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Foreclosure Refinance Article
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If you own a home, refinance is probably a word you've either heard of or are familiar with through your own experience. With economy slumping as it is, interest rates at banks and lending institutions are constantly changing, causing many individuals and couples to do a home refinance. A home refinance allows you to have your home mortgage refinanced. For those that are unfamiliar with a home refinance, you're borrowing money to pay off the present loan on your home and getting a new loan, usually with different interest rates and monthly payment amounts. Sometimes the term of the loan may change as well.
from:A home refinance may take place for a few different reasons. The main reason why most people choose a home refinance is to obtain lower interest rates and possibly lower their payments. Many times when we take out a home mortgage, we get it with a fixed interest rate for a number of years. A fixed interest rate means that our interest will always be the same regardless of what the interest on the market may be. When the interest rate on the market goes down, many choose to do a home refinance to obtain the lowest possible interest rates. What may seem like only a couple points lower in interest can make a large difference on a large loan such as a home mortgage.
Another reason many people choose to do a home refinance is to consolidate other debts. Most people owe a lot less money on their mortgage than what their home is worth. The value of your home is called equity. The difference between your home's value and the balance you owe on your mortgage can often be borrowed as "cash out" and added to your balance of your mortgage by doing a home refinance. This is the day and age of credit cards, with millions of dollars each year being put on credit cards. The unfortunate truth about credit cards is as handy as they are; the interest rates are usually very high.
Many people find themselves in debt to credit cards for thousands of dollars and with the interest rate so high, they never seem to get paid off. A solution for many is to do a home refinance and use the extra equity on the home to borrow enough money to pay off the credit card debts. Instead of having a home mortgage payment and numerous monthly credit card bills, the borrower now has only one monthly payment. Lenders will often suggest debt consolidation loans as a way to help the borrower to improve their credit scores as well.
Foreclosure Refinance News
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 The Mortgage Reports | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) Refinancing into more affordable mortgages will also go a long way to helping homeowners avoid foreclosure and aid in the recovery of Fannie Mae and Freddie Mac, he said. Veissi said that while Fannie Mae and Freddie Mac have recently made improvements ... Mortgage Relief – Without the Catch Record-Low Mortgage Rates - Are They Hurting US Housing Market? Mortgage rates hit 4th straight record low |
Md. foreclosure programs prolong crisis, experts say - Washington Examiner
 RealtyBizNews | Md. foreclosure programs prolong crisis, experts say Washington Examiner Blomquist said Maryland's surge in foreclosures appears to be the result of a state law, implemented in July 2010, that aimed to help people facing foreclosure refinance their mortgages and stay in their homes. The law requires lenders to file ... There's No Time Like The Present! |
Wonkbook: The bad news Brits - Washington Post (blog)
Wonkbook: The bad news Brits Washington Post (blog) Calls for mortgage refinancing are gathering steam. "Mark Zandi, chief economist with Moody's Analytics, told a Senate panel Thursday that he supports a measure to eliminate hurdles for homeowners to refinance into lower interest rates under the Home ... |
Mayor Learning Firsthand About Dealing with Mortgage Foreclosure - LoanSafe
Mayor Learning Firsthand About Dealing with Mortgage Foreclosure LoanSafe Speaking Friday, Bennett said the problem, which he expects to be resolved soon, started when he recently attempted to refinance his home and was refused due to his job status changing when he became mayor in January 2008. “I was wanting to refinance,” ... |
Costco members can now shop for mortgages online - Chicago Tribune
 Chicago Tribune | Costco members can now shop for mortgages online Chicago Tribune The company is receiving a fair amount of publicity for the rollout on its website of a home purchase and refinancing mortgage product for members. But technically it's not Costco's program. It's an online mortgage platform developed by First Choice ... |