Home loan refinance rates are available for viewing on lenders' websites, in print or television advertising, and on bank statements by consumers seeking to remortgage homes. Typically much lower than first time homebuyer terms, the most popular reasons that homeowners refinance are for debt consolidation, to lower an finance charges, and to pull money out of the equity in the house. Many lenders are offering lower terms to homeowners and still benefiting by earning a profit from the interest earned. On property financing, interest is paid early in the life of the deal.
A homeowner shopping for better interest offers has already paid the original mortgage company a substantial amount of interest. Once the homeowner refinances, the new lender can also benefit from an upfront payment of fees called points. However, the homeowners' benefit of cutting their interest rates by up to 45% is a fair and very valuable tradeoff. It is no surprise that home loan refinance rates are lower than standard first mortgage rates. If they were not competitive, homeowners would not go through the time and energy to save thousands of dollars in interest charges.
For example: refinancing terms of 5%-5.5% down from original terms of 7-7.5% can lower the total interest paid on a $200,000 loan from $300,000 to $210,000. That is $90,000 in interest saved that goes right back into the homeowner's pocket! When researched well, home loan refinance rates, can benefit the borrower by paying much less on the total financed amount then the original mortgage terms would have resulted in. This reason is why refinancing is so popular. The homeowner pays less interest and more lenders stay in competitive business, a good thing for borrowers!
Although Christians are warned of borrowing, it is nearly impossible to own a home in today's society without using a mortgage loan to finance it. The goal for a Christian is to learn self control with finances. Live beneath your means, not over them. God did not say in the Bible that homeownership is a must, or that we should pay $500,000 over 30 years for a $200,000 home. We must be still, and listen to his guiding and direction. Searching for the lowest home loan refinance rates to lower our payments, or pay off the loan early is a good idea. Caution should be taken when dealing with any need for borrowing. Always do the research first, before signing any papers. "Blessed is the man that maketh the Lord his trust, and respecteth not the proud, nor such as turn aside to lies"
http://www.christianet.com/refinancing/homeloanrefinancerate.htm
