(89)Finding the Best Mortgage Refinance Rate


You may have become used to the monthly house payment that you make. But for many of us refinancing our homes is a great way to save money, lower the house payment, and unlock some of the equity already built change such as refinancing in the house.

What exactly does it mean to refinance your mortgage? When you refinance you are replacing your current loan with a new loan from another or the same institution. Refinancing could mean switching banks or other financial institutions, or you may even be able to take a new deal from your current lender. In fact, this is recommended if your credit history has a few pock marks. The lender knows your history and will be able to help you out, where as another lender may look badly upon bad credit.
Where to start? To begin, you need to determine whether or not you will actually be better off by moving your mortgage. You need to look around and see if there are deals out there better than your own. Try out an online refinance calculator or refinancing calculator. These calculators have limits, but they give a vague idea of what your month to month will look like. Back your findings up with some substantial advice. Speak to family and friends and locate a mortgage broker who is right for you. According to the Mortgage Bankers Association, the "rule of thumb" is to only get a new mortgage that is at least two interest percentage points below the amount of interest that you currently pay.

Here is a bit of advice. The first piece of advice when you are considering changing your mortgage is to get good advice. Talk to a mortgage broker about the best road for you to take. This is their job; they know what they are talking about. Talk to others who have refinanced their homes. Also, you will want to shop around for the best rate. Check the interest rates in each and every mortgage plan you investigate. Ask for comparables. See where individuals in similar circumstances as you have gone with these companies.

Ask these companies to paint a picture of where you can be in the next five to ten years if you choose to refinance with them. You only want to refinance">">

refinance you can get a better interest rate. Also, consider how long you are actually going to be in your home. The Mortgage Bankers Association claims that the month to month savings may not add up if you are only planning on staying in your home for a year or two. Consider the future closely before going through with a dramatic financial.

About the author:
Sara Chambers is a marketing consultant and an internet content manager for">">
Written by: Sara Chambers

(90)Finding the Right Time to Refinance a Loan

If you've been thinking about refinancing a loan, you might wonder whether or not right now is the best time to do so.
There are a variety of factors which can influence whether or not the timing is right for refinancing... national and local interest rates, your credit history, and even the amount of time that you've been making payments on the loan.
We'll look at each of these factors in a little closer detail, so as to give you a better idea of what you're looking for when trying to decide whether or not the time is right to refinance.
National Interest Rates
Interest rates fluctuate as time goes by, increasing naturally over time as the cost of living and other expenses increase.
The base interest rates that all lenders must adhere to are set on a national level, however... this is one of the ways that governments work to battle inflation and try to influence consumer spending if the economy stalls or slows down.
In periods where spending is rampant and prices are beginning to rise, national interest rates might rise so as to slow down the increase in prices due to overspending. If the economy has reached a slower point, however, interest rates might be lowered to encourage consumers to apply for low-interest loans.
Obviously, this is the best time to apply for loan refinancing, since the interest rates that you'll pay will be lower and the loan terms may be more flexible.
Local Interest Rates
Of course, interest rates may fluctuate locally just as they do nationally. You might find higher or lower interest rates depending upon where you live, and the difference between local interest rates and the national interest rate might become significant if your local banks see a need for higher interest rates because of conditions in your area.
Before deciding upon a refinance lender, it's often a good idea to check interest rates in other areas as well... the best time to refinance is when your local lenders are closer to or below the rates offered in other areas.
Credit History
As with your initial loan, the interest rates that you pay on a loan refinance can vary drastically depending upon your credit history.
While your credit score might well be better when you apply for your refinance than it was when you applied for the original loan, there's always the chance that you might have missed a few payments to one creditor or another since getting the loan and your score might have dropped.
Just because you've already gotten the first loan, don't think you can ignore the importance of your credit history... make sure that you take it into account when searching for a loan refinance.
Time Elapsed on Loan
The amount of time that has passed since you received your original loan can have a bearing on how much you pay on a refinance loan. It can be frowned upon by some lenders to apply for a refinance soon after receiving your loan... if nothing else, it can show that you didn't take the time to research your loan options before deciding upon a lender.
In order to avoid this problem, be sure to investigate all of your options and compare the offers of several lenders before deciding upon a loan.
If after you've received your loan and begun the repayment process a major drop in interest rates or some other change occurs, then go ahead and refinance... otherwise, it's best to wait until at least a quarter of the loan has been repaid.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the website.

Written by: John Mussi

(91)Five Tips to Slash Your Home Finance Costs

It's no wonder that the majority of homeowners dream of one day being able to pay off their home loan and live a life free from the shackles of interest rates, home finance and worries about meeting the monthly mortgage payments because the largest expense the majority of us take on in a lifetime is our mortgage and each month our home finance payments take a substantial chunk out of our take home pay.

Just think what you could do with all the extra money you would have spare if you didn't have to meet your mortgage each month! Interested? Well, here are five steps that you could take today to substantially slash your mortgage repayments and the overall cost of your home loan and even speed up your rate of repayment so that the day when you've paid off your home finance and are free to live the life you want comes that much sooner.

Step One - Demand Better Service!

As a loyal customer of your mortgage lender isn't it about time you were rewarded for your financial commitment, for making your regular payments and for being a good, long term customer?

Well, you can rest assured your mortgage lender will not reward you unless you ask for a better deal on your mortgage!

So get on the phone, call up your lender, ask to speak to someone in customer services or the customer retention department and explain that you're looking around for a better mortgage deal. Ask them for an evaluation of how much you have left to pay so that you can give it to any one of the hundreds of other mortgage lenders out there all willing to give you a better deal.

If you are indeed a valued customer you should receive favourable feedback to your demands and receive details of better offers currently available to you from your current lender.

Remember, if you don't ask you don't get and be adamant about what you want!

Step Two - Shop Around.

If step one doesn't get you the deal you deserve, shop around. There really are well in excess of a hundred lenders out there all seeking new customers who will offer you incentives to take up their mortgage product.

Use the internet to get an idea of rates being offered and special deals available to you. Do remember that lenders will do everything they can to make their deal seem like the most attractive one available and do everything within their power to attract new customers so you need to be shrewd.

Look for any hidden charges or tie in clauses and make sure you evaluate products offered on a like for like basis taking into account all the features of the mortgage offers available.

Step Three - Call in the Cavalry.

Well, not the cavalry exactly but expert assistance in the form of a licensed and regulated fee free independent mortgage broker. In the UK these guys are now regulated by the Financial Services Authority and in the US they should come under the scope of The Responsible Lending Act.

As independent brokers they have access to and understanding of every single mortgage product available and they should be best placed to assist you find a better deal than the one you have now where your repayments will be less, your interest rate will be lower and the amount you repay over the entire duration of your loan is reduced.

Make sure your broker is fee free and remunerated by any company you decide to take a mortgage out with. More importantly than this, make sure they are regulated and licensed correctly and if possible ask for professional references or testimonials.

Step Four - Cut Out All Extras

Mortgage lenders are notorious for selling overpriced add-ons such as life insurance, home insurance, contents insurance, income protection cover...all these insurances have their value of course - but you can bet your bottom dollar that you can every last one of them for a fraction of the price by going directly to an independent insurance house or even seeking the services of an independent financial adviser to find you the best deal available.

You could literally save yourself thousands each year in insurance premiums!

Step Five - Throw Some Money at It

So, you've cut your interest rate down to size, reduced your monthly repayments, maybe received a cash lump sum from a new lender and saved yourself thousands on insurance products - now turn all those savings back into your mortgage and repay early.

Make sure you have it negotiated into your new mortgage contract that you can make early repayment or lump sum annual top ups and get rid of the millstone round your neck, free yourself from your largest financial commitment as soon as possible and save thousands in interest payments and enjoy freedom of life once again!

About the author:

Rhiannon Williamson is a freelance writer whose articles about property investing and emerging real estate markets have appeared in publications around the world. She is currently working on a brand new property investment resource

Written by: Rhiannon Williamson

:(92)Florida Refinance - Refinancing in Florida

The decision to buy a home in Florida can be one of the best you will ever make. If you own a home in Florida you may be considering refinancing. Refinancing now can potentially save you thousands of dollars over the length of your mortgage. Florida lenders are offering low interest rates and could save you thousands of dollars over the length of your loan. Mortgage companies serving Florida and the United States are able to offer loan packages that make refinancing your home a wise decision. Compare your current interest rate to the rates being offered now and see how much money you can save by refinancing your home.

Florida is a great place for families, seniors, and businesses. Owning a home in Florida is a good financial investment due to the constantly expanding real estate market. There are many historical and modern cities in the state of Florida. Jacksonville is a historic city and was named for Andrew Jackson. It has two seaports, seven universities and five colleges. Winter Park is equally fascinating and abounds in social, educational and cultural amenities. As an added bonus, both Winter Park and Jacksonville have affordable housing to fit any budget and a multitude of mortgage lenders across the state, both online and traditional, to help you with all your refinancing needs.

Mortgage lenders in Florida and across the country are currently offering the lowest interest rates in many years. If you have been considering refinancing your home, contact a Florida lender today. You can often get multiple quotes from different lenders with one quick online application. Florida is the perfect location for those who enjoy the sunny weather and sandy beaches that dominate the landscape. Refinancing your Florida home can give you lower monthly mortgage payments, which could lead to extra cash in your pocket each month to explore all that Florida has to offer.

Mortgage lenders online generally service loans in all states and will be able to assist you in your refinancing goals quickly and efficiently. Apply today for a home refinance loan and you could start saving money every month and give yourself the freedom to accomplish your financial goals. Lenders are anxious to get your loan approved and will handle the processing of your loan with personal attention and professionalism. Interest rates in Florida are at all time lows and the real estate market is expanding constantly. Refinancing your Florida home is a smart investment in your future.

To view our list of recommended nationwide mortgage lenders who service the
Florida area online visit this page:
Recommended Florida &
Nationwide Online Mortgage Lenders.

About the Author
Carrie Reeder is the owner of ABC Loan
Guide, an information website with articles and the latest news about
various types of loans.

Written by: Carrie Reeder

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