How to Refinance a Mortgage and Other DIY Solutions
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Learning How to Refinance a Mortgage is easier than it may seem.
How To Refinance a Mortgage
Mortgage Refinancing is simply the act of paying off an existing loan, while at the same time starting a new one.
Here are some of the reasons why home owners learn How To Refinance A Mortgage:
1) Changes in market rates result in lower interest rates, which translates into lower monthly payments for the homeowner.
2) The homeowner's credit score improves, allowing for a better deal on financing.
3) Some homeowners decide to lengthen the term of a mortgage to reduce the amount of payments owed each month. However, doing this will also increase the total amount you have to pay in interest, as the loan will take a longer time to pay off.
4) Another way of refinancing is to change from an adjustable rate mortgage (ARM) to a fixed rate mortgage.
5) Some homeowners need fast cash. These homeowners often get a Home Equity Loan.
Home equity is the difference between the amount you still owe on your mortgage, and the dollar value of your property.
When you refinance for an amount greater than what you owe on your home, you can receive the difference in a cash payment. This is called a cash-out refinancing.
The down side of cash-out refinancing is that your home will not fetch as much money if/when you decide to sell it.
Here's How To Refinance a Mortgage in one easy step:
1. Call your lender to inquire about refinancing options.
The lender will consider your income and assets, credit score, other debts, the current value of the property, and the amount you want to borrow. If your credit score has improved, you may be able to get a different loan at a lower interest rate.
Also factor in refinancing fees, which are typically anywhere from 3 to 6 percent of the loan amount.
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