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Beginners Real Estate Investing Guide
Real Estate Investing - Ask
Questions Before Making an Investment
First Time Real Estate
Investor
Real Estate Investing - Planning
Your Investment Strategy
How to Find Real Estate
Investment Properties
Getting a Professional Home
Inspection
Large Profits From Inexpensive
Real Estate Repairs
Real Estate Investing - Costs
and Fees
Real Estate Insurance
and Risk Management
Real Estate Investment Risk
Part 1
Real Estate Investment Risk
Part 2
Getting The Best Return For
Your Investment
Creative Financing
For Real Estate Investors
Real Estate Investment Tax
Considerations
Real Estate Rental Properties
- Great Investment or Nightmare
Real Estate Foreclosures - Great
Deal or Headache
Flipping Real Estate for Profits
Slow Return On Real Estate
Investments
Negotiating for the Best Possible Real Estate
Deals
Real Estate - A Time to Buy and a Time
to Sell
Creating Your Real Estate
Investment Strategy
Investing and Growing
Your Real Estate Portfolio
Commercial Real Estate
Investing
Real Estate Marketing
Understanding Real Estate Law
Do You Need An Real Estate Agent?
What The Real Estate Mortgage
Lender Sees
Do You Have A Career In Real
Estate?
Rural or Urban Real Estate
Investments?
Real Estate Investing on the
Internet
Real Estate Investing
- Property or Paper? |
Refinancing Your Mortgage Loan
There may come a time when you feel that you need to refinance your mortgage.
There may be many reasons that you want to do this, but it all depends on
your situation. There are four main reasons why homeowners may want to get
refinanced.
The first reason is to make it possible to make lower payments. If interest
rates drop, and you have a fixed rate mortgage, with a higher rate of interest,
you may want to refinance for a different fixed rate mortgage to take advantage
of the lower interest.
The second reason you may want to refinance is because you have need of the
cash. You may need to pay for a college education for your child. You may
want to remodel the home. You may need to pay off debt. If the value of the
home has increased or remained the same, and the amount you owe has decreased,
you have equity.
You could even refinance to take a dream vacation or to finance your daughters
wedding. The mortgage company has no interest in what you want the money
for. All they want to know is that the loan is going to be paid, and since
you've been making your payments, without problems, they know that they can
depend on you. In this case, the loan is secured by your equity in the
property.
The third reason that people may refinance is because they have an ARM
(Adjustable rate mortgage), and it is almost time for that ARM to roll over
into a fixed rate mortgage, with a very high interest rate. People often
originally finance with an ARM to take advantage of a low interest rate.
Again, when that ARM is ready to become a fixed rate, you need to determine
if you will save money by refinancing. In most cases, the company that holds
your loan will help you to determine whether you will save by refinancing
or not.
The fourth reason for refinancing is to shorten the term of the loan. Typically,
with the first finance, the loan term is for 25 or 30 years. When you've
paid the principle down a great deal, however, you can refinance with a 15
year loan.
Before you refinance your mortgage, make sure that you understand why you
want to do so, and that doing so benefits you. Not all refinances are beneficial
to the home owner.
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Articles
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Beginners Real Estate Investing Articles
How to Advertise a Rental
Property
How to Build Equity
in any Real Estate Market
How to Find Motivated
Sellers
Developing a Profitable Real
Estate Investing Strategy
Bird Dogging: Getting Started in
Real Estate Investing
Buying Your First Home
Using Lease Options to Purchase Real
Estate
Real Estate Foreclosures
Increase Your Net Worth Through
Real Estate Investing
Interest Only Mortgages
Real Estate Investing
No Money Down Real Estate
Investing
The Power of the Lease Option
Real Estate Investing Tips
Real Estate Investments
Refinancing Your Mortgage
Loan
Paying Your Mortgage
Selling Your House without a
Realtor
"Subject To" Real Estate
Financing
Using Trusts as a Real Estate
Alternative
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