Refinancing has benefits and drawbacks, depending on your financial situation and the state of the housing market. Know if a refinancing of the terms of your home loan is the best option for you.
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Reasons to Refinance
Posted by Patrick Hanan on June 15, 2010
Refinancing the terms of your home loan can be a great idea and can offer a variety of benefits, but it isn’t for everyone. It will depend on your specific situation and the current state of the market. Make sure you consider refinancing very carefully before going through...
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Costs Associated with Mortgage Refinancing
Posted by Patrick Hanan on June 15, 2010
Usually, the goal of
refinancing your mortgage is to save money. The hope is that you will end up
with a lower interest rate than you had initially, thus making your total
payments lower. Unfortunately, the process of refinancing your mortgage involves costs that may make...
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Tax Effects of Refinancing
Posted by Patrick Hanan on June 15, 2010
A large amount of factors contribute to whether or not a refinance is going to
be a profitable venture for you. For instance, refinancing to a
lower rate will mean less tax benefit for you. In some cases, this may make
refinancing a poor financial decision. The presence of...
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Cash-Out Refinance
Posted by Patrick Hanan on June 15, 2010
A cash-out refinance is a way
to make some money off the equity you’ve built in your home. It replaces your
original mortgage with a new loan for more than what you currently owe. In a
way, you are reselling a portion of your house that you now own (the equity)
back to a...
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Paying Points
Posted by Patrick Hanan on June 15, 2010
The issue of paying points on
your mortgage is one that every borrower, first-timers and veterans alike, is going to have to deal with. Paying points has its pros
and cons (as do so many things in the world of mortgage), but the circumstances
of a refinance may make...
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Bad Credit Refinancing
Posted by Patrick Hanan on June 15, 2010
There are plenty of reasons
to refinance your mortgage. You may have gotten a large increase in income
and wish to pay off the loan sooner. Or, maybe you have a fixed-rate mortgage
and want to refinance to get lower interest rates. You may even want to switch
from a...
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Refinance FAQs
Posted by Patrick Hanan on June 15, 2010
Refinancing a mortgage is complicated, so you'll have a lot of questions. Find out answers to frequently asked questions about mortgage refinance before going through with the process.