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5 Great Reasons To Refinance
There are many great reasons to refinance. With lower cost, adjustable rate, and 0-down options, traditional loan programs like 30-year or
15-year fixed rate mortgages don't always allow us to meet our financial goals. Today, even reducing your mortgage interest rate a little can
save you big over the life of your home loan. Take a look below at 5 great reasons to refinance.
1. Lower Your Monthly Payment
If you plan to live in your home for a few years, it may make sense to pay a point or two to decrease your interest rate and overall payment.
Over the long run, you will have paid for the cost of the mortgage refinance with the monthly savings. On the other hand, if you plan on moving
in the near future, you may not be in your home long enough to recover the refinancing costs. Calculating the break-even point before you decide
to refinance can help determine whether it makes sense.
2. Switch From an Adjustable Rate to a Fixed Rate Mortgage
Adjustable rate mortgages (ARMs) can provide lower initial monthly payments for those who are willing to risk upward market adjustments. They're
also ideal if you don't plan to own your property for more than a few years. However, if you have made your house a permanent home, you may want
to swap your adjustable rate for a 15-, 20- or 30-year fixed rate mortgage. Your interest may be higher than with an ARM, but you have the
confidence of knowing what your payment will be every month for the rest of your loan term.
3. Escape Balloon Payment Programs
Like adjustable rate mortgage programs, balloon programs are great when you want lower rates and lower initial monthly payments. However, if you
still own the property at the end of the fixed rate term (usually 5 or 7 years), the entire balance of your mortgage is due to the lender. If you
are in a balloon program, you can easily switch over into a new adjustable rate mortgage or fixed rate mortgage.
4. Remove Private Mortgage Insurance (PMI)
Zero or Low down payment options allow homeowners to purchase homes with less than 20% down. Unfortunately, they also usually require private
mortgage insurance, which is designed to protect the lender from loan default. As the value of your home increases and the balance on your home
decreases, you may be eligible to remove your PMI with a mortgage refinance loan.
5. Cash In on Your Home's Equity
Your home is a great resource for extra cash. Like most homes, yours has probably increased in value, and that gives you the ability to take some
of that cash and put it to good use. Pay off credit cards, make home improvements, pay tuition, replace your current car, or even take a
long-overdue vacation. With a cash-out mortgage refinance transaction, it's easy. And it's even tax deductible.
About the Author
:
The editorial staff at Home Loan Center is committed to helping consumers become smarter borrowers. Visit http://www.homeloancenter.com for mortgage advice and tips on a home loan, mortgage refinance, and home equity loan.
Copyright 2006 Home Loan Center, Inc.
More Useful Resource and Updates on arlington refinance home loans
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Nov. 6 (Bloomberg) -- Sirius XM Radio Inc. , the only U.S. pay-radio broadcaster, said it's in talks with banks to refinance debt due next year and lowered its forecast for subscriber growth, citing a slowdown in new car sales.
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The possibility of the failure of Residential Capital rose after GMAC, its parent, said that "substantial doubt exists regarding ResCap's ability to continue as a going concern" without more support from GMAC.
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By Jonathan Stempel
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