Refinance Your Home
Refinance Your Home For the Right Reasons
With interest rates at historic lows, you may be wondering if now might be a good time to refinance your home. There are many great reasons to refinance your mortgage. Refinancing can save you money on your monthly mortgage payments, help you avoid foreclosure, get cash to pay off other debts, or provide you with the stability of fixed rate payments.
If the current mortgage interest rate is at least 1 point lower than your existing mortgage interest rate, refinancing might make sense. If the current mortgage interest rate is at least 2 points lower than your existing mortgage interest rate, your should definitely refinance now.
If you are currently paying PMI (Private Mortgage Insurance) on your existing mortgage and have at least 20% equity in your home, you may want to consider refinancing. PMI is typically required by a lender when the buyer did not make a down payment of 20% or more. By refinancing, you would be able to drop the PMI off of your loan which could reduce your monthly mortgage payment by $70, $150, or more.
If you are having trouble paying your current mortgage and are on the brink of foreclosure, refinancing might save your home. The first step would be to talk to your current lender and see if they would be willing to help you through a refinance. They may be able to help you lower your current interest rate, lock in a fixed rate, or change the length of the loan. Any of these changes can help lower your monthly mortgage payments, making your mortgage more affordable, and help your to avoid foreclosure. If your current lender is unwilling or unable to help, you can talk to other lenders and see what programs they have available to help you.
If you have high rate credit card debt, or a large out of pocket expense like medical bills or college tuition, you may want to refinance your house and take cash out to pay off this debt. You may also take cash out to make home improvements. Before taking cash out, take time to calculate the cost versus savings before refinancing, otherwise you may end up paying substantially more in the long run.
Another good reason to refinance your home is to lock in a low, long term, fixed rate. If you currently have an adjustable rate mortgage (ARM), you know that the interest rates are going to increase in the near future, and your mortgage payments will increase. With interest rates at all time lows, you can refinance that ARM into a longer term fixed rate loan. By refinancing to a fixed rate loan today, you will know exactly what your mortgage payment will be each month. Fixed rate loans give you more financial stability and can help you avoid financial trouble before it starts.
Make sure you get
Mortgage Quotes
from at least 3 refinance lenders. Comparison shopping for your mortgage could save you between 0.375% and 0.625% on your refinance rate. For example, if you have a 30 year fixed mortgage on a $200,000 loan, that’s a difference of $11,492 and $19,388!
Make sure you choose the right loan for your situation. If you are planning on living in your home for many years, a 30 year fixed mortgage at a low rate is probably your best option. If you are planning on moving in a year or two, than you might save a full percent off your interest rate by opting for a 7/1 or 5/1 mortgage, which is fixed for 7 or 5 years.
Before refinancing, make sure you know your credit score. Now more than ever, your credit score influences the rate you can get on your mortgage. A single point difference in your credit score can add thousands of dollars in fees and interest to your loan. Increase your credit score by paying off or paying down some of your balances before refinancing.
Before refinancing, remember there are reasons not to refinance as well. If refinancing does not save you money or you are planning to move within the next couple of years, you probably shouldn’t refinance your mortgage. Just because you have equity in your home and can refinance and take cash out doesn’t mean that you should. Taking cash out for frivolous purchases, such as a luxury vacation or new sports car, is not a good idea. If you get into the habit of taking money out of your home to buy things you don’t really need, you can quickly get into more debt than you can handle and can increase the risk of losing your home.
As you can see, there are many good reasons to refinance your home and plenty of bad ones as well. Because everyone’s situation is unique, make sure that you take a good look at your own and make sure you are refinancing for the right reasons.
Article Written by:
Refinance-News.com
Staff
Tips for Refinancing Your Home Loan
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Private Yoga in Your Home $180 In the comfort of your own home, this private yoga instruction will help you focus on your mind, body and soul. This session will teach you various stretching techniques and methods that will allow for increased flexibility and complete connection with your entire being. Your instructor will customize this lesson so that it will give you maximum benefits by focusing on your specific needs. After completing the session, you will truly embrace the benefits of this wonderful practice. |
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For Your Home Chippendale Taupe $12.98 For Your Home is designed by Vicki Payne for Free Spirit. This medium weight (6.5 oz.) fabric is printed on cotton sateen and perfect for home decor such as window treatment, duvet covers, toss pillows, slipcovers and upholstery. Color palette includes ivory on a taupe background. |
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Your Home From Home Apartments $162.15 Your Home From Home Apartments is located in Dublin, close to The O2, Trinity College, and Guinness Storehouse. Nearby points of interest also include National Gallery of Ireland at Merrion Square and National Museum of Ireland Archaeology and History. Hotel Features. Your Home From Home Apartments features an elevator (lift). Wireless Internet access is available in public areas. Guest parking is limited, and available on a limited first come, first served basis (surcharge). Guestrooms. All guestrooms at Your Home From Home Apartments feature CD players and hair dryers. All rooms include separate dining areas. At this 4 star hotel, accommodations include kitchens. Wired high speed Internet access is available for a surcharge. Notifications and Fees:A resort fee is included in the total price displayed The following fees and deposits are charged by the property at time of service, check in, or check out. Self parking fee: EUR 5.00 per night (in/out privileges)Late check out fee: EUR 75.00Fee for in room high speed Internet (wired): EUR 15.00 per night (rates may vary) The above list may not be comprehensive. Fees and deposits may not include tax and are subject to change. Notifications and Fees:A resort fee is included in the total price displayed The following fees and deposits are charged by the property at time of service, check in, or check out. Self parking fee: EUR 5.00 per night (in/out privileges)Late check out fee: EUR 75.00Fee for in room high speed Internet (wired): EUR 15.00 per night (rates may vary) The above list may not be comprehensive. Fees and deposits may not include tax and are subject to change. |
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Cooking Party In Your Home $495 Your friendly and knowledgeable instructor, Chef Mark Tafoya, will come to your home and teach a cooking class of your choosing for you and a group of family or friends. You’ll learn new techniques, cooking tips and tricks, and work on recipes of your own choosing. At the end of your party, you’ll feast of the delicious culinary creations you’ve made.Chef Mark will consult with you prior to your Cooking Party to craft a lesson perfectly tailored to your interests. Whether your group is comprised of cooking beginners, parents who cook for the family, or experienced cooks looking to take your technique to the next level, Chef Mark will design a lesson that will be fun and tasty.The lessons will be organized around a set of recipes, with each recipe serving as an example of techniques you’d like to learn or practice. Choose to learn about foods from around the world including French, Italian, Spanish, Southwestern, Thai, Vietnamese, Persian, Japanese, Greek, Moroccan and many more. Chef Mark will consult with you to customize the lesson plan to your liking, and can accommodate virtually any tastes you have.This class is ideal for a group of friends who want to have a fun time bonding in the kitchen while expanding your cooking technique.About the Chef: Chef Mark Tafoya is the co-owner and Executive Producer of the Culinary Media Network, and has been featured in the New York Times, USA Today, The Wall Street Journal, Fast Company, TheStreet.com, Time Out New York, Bon Appetit and the Fox Business Channel. Chef Tafoya, along with co-author Jennifer Iannolo, has published “The Gilded Fork: Entertaining at Home, A Year of Dinner Parties”, featuring 13 seasonal dinner party menus with recipes, wine pairing notes and chef’s tips.In addition to being an accomplished Chef, Mark Tafoya is a Yale graduate, is extremely personable, and will create a positive and relaxing evening for you and your guests. |
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Cooking Party in Your Home $355 Your friendly and knowledgeable instructor, Chef Julie Barber, will come to your home and teach a cooking class of your choosing for you and a group of family or friends. You’ll learn new techniques, cooking tips and tricks, and work on recipes of your own choosing. At the end of your party, you’ll feast on the delicious culinary creations you’ve made.Chef Julie will consult with you prior to your Cooking Party to craft a lesson perfectly tailored to your interests. Whether your group is comprised of cooking beginners, parents who cook for the family, or experienced cooks looking to take your technique to the next level, Chef Julie will design a lesson that will be fun and tasty.This class is ideal for a group of friends who want to have a fun time bonding in the kitchen while expanding your cooking skills!About the Chef: Chef Julie Barber graduated first in her class at the National Culinary School, and has a Bachelor of Arts from the University of Michigan. Chef Julie is one of the leading personal chefs in San Diego and is dedicated to providing you healthy, fresh and utterly delicious foods using only the freshest ingredients. |
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For Your Home Vintage Swirls Orange $12.98 For Your Home is designed by Vicki Payne for Free Spirit. This medium weight (6.5 oz.) fabric is printed on cotton sateen and perfect for home decor such as window treatment, duvet covers, toss pillows, slipcovers and upholstery. Color palette includes shades of orange on an ivory background. |
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For Your Home Chippendale Sour Lime $13.98 For Your Home is designed by Vicki Payne for Free Spirit. This medium weight (6.5 oz.) fabric is printed on cotton sateen and perfect for home decor such as window treatment, duvet covers, toss pillows, slipcovers and upholstery. Color palette includes ivory on a pale olive background. |
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For Your Home Vintage Swirls Olive $13.98 For Your Home is designed by Vicki Payne for Free Spirit. This medium weight (6.5 oz.) fabric is printed on cotton sateen and perfect for home decor such as window treatment, duvet covers, toss pillows, slipcovers and upholstery. Color palette includes grey and olive oil on an ivory background. |
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For Your Home Chain Link Stripe Black $12.98 For Your Home designed by Vicki Payne for Free Spirit. Color palette includes ivory and black. Stripe runs vertical to selvedge. |
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DVD Buyers Guide to Owning Your Home On the Water $32.94 DVD Buyers Guide to Owning Your Home On the Water Buyers Guide to Owning Your Home On The Water DVD"You’ll find detailed descriptions and visual examples of some of the most important issues related to the world of houseboats. – Real boat owners, along with industry professionals, share their tips and secrets as they navigate through the process of determining you boating profile to help select the boat that will best suit you lifestyle. – This is truly a back to basics approach that anyone can benefit from."Houseboats come in all shapes and sizes – from extravagant live-aboards, to the functional weekend getaway vessels that populate lakes, rivers & waterways. In this program, well show you the ins and outs of houseboating & the basics of operation, maneuvering & navigation skills, docking, fueling, anchoring & beaching, along with some basic maintenance tips to keep your home away from home in tip top condition. Well also show you some of the newest styles and options, as well as how to select the boat thats right for you – new or used.60 mins. |
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Home Sweet Home Bunk Bed $3150 Imagination Feel the Sensation Just try and imagine the sweet and wonderful dreams your daughters will have when going to sleep in this delightful Home Sweet Home Bunk Bed This unique Maryville Collection bed is a beautiful space saving solution for your children who want to enjoy a home of their within the four walls of their bedroom Included in this special little house is an all-purpose nightstand sturdy bookcase and a built in toy bin Choose from the attractive and feminine choices of the standard paint design or your own custom color and painting ideas Wed be more then excited to hear your ideas and to fill your fancies Fits Full or Twin size mattress below and a Standard Twin in the loft Top bed is supported by bed deck bottom bed requires boxspring Access to loft is by climbing up right side cut out steps Custom Colors are available |
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Home Sweet Home Birth Announcements $1.21 Celebrate the arrival of your little bundle of joy with these unique Birth Announcement photo cards. These fully customizable cards allow you to showcase your sense of style while your loved ones will adore the photo of your family’s precious new addition. If you have any questions or special requests for your card, let us know how we can help at customerservice@minted.com. |
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Home Latin $210.27 The hotel Home Latin is located in the latin quarter of Paris, few steps from the Luxembourg gardens, the Sorbonne University, the Pantheon and the Notre Dame Cathedral. This charming 2 star hotel is pleased to welcome you in its spacious 54 rooms equipped with the basic amenitites essentials for a confortable stay. The 54 rooms of the hotel Home Latin are spacious and all equipped with following amenities : private bathroom (shower and bath tub, hair dryer and toilets), direct dial phone, television with satellite and free Internet WIFI access.All rooms are NON SMOKING.For your information : Triple rooms are equipped with 1 large bed (140×200cm) and 1 single bed (90×200cm). Family rooms (or quadruple) are equipped with 4 single beds (90×200cm each).Room codes : b1d double room with 1 large bed 140×200cm b2t twin room with 2 single beds 90×190cm each b3t triple room with 1 large bed 140×200cm and 1 single bed 90×190cm b4t quadruple room with 4 single beds 90×190cm each |
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TO BE DELETEDSUPANNIGA HOME $389.28 AT THE SUPANNIGA HOME NATURE IS OUT IN FORCE. HERE THEARCHITECTURE DRAWS THE OUTSIDE INSIDE ALLOWING YOU TORECHARGE YOUR BATTERIES AND FULLY ENJOY THE LUSH VEGETATION.ON THIS ESTATE WITH 12 HECTARES OF GREENERY JUST A FEWMINUTES FROM THE TOWN OF KHON KAEN THREE VILLAS WITH AUNIQUE DECORATION AND STYLE ALL INSPIRED BY THE VEGETATIONOF THE GARDEN WELCOME YOU. EXCURSIONS WILL GIVE YOU ANOPPORTUNITY TO EXPLORE THE ABUNDANT TREASURES IN THE REGIONAND THE CHARMING LITTLE VILLAGES WHERE TIME SEEMS TO STANDSTILL. DONT MISS THE TEA CEREMONY IN THE GARDEN THE POTTERYOR TRADITIONAL DANCE CLASSES..CLUB 5C HOTEL WELCOMES RELAIS AND CHATEAUX CLUB 5C MEMBERSWITH A VIP WELCOME AND A DISCOVERY PRIVILEGE. PLEASE INCLUDETHE CLUB 5C MEMBERSHIP NUMBER IN THE RESERVATION AND PLEASESHOW YOUR CLUB 5C MEMBERSHIP CARD ON ARRIVAL. ONE BEDROOM KING BED VILLA A1KONE BEDROOM KING BED VILLA BANYAN VILLA COTTAGE STYLE 1BEDROOM KNG BED MAX 2 PERSONSMAX OCC INCL CHILDREN 2.TWO BEDROOM VILLA S4DTWO BEDROOM VILLA VELU VILLA 2BEDROOMS DBLE AND TN 1EXBED POSS FOR ADT/CHILD CHARGES APPLYMAX OCC INCL CHILDREN 4.ONE BEDROOM TWIN BED VILLA A2TONE BEDROOM TWIN BED VILLA LOM LAENG VILLA 1 BEDROOM ASIANSTYLE 1EXTRA BD POSS ADULT/CHILDMAX OCC INCL CHILDREN 2 |
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Planting Your Roots – JustFlowers.com $86.99 A wonderful housewarming gift basket that helps them to "Plant Their Roots" in their new home. Designed in an indoor gardening planter, they’ll enjoy a wide assortment of delicious gourmet foods including "Home Sweet Home" Raspberry Tea Cookies, English Breakfast Tea, Harry & David Moose Munch bar, Butter Cookies, Coffee and more! |