All about Mortgage Refinancing

Mortgage refinancing refers to taking a fresh home mortgage for paying off existing mortgages. By refinancing at a lower rate of interest you can substantially lower your monthly payments and enjoy reduced interest costs. Refinancing is also an excellent opportunity to pay off other debts, reduce periodic payment obligations, or to liquidate equity that has accumulated in real property over the period of tenure ship.

Types of refinancing
Mortgage refinancing can be broadly divided into two types: no cash-out refinancing and cash-out refinancing. In a no cash-out refinancing, the loan amount is below the mortgage debt currently owed. This type of refinancing allows applicants to borrow up to 95 percent of the appraised value of his home, a certain advantage as it substantially lowers the monthly payments and all related closing costs, and financing costs. Cash-out refinancing, on the other hand, allows borrowers to borrow more than the amount owed on the current mortgage. However, borrowers are generally limited to borrowing no more than 75 to 80 percent of the appraised value of the home when the type of refinance mortgage is cash-out refinancing. The excess proceeds can be used in a number of ways, such as paying off other outstanding loans.

You may even opt for an extended period refinancing to further reduce the monthly payments. In fact, extended period refinancing is the in-thing nowadays and a large number of applicants are happily reaping the benefits of substantial savings incurred by extending the mortgage term and utilize the net savings for further paying down the debt.

Tax benefit is also a benefit of refinancing loan. In other words, non-tax deductible debts such as credit card debts can be easily transformed into tax-deductible debts such as home mortgage debts. This substantially lowers tax liability, and helps in putting the owner into a lower tax bracket.

Imagine a situation where you have enough of disposable cash to pay off all existing debts and can simultaneously lower your monthly mortgage payments. This is only possible through mortgage refinancing. Your home is the largest asset you may ever own and it certainly makes great sense to use this asset to your monthly payment and put extra cash in your pocket.

Myself webmaster of http://www.castlemortgagegroup.com dealing in all type of mortgage loans in Florida, Georgia & Alabama with home loans, florida home loans, refinance loans, constructions loans.


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Refinance Mortgage Loan and Your Daughter's Dream of a College Diploma

Your little girl is not so little anymore. She'll be graduating from high school next year. As early as now, you share her excitement for college. It's time to take charge while you still can. Don't worry too much about the money. A refinance mortgage loan can help you out.

Getting Ready For University

Get your daughter a slot on a good university. How? Well, first you'll have to know all the requirements so she can prepare, while you'll scrounge for the cash. There a number of good colleges your daughter can choose from. Help her pick out the best one for her.

What you can do is to compile sample of admission requirements from her chosen universities. Don't worry if she insists on going to an Ivy League. That's what your refinance mortgage loan is for.

For example, Princeton admission requirements include: four years of math, four years of English, four years of one foreign language, at least two years of laboratory science, at least two years of history, art, music and a second foreign language, SAT or ACT results and of course, the college admission essay.

There nothing much you or your daughter can do about the educational requirements or her SAT scores. The one thing that she can control, however, is her college admission essay. Remember, it's her college essay, not yours. So try to resist the urge to write it for her. You can help her by giving useful tips on the writing process and by proofreading her essay.

Helping Out With The College Admission Essay

For starters, you can tell your daughter to write her essay the way she would speak to a friend. It's important that her thoughts stand out in the essay. An admission essay is your daughter's opportunity to distinguish herself from the horde.

When reading her essay, look out for details. A good essay is grounded on personal detail - it does not merely tell, it shows. Don't hesitate to point out errors in your daughter's essay. An admission essay will have a huge impact on her application so it is only fitting that your daughter works hard on it, revising and rewriting until it feels right.

How to Win That College Slot

If you don't have talent for words, let someone capable help out your daughter. Or you can turn to her English teacher, the Internet, or even the good ol' library for writing tips. But never ask someone else to write it for her - even if you can afford to hire a professional writer to do it with the money you got from your refinance mortgage loan!

After writing her essay and sending out her applications, you'll both have to wait for a letter of acceptance from the colleges she applied to. Once your daughter gets the letter, make sure to drive down to the school with her. See for yourself the environment she'll be in for 4 long years or more.

At this point, you should have your refinance mortgage loan ready. Aside from tuition, you will also be spending on your daughter's food, clothing and living allowance.

If you got yourself a good refinancing deal, then you need not worry about this. Your refinance mortgage loan will cover all the necessary expenses for your daughter's dream of a college diploma.

Make your child's dream of a college diploma come true with a refinance mortgage loan, mortgage refinance, or refinance mortgage. At WhatAboutLoans, know all the better options for a new loan.



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