Understanding The Process Of Refinancing Your Mortgage Interest Rate

With mortgage interest rates dropping rapidly over the last few years, more people than ever are considering refinancing their homes to save them money and give them a lower interest rate.

To find a refinance mortgage rate that is ideal for your situation, you will need to know four things; your current mortgage rate and outstanding balance; your mortgage rate for a new loan; how long you plan to own your home; and your potential refinancing costs.

While you may be able to refinance your mortgage it is not always in your best interest to refinance. If you can lower your overall interest rate or reduce the duration of the loan while ensuring that you will own the property long enough to recoup the costs to refinance, then it may be beneficial for you to refinance. If the benefits are not there; don’t refinance as it will not be worth it to you.

For a multitude of reasons you will not own the property long enough to make back the refinancing costs. If this applies to you and your situation - refinancing may not be a good choice. Another reason it would not be a good idea to refinance is if you could take the money you would use to pay refinancing costs and invest it in something else with a higher yield or rate of return on your investment.

If you are considering refinancing start immediately to look for a lender. Be sure to inquire about their fees as fees vary greatly from lender to lender. Make the effort and take the time to see what options each lender makes available to you. In most cases, the difference between saving money and losing money on a refinance depends entirely on the lender you choose. Choose wisely.

Another reason people refinance is to get cash out of their home. If this is the reason you are refinancing then you need to make sure that how you use the cash is beneficial to you both short-term as well as long-term. An excellent way for you to use the cash is to improve the value of the home by doing updates such as putting on a new roof, adding new windows or new siding. Another good use of the cash is to payoff high-interest unsecured debts or loans and in effect “consolidating” these smaller and often more-expensive loans into one refinance payment.

To summarize, you need to know why you want to refinance as well as what refinance rate will save you the most money. Additionally, if you get any cash payments from your refinance deal, use them wisely by paying off high-interest debt or doing renovations or repairs that will add value to your home.

Knowledge and the application of the same determine the ultimate success of the mortgage refinance. If this seems overwhelming, begin interviewing lenders who can discuss your specific needs and give you the answers and solutions you need. See below for more information on Mortgage Refinancing Rate.

For more information on Mortgage Refinancing Interest Rate or visit http://www.mortgagerefinancingexpert.com/Refinance_Mortgage_Rate.html, a popular website that offers information on Mortgage Refinancing. Please leave the links intact if you wish to reprint this article. Thanks

Article Source: http://EzineArticles.com/?expert=Charley_Hwang

Get Your Life Back With Reverse Mortgage Association

As you get older the options for you to earn income become increasingly limited. However, just because you retire and switch your source of income to social security, your invested savings or a 401K you established while working does not mean that you have to live a life of abject frugality or poverty.

The Reverse Mortgage Association is an association that is dedicated to helping you regain your financial independence in your old age. There is simply no reason why you have to start getting cheap about everything you purchase simply because your finances have switched over to a fixed income. If you want to keep your financial independence and you are over 62 years of age, then a reverse mortgage from the Reverse Mortgage Association may be just what you need to keep lifestyle intact.

Many people decide they want to retire and then realize that they did not have enough money reserved for the lifestyle they wanted or they may live in luxury for a few years and then become overwhelmed by financial burdens that creep for one reason or another. This lack of preparation for the future forces them back into the workforce most often with reduced earning capacity. The Reverse Mortgage Association does not want you to fall into that same retirement trap.

With a reverse mortgage, the bank pays you for your house while you keep living in it for as long as you want. This gives you a steady flow of money that can help you at a time when you need it most to pay for the late-in-life activities you enjoy or cover unexpected bills and expenses. The benefits of reverse mortgage are that you get a steady source of income while being able to live in your house as long as you want. When you desire to move or when you pass away, the ownership of the house is then passed to the Reverse Mortgage Association instead of becoming part of, and potentially a burden of, your estate.

To find relevant details on something specific such as reverse mortgages ask your friends and co-workers for info they may have found out on it. You can also look up various groups on the web that discuss things such as newsgroups and forums. There is one on so many topics and you can post your own question. See below for more information on Reverse Mortgage Association.

For more information on Reverse Mortgage Association or visit http://www.reversemortgagetipsonline.com/Articles/How_the_Reverse_Mortgage_Association_Can_Help_You_Get_Your_Life_Back.php, a popular website that offers information on Reverse Mortgages. Please leave the links intact if you wish to reprint this article. Thanks


Article Source: http://EzineArticles.com/?expert=Charley_Hwang

The Seven Deadly Sins in Home Loan Lending

The seven deadly sins in home loan lending are no different from the seven deadly sins outlined in the Bible. The latter damns your soul; the former can decimate your finances. Whether you're buying a house by yourself, with your partner, or with a friend, be sure to avoid the following costly mistakes.

1. Thou shalt get your priorities straight.
Unless you are earning the equivalent of three people's wages, there's no way you can pay off a house loan, car loan, and a student loan at the same time. In fact, if you're living on the budget of the recently employed, you have no business setting your sights on that sprawling four-bedroom number in the city's most exclusive neighborhood. Clearly, you cannot serve two masters at the same time. Before you go home loan lending, separate your needs from your wants. Sort your priorities, and decide whether it's a house or a new car that you need.

2. Thou shalt not underestimate home loan lending costs.
In home loan lending, costs follow only one trajectory: upward. Downpayment and monthly payments are not the only costs you have to budget. You need to factor in insurance and "start-up" expenses, in the form of furniture purchases and getting the cable TV and the telephone turned on.

3. Thou shalt not get a mortgage without first window-shopping thoroughly.
Home loan lending experts point out the only way to make sure you get the best deal in the market is to see exactly what type of deals are in the market. So, shop around for as long and as often as humanly possible.

4. Thou shalt not sign contracts without reading the fine print.
Home loan lending is no joke. Whatever contract you sign is legally binding between you and your broker. Be sure to pore over the contract and ask questions about the terms you do not understand. A home loan lending contract, no matter how seemingly straightforward, is one document you should not peruse with glazed eyes and a wandering mind. Ask about suspicious-looking clauses. If it reeks of fish, it probably is fishy.

5. Thou shalt not be blinded by exotic-sounding offers and very long-term arrangements.
Many lenders and brokers will always try to foist huge houses on you. After all, the bigger and costlier the house they sell, the chunkier their commission. Be very wary of offers that sound too good to be true. In particular, know that grandfather loans will earn you very small house equity.

6. Thou shalt never go without home insurance.
Unless you can afford to replace everything you own in case of theft, fire, earthquake, or the end of the world, you need insurance. This can cost you whoopingly large sums, but it will be money well-spent.

7. Thou shalt not default on your payments.
In home loan lending, what has been given can be taken away. If you cannot keep up payments on your house, it could be foreclosed. If you ever find yourself having trouble with the payments, home loan lending experts advice calling your lender or broker immediately and explaining the problem. Chances are, you will be given a grace period or an alternative pay-off scheme.

Buying a house is a rite of passage akin to making the transition from Daddy's little girl to full-fledged adult. To go through the rite successfully, take note of the seven deadly sins in home loan lending. There's no point in getting a house in exchange for your financial soul.

Looking for mortgage quotes or the best refinance home mortgage loan rates? WhatAboutLoans.com can teach you all you need to know about home loan lending.

Article Source: http://EzineArticles.com/?expert=Rony_Walker

Mortgage Lenders For Bad Credit - Should You Call Them 'Dude'?

You are in an interview with a loan examiner who works for a mortgage lender for bad credit. He sits across the table - a dignified-looking man in an expensive lead-grey suit and silk power tie. His hairdo looks like a wig, with not a single strand out of place. He looks you up and down, and then asks why you are applying for a loan. You explain that you are not wealthy like him, so you have no choice. During the interview, you repeatedly refer to the examiner as "man," "dude," and "dog," creating an uncomfortable look on his face. Towards the end of the interview, you announce that you must "bounce," so you can drive home and feed Eggbert, your pet chicken. You then abruptly stand up, turn around, and head for the door.

Know Who You Are Talking To
We do not talk to our brothers and sisters the same way we talk to our bosses. "Code-switching" is the fancy term for how we talk to different people, using different lingo. Regardless of whether we are talking in person, over the phone, or through e-mail, we must always remember who we are talking to. While it is wise to use the terms "sir" and "ma'am" in interviews with mortgage lenders for bad credit, it would be nerdy, if not downright weird, to address our buddies or girlfriends the same way. The wish of every person on Earth is to feel important. When you refer to the president of a country as "dude," or to your girlfriend as "ma'am," the implied message is: "You are NOT important."

Be Nice
Stating or implying that someone else is unimportant is only a compliment in Wonderland, where up is down. According to Dale Carnegie's book "How to Win Friends and Influence People," one of the cornerstones of dealing with people is "Don't criticize, condemn or complain." To protect what Sigmund Freud referred to as our ego, it is our nature to feel that we are right-even when we are wrong! So when dealing with mortgage lenders for bad credit, only speak positively of the company and your situation. This will give the impression that you value and respect their institution.

Two Little Words with a Big Meaning
Carnegie recommends that when dealing with people, we should also show truthful and heartfelt appreciation. In other words, we should show our thanks, but only if we mean it. This will make the party being thanked feel appreciated and important. When dealing with mortgage lenders for bad credit, we have several opportunities to do this. Make sure to thank mortgage lenders for bad credit for sending you information or giving you an interview in-person. And if you are approved for the loan, you could even send them a token of your appreciation.

How to Build a Want
Lastly, Carnegie writes that it is important to create a "want" in people. It is human nature to first be concerned about our own interests. So, when dealing with mortgage lenders for bad credit, never give sob stories about why you have no downpayment for a mortgage. Rather, show how you could, and will, pay back the money that you hope mortgage lenders for bad credit will lend you. That will make them feel important.

Mastering how to talk to people effectively will make dealing with them easier. Mortgage lenders for bad credit are no different from your friends or co-workers. It's not only what you are telling them that matters; it's how you say it.

Looking for mortgage lenders for bad credit? Learn more about current mortgage home interest rates and how to get a home loan mortgage rate quote when you visit WhatAboutLoans.com today.

Article Source: http://EzineArticles.com/?expert=Rony_Walker