Refinancing your home loan can be one of the easiest ways in which to reduce your monthly outgoings. Getting even a slightly lower rate of interest on your loan can translate into substantial financial breathing space. As with any other financial transaction you should however make sure that you go into it with your eyes wide open. One very important thing to take into account is the fees and charges that you will likely be charged.
Some companies advertise refinancing rates that may seem very attractive on the surface but that makes a lot of money for them in ‘below the ...
Crunching the numbers before refinancing
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When considering your refinancing options it is very important not to just go with the first lender that crosses your path. You should, instead, do your best to compare and contrast the offerings of different companies in order to be able to make an informed decision. This is the last in a series of three posts designed to help you to do just that. Its focus is on trying to make sure that your potential relationship with a new lender is not unnecessarily stressful and difficult.
It is no use finding a company with a good reputation and reasonable costs that ...
Choosing the Best Refinancing Provider – Tip #3 Research Customer Service
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When considering your refinancing options it is very important not to just go with the first lender that crosses your path. You should, instead, do your best to compare and contrast the offerings of different companies in order to be able to make an informed decision. This is the second in a series of three posts designed to help you to do just that. Its focus is on determining exactly what refinancing with different providers will cost you.
The next step after doing ‘due diligence’ on different providers is to ask the companies that you are interested in to give you ...
Choosing the Best Refinancing Provider – Tip #2 Get the full picture of what you will be asked to pay
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When considering your refinancing options it is very important not to just go with the first lender that crosses your path. You should, instead, do your best to compare and contrast the offerings of different companies in order to be able to make an informed decision. This is the first in a series of three posts designed to help you to do just that. Its focus is on something that is perhaps slightly intangible but still vitally important: Reputation.
There are a lot ‘fly by night’ operators in the financial services sector and people sometimes get burned quite badly through doing ...
Choosing the Best Refinancing Provider –Tip #1 Consider Track Records
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Online Peer to Peer Lending (also sometimes called ‘P2P Lending’ or ‘Social Lending’) is one of the best examples of the how the internet can serve as an agent of ‘disintermediation’ (‘cutting out the middle man’ in plain old English!). Online peer to peer lending services use technology to bring people with a bit of spare cash together with prospective borrowers. Potential lenders then bid on possible loans with the peer to peer website offering transfer, administration and debt collection services. The peer to peer ‘industry’ is still is in its infancy but it is already being touted in some ...
Refinancing and Peer to Peer Lending
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You may currently be looking at the possibility of refinancing your mortgage but I am pretty certain that this does not mean that you would like to be paying off your mortgage as long as you have breath in your body! You should therefore consider some strategies that will help you shave years of your mortgage.
Before we look at three very basic tips for paying of your mortgage earlier we just need to briefly look at what you are actually paying when you pay your mortgage. This fact is that, at the beginning of the loan only a tiny percentage ...
Mortgage Payments: Taking the long view
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One of the major factors in determining the rate at which you can obtain credit (or even if you will be able to get credit at all) is your credit score. Therefore, if you are looking to refinance a loan you should make very sure that you know what your credit report contains and, if everything is not as it should be, take serious steps to rectify it.
Your credit score is simply an averaging out of various figures that have some bearing on your possible future ability/inclination to repay loans. These factors include things as diverse as having a fixed ...
Improving your Credit Score
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Most of what I have hitherto written on this blog had to do with the choice of refinancing your mortgage. There are however instances in which the possibility of refinancing do not represent a choice as much as an absolute necessity. Sadly such cases are becoming much more common, with the Credit Crunch currently biting ever deeper into the housing market.
Emergency refinancing can sometimes be a lifeline in efforts to prevent foreclosure. The first thing that needs to be said is that you should contact your bank as soon as you realise that you are going to run into trouble ...
Emergency Refinancing
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We are all currently inundated by several different streams of marketing egging us on to take the plunge and refinance our mortgages. While I am certainly very excited about the benefits of refinancing I think that it is sometimes necessary to inject a bit of realism into the discussion. It is not an easy time to be a mortgage lender at the moment, especially since the ‘Credit Crunch’ is making it ever harder to obtain ‘wholesale credit’ on the international market. Banks and other mortgage lenders are therefore frantically searching for strategies to survive the current ‘lean years’.
One obvious way ...
Looking out for #1 when Refinancing!
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Most of you will be aware that I am convinced of the benefits of improving your financial position by refinancing your mortgage (I suppose the title of this blog is dead giveaway as well). You will however have to do a bit of homework before you can even start to consider this step. What you need to do can be summed up in a few short words: Research the terms of your current mortgage.
The reason behind this bit of research is that it may just be the case that you will be so heavily penalised for changing your mortgage that ...
Refinancing your mortgage: What comes before Step #1?
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In an unprecedented move the US Government recently took over the two mortgage giants Fannie Mae and Freddie Mac. Between them the two companies own or guarantee over half of the home loans in the United States. Both of them have suffered heavy losses due to the ‘credit crunch’ and the government’s move signalled the fact that allowing them to ‘go under’ would have been catastrophic for the US mortgage market.
It is interesting to speculate what the long term implications of this move will be, especially as it relates to home loan refinancing. I should perhaps just mention, before going ...
The Fannie and Freddie Takeover – Long Term Implications for Home Loan Refinancing
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In an unprecedented move the US Government recently took over the two mortgage giants Fannie Mae and Freddie Mac. Between them the two companies own or guarantee over half of the home loans in the United States. Both of them have suffered heavy losses due to the ‘credit crunch’ and the government’s move signaled the fact that allowing them to ‘go under’ would have been catastrophic for the US mortgage market.
The move by the government was widely welcomed and resulted in an immediate reduction of interest rates (on average by 0.3% on September 8, the day after the takeover was ...
The Fannie and Freddie Takeover – Short Term Implications for Home Loan Refinancing
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Researching home refinance options can help you get low refinance rates. Knowing which mortgage terms best suit your needs, and having a good credit history can help expedite the refinancing process.
Home Refinance Rates and the Big Picture
By focusing on reducing mortgage payments, homeowners can overlook additional benefits of refinancing their home loans. If your payments have increased due to a reset of your mortgage rate, you can consider a different type of adjustable rate mortgage (ARM) with limits on how much rates can increase. If home refinance rates are significantly below current market rates, you'll want to ask prospective lenders ...
Advantages of Low Refinance Rate
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Are you stuck with a mortgage with rising rates and exotic terms? Not necessarily! It's possible to refinance home mortgage loans to improve your mortgage terms, lower your payments, or pay off debts. Here are examples of how home refinance options can help you:
Eliminate adjustable rates and/or "exotic" mortgage terms: You can refinance from an adjustable rate mortgage (ARM) to a fixed rate mortgage (FRM.) A fixed rate mortgage features consistent principle and interest payments (P&I) throughout the life of the loan. It's important to understand that if your mortgage payment includes amounts for taxes and insurance, these amounts can ...
Home Refinance Benefits
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