Friday, August 6, 2010 - Article by: Lender411 Member
Take advantage of mortgage refinancing to save BIG
Facing a current financial hardship? You can take advantage of low rate mortgage refinancing that is currently available and enjoy a low rate & great condition on your new mortgage loan.
The meaning of refinancing
When you refinance, your interest rate gets lowered to market and you will have reduced monthly payments that are manageable. Along with favorable terms and conditions on your new refinanced loan.
Some great reasons for refinancing today
Reduced interest rate: Is your current interest rate more then the market interest rates available? You can try for a refinance to get to market rates. Looking to stay in your home for a long time? Look into a fixed rate mortgage loan favorable for you as a lower payment option.
Lower monthly payment: After refinancing you will have a much lower interest rate. So, the monthly mortgage payment will also become reduced, as a result, you will be able to save more and take those much wanted and needed vacations.
Need extra money: If you need some extra cash to renovate your home, or to pay off high interest bills such as credit cards or student loans, you can try for refinancing options, a great way to get rid of that unwanted debt hovering over your head.
Eligible for a refinance?
You need to have the following to qualify for refinancing options in today's economy
Due to the current economic crisis in the housing market, your property value has depreciated dramatically, more than likely your current mortgage does not exceeds 105% and in some cases even 110% of the existing market value of your property. You must have a permanent job and have not become self-employed in the last 2 years. This is vital! You need to provide the proof that you have suffered financial loss, due to some valid cause & show that cause in your hardship letter. Once you have decided to go for a refinance, you need to shop around to get the best mortgage quotes, to ensure that you get the best options for your money & efforts to save your home.
Didn't find the answer you wanted? Ask one of your own.