(173)  Mortgage Refinance Quote Offers Flexibility to Homeowners


Over the past several years, the housing market in the U.S. has boomed. Homeowners have watched their home equity balloon as housing prices have soared. In many areas in the U.S., modest homes purchased as recently as seven years ago have doubled or tripled in value. During that same period, interest rates dipped dramatically, allowing a homeowner to obtain a mortgage refinance quote. In refinancing, homeowners lowered monthly payments and often withdrew a portion of their home equity - via home equity loans and home equity lines of credit - to make purchases or pay down consumer debt with higher interest rates.
In a speech given in October 2009, Federal Reserve Chairman Alan Greenspan said, "Despite average annual mortgage debt growth in excess of 12 percent over the past two years, the financial obligations of homeowners have exhibited little change as a share of their income because mortgage rates have remained at historically low levels. The enormous wave of mortgage refinancing, which ended only in the fall of 2009, allowed homeowners both to take advantage of lower rates to reduce their monthly payments and, in many cases, to extract some of the built-up equity in their homes. In the aggregate, the cash flows associated with these two effects seem to have roughly offset each other, leaving the financial obligations ratio little changed."
Greenspan continued, saying, "Indeed, the surge in cash-out mortgage refinancings likely improved rather than worsened the financial condition of the average homeowner. Some of the equity extracted through mortgage refinancing was used to pay down more-expensive, non-tax-deductible consumer debt or to make purchases that would otherwise have been financed by more-expensive and less tax-favored credit."
According to the Federal Deposit Insurance Corporation (FDIC), historically low mortgage rates caused record numbers of homeowners to obtain a mortgage refinance quote and to sign on the dotted line to refinance their mortgages at lower rates. In a recent report, the FDIC said, "As mortgage rates bottomed out, refinancing volumes peaked in June 2009, but they have fallen sharply since then...Indeed, the Mortgage Bankers Association recently forecast that the dollar volume of refinancings would decline 57 percent in 2009 from a record $2.5 trillion in 2009."
More homeowners are seeking a mortgage refinance quote to obtain a home equity line of credit (HELOC). According to the FDIC, these lines of credit have grown about 30 percent annually. The FDIC report states, "The rationale for homeowners' greater use of HELOCs is straightforward. With consumer spending outpacing income growth in the 2009s, homeowners have turned increasingly to home equity lending as a substitute for consumer credit to finance new consumption, reduce outstanding debt, or purchase a home in a two-loan package deal. The appeal over other more costly credit alternatives derives from the significant advantages of comparatively low interest rates, tax deductibility, and easy availability, since income and cash flow tests matter less for determining credit lines than for credit cards or auto loans. Furthermore, because HELOCs offer the flexibility to draw money only as needed and the convenience of a revolving credit line, borrowers favor HELOCs more and more over closed-end home equity loans. For these reasons, many homeowners are converting the equity in their home into cash through home equity borrowing and making this kind of transaction an increasingly important part of their household finances. With the dramatic decline in mortgage refinancing volumes since mid-2009, a homeowner would more likely choose to tap home equity through a draw on a HELOC rather than extract cash as part of a refinancing."
Obtaining a mortgage refinance quote is the first step in obtaining a home equity line of credit that homeowners can use for home improvement, debt consolidation, or consumer spending.

About the author:

Chris Robertson is an author of Majon International, one of the worlds MOST popular internet marketing companies on the web. Visit this Financing\Investi ng Website and Majon's Financi ng\Investing directory.

Written by: Chris Robertson

(174)Mortgage Refinance - Tips To Help You Cut Fees And Costs


Saving money through a mortgage refi is more than just finding the lowest interest rates. You can further cut fees and costs through the structure of your loan, avoiding PMI, and buying lower interest rates.

Close Credit Card Accounts
Close inactive credit card accounts to improve your credit score, making you eligible for lower interest rate loans. You will need to notify the credit card companies in writing that you wish the accounts closed on your request.

Next, check your credit report after 30 days to be sure closed accounts include the comment “Closed at Customer’s Request.” You want future lenders to know it was your request and not bad credit that closed your accounts. Also, take the time to check for any mistakes in your credit report that could negatively impact your credit score.

Avoid The Hidden Cost Of PMI

When refinancing a mortgage, as many as 30% of homeowner’s cash out part or all of their home’s equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home’s value, you will be hit with private mortgage insurance, costing you hundreds a year.

Pay Points Now

If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.

Choose A Short-Term Loan

Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.

Ask About Fees

Fees are a hidden cost of many mortgage loans. By law, lenders must disclose fees within three days of a loan application. Fees can go by many names like – document prep fees, courier fees, administrative fees, and more.

When comparing refi options for your mortgage, request a list of fees from several lenders. Add these fees with the interest of a loan. With these figures, you may be surprised that the cheapest loan didn’t have the lowest interest rate.

About the Author
Carrie Reeder is the owner>, an informational website about various types of loans. To view our recommended sources for refinance mortgage loans online, visit
this page:>http://www.abcloanguide.

Written by: Carrie Reeder

(175)Need Extra Money? - Refinance or Equity Line of Credit, Which is Right for You?.


You may be looking for some extra money to fix up the house, go on a vacation or buy a new car, and you want to take some equity from your home to do it. To do this you could either refinance your home and take some of your equity or apply for an equity line of credit instead. The question is which one is right for you? There are some things to consider about both options when determining how you should obtain the money.

Refinance Your Home

-Are you currently paying a high interest rate and would like to reduce it?
-Does your lending company charge closing costs or points to refinance?
-Consider that you will be borrowing this money and be paying interest on the full borrowed amount for the duration of your mortgage
-Is the interest tax deductible? Speak with your tax advisor.

Equity Line of Credit

-You are only charged interest for the money you take out.
-You may repay the minimum amount or additional monies without penalty.
-What are the interest rates? Are they lower then the current mortgage rates?
-Are there any fees associated with opening an equity line of credit with our financial institution?
-Is the interest tax deductible? Speak with your tax advisor.

The increase in the real estate market has provided people the opportunity to borrow money against their residences to generate cash for the things they need. Financial institutions are making it easier for people with equity in their homes to borrow money. If you are looking for extra money and own a home, you may want to consider one of the two options, either refinance your existing mortgage or take an equity line of credit against your home. No Minimum Payout
About the Author
Ashlee Hovsepian is the publisher of where you can find the right mortgage and refinance companies to finance your mortgage online.
You may freely distribute or publish this article provided you publish the whole article and include this copyright notice and links in full.
Written by: Ashlee Hovsepian

(176)New Website Launched for Consumer Finance and Education


Credit Card Management Services, Inc. is a fully licensed 501(c)(3), non-profit, credit counseling agency whose mission is to provide compassionate, professional debt management counseling and education in an ethical manner with efficient, timely and problem-solving client support.

Since 1996, CCMS has helped thousands of consumers gain financial stability through credit counseling, personal finance education and debt management solutions. Located in West Palm Beach, CCMS provides our services to consumers in over 40 states. CCMS prides itself in being a customer-service oriented, education-driven agency.

CCMS offers credit counseling, budget analysis and personal finance education to all consumers that seek our assistance. Consumers that contact CCMS are directed to one of our certified credit counselors who review their unique financial situation. During this initial counseling session a credit counselor will review a client’s current outstanding financial obligations, both secured and unsecured, as well as their monthly budget. Our counselors carefully analyze and assess the client’s financial situation and recommend a course of action that helps them meet their financial needs.

CCMS provides debt management plans to those clients that show significant need. The debt management plan, in most cases, allows consumers to reduce their monthly payments and interest rates while giving them a fresh start on paying off delinquent accounts. When combined with effective credit counseling, a debt management plan can provide consumers with the tools to become and - more importantly- stay debt free.

CCMS believes that a proactive approach to education and counseling is the best approach. In addition to providing credit and budgeting counseling on an individual basis, CCMS also participates in local housing fairs, credit seminars and similar events to help promote financial awareness. CCMS offers free, on-site budgeting, personal finance and credit seminars to local schools, community development corporations and community groups in the South Florida area.
Please visit the website at

Lisa was hired by CCMS in February, 2009 as a customer service representative. She learned very quickly and was a big part of the renaissance of that department through hard work and dedication. Lisa was selected for the Counseling Department in the summer of 2009 and in January, 2009 was promoted to her current position as Counseling Manager.
As a counselor, Lisa quickly became a leader and advocate for her clients. As manager, she has organized the department to provide maximum coverage and a new system where 94% of incoming calls to the Counseling Department are answered by a live person. Lisa also played a huge roll in the design and feel of our website.
Despite her many assignments and projects, Lisa always has time to work with her current clients. She received many complementary client testimonials concerning the professional handling of the debt management program, but more importantly praising Lisa’s caring, personal and caring touch.
Copyright 2009 Credit Card Management Services, Inc.
Written by: Lisa Lambert

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