is paying off the loan you currently have and taking out a new mortgage loan. • Your current loan gets paid off in the refinance when you close on the new loan. • It`s usually easier to refinance than it is to acquire a mortgage loan in the first place.
what gives you all kinds of choices in refinancing your home. Tip: Any time your equity is enough so that you’re financing less than 70% of your home’s value, it’s easier to find lenders that will compete for your business!
out your equity: o Use the cash to pay off higher interest debts. o Consolidating your debts in this way means one monthly payment instead of many. o You can pay cash for a major purchase instead of taking out a higher interest loan.
itemize your deductions on Schedule A, you can deduct interest payments on your home`s mortgage from your income. • Credit card interest, however, isn't tax deductible. Meaning…
pay off your credit cards and putting that debt into your home mortgage, you`ve lowered the interest you pay on your credit card debt while, at the same time, making it tax deductible!
on your mortgage, so it may take you longer to pay it off than if you had not refinanced. • Your mortgage debt will be larger than before the refinancing, due to closing costs and if you take out some cash.
may be larger than before if you cash out some equity in the refinance. • With the new mortgage, you may be subject to early pay-off penalties if you wish to pay off a large portion in the near future.
of your home has decreased, consider modifying your mortgage loan. • You may be able to lower the interest rate, your monthly payments, or even the principal on the loan by modifying it. • However, trying to get a loan modification can be challenging!
heads for the various departments you work with as your application progresses. • Send faxes to the specific departments requesting regular updates. • Record your phone calls, if possible. • Write down the name of anyone you speak with, the date, and a summary of each conversation.
for information on working with your lender! Tip: With good communication and knowledge of how to help the process go smoothly, your loan modification can be a success!
adjustable rate mortgage? • Is the refinanced rate low enough to justify the switch? • How much equity do I have in my home? • How long will it take me to lpay offz the costs of refinancing and begin realizing my savings?
this house for a long time or will I be moving in the future? • Am I looking for lower interest, lower payments, or to cash out my equity? • If I cash out my equity to pay off other debts, do I have the discipline to stay out of debt once my current debts are paid? What will I do with my credit cards?
to see if it`s worth shaking up the status quo. • Estimate your home`s current value and determine if you have enough equity to give you some advantages in refinancing.
meet with a reputable mortgage broker to discuss your situation. • After meeting with the mortgage broker, write down the pros and cons of refinancing your mortgage. This will help you make an informed decision to refinance or not.
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