calculations above.
The 750 app fee cannot be rolled into the new mortgage.
My management company / corporation (I am in a coop) is going to charge me approx 1800 app fees etc. to close as well.
With all these fees, etc., how do I know when I will break even? Is either a good deal? I will be shopping and look at other lenders but before I spend the time, I needed a baseline. I should be in the apt at a min of 4 years more but anything is possible. I could be here forever, or I could move next year….who knows? By the way, I am in NY.

Thanks!

Answer:
Calculate your mortgage payment Prin & Interest divide that into the total closing cost and that will tell you what your break even point is. Should I Refinance My Home

Reverse Mortgage in simple terms

A reverse mortgage is a loan that’s taken out based on your home’s equity. It’s different from a home equity loan because there are no credit checks or income requirements. Additionally, you don’t have to make payments on a reverse mortgage the way you make payments on a home equity loan. You might think of a reverse mortgage as a home equity loan, without the payments and check – simply a loan that’s made based on the equity you have in your home.

Save your Home, Save your Home Mortgage

Folks with many people right now just struggling to make payments on their home mortgage, there has to be some ways to help them out right? But how did they get into this predicament in the first place? Maybe it was that adjustable rate mortgage (ARM) that looked so enticing because the first few payments were really affordable. However, with home mortgage rates up, many homeowners are finding it difficult to make the payment. Another possible reason is that they may have been fooled into taking on a home loan they can’t afford to pay or maybe they were forced into refinancing with higher rates and interest rates because of bad credit. The reasons are plenty. These people who can’t pay now can’t even take advantage of low refinancing rates or even of the TARP that might help them. They could lose their home, and with it their savings. Their home mortgage is in trouble and what can they do?

Continue reading Save your Home, Save your Home Mortgage

Bad Credit HomeLoans

When you have bad credit, you will usually have some problems with getting a new loan, any kind of loan. This will be particularly true of you are trying to get a home mortgage or any sort of refinancing. This becomes incredibly troublesome once your bad credit score comes into play. However, there is still hope for you. There are many bad credit homeloans out there that you can avail of.

Here are some suggestions.

1) Megatron BAnk Lending

This lending firm helps you get a new loan in no time. The rates are incredibly competitive and your loan fees are manageable. They don’t give away the money just like that however, they also want to make sure you are able to pay for your loans in good time. Make sure you have a job before you go to them. Make sure you have some income and can support yourself after you have taken out the loan so you don’t cause headaches for you and other people later on.

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.