Welcome to Refinancing Guide
Refinance Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
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.
Refinance News
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 e-wisdom.com | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ... Refinancing homeowners overwhelmingly choose fixed loans Freddie Mac: 30-year mortgage rate down a tick at 3.78% Are Record-Low Mortgage Rates Hurting The US Housing Market? |
Real: FHA streamline refinance gets cheaper - The Republic
 Eastern Morning Herald | Real: FHA streamline refinance gets cheaper The Republic The government is about to make refinancing FHA mortgages more affordable -- and potentially easier -- for hundreds of thousands of homeowners. — The Federal Housing Administration will reduce mortgage fees significantly for borrowers who qualify for ... Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... Today's Mortgage Rates: Bank of America, Wells Fargo and PNC Bank Refinance ... No Drop in Refinancing Expected |
Push intensifies to pass home-loan refinancing bill - The Hill (blog)
 The Mortgage Reports | Push intensifies to pass home-loan refinancing bill The Hill (blog) By Vicki Needham - 05/24/12 05:05 PM ET A leading economist says Congress needs to act fast on refinancing legislation to help the most homeowners and give the improving housing market a boost. Mark Zandi, chief economist with Moody's Analytics, ... Don't HARP on it, refinance program too good to pass up Real estate industry pushes Senate on refi bill Northen Virginia Refinancing Expert Explains New Home Affordable Refinance Program |
25/05/2012Spain's Catalonia urges joint bonds to refinance debt - Expatica Spain
 MercoPress | 25/05/2012Spain's Catalonia urges joint bonds to refinance debt Expatica Spain Spanish economic powerhouse Catalonia, which faces huge debt refinancing costs, urged Madrid Friday to allow the use of jointly issued regional bonds to help ease the financial pain. Catalan regional political boss Artur Mas said bonds jointly issued ... Spain's Catalonia seeks government help to pay debt Spain's richest region closer to default without central government aid Spanish bond yields rise on Catalonia's money woes |
Menendez-Boxer refinance plan will entrench government housing - Daily Caller
Menendez-Boxer refinance plan will entrench government housing Daily Caller The latest violation in trust comes from the Responsible Homeowner Refinancing Act, S. 3085, co-authored by Democratic Senators Robert Menendez and Barbara Boxer. The plan is the latest in a long line of proposals to help homeowners refinance their ... |