I usually try to stick to activities you can do with your kids only, but I know with the economy being so bad a lot of people are looking for ways to cut costs. As a blogger I get sent a lot of information from various companies. I received this article from Savings First Mortgage Refinance and I thought I would share it with you. I thought this was great educational resource about why you might want to refinance now.
Why Refinance?
Believe it or not, there are ways to take advantage of this poor economy. With historically low mortgage rates, you can refinance your home to access cash or get a better deal, but you may need to act quickly before home values fall further.
There are usually four basic reasons to refinance:
To reduce your monthly payments,
To consolidate outstanding debt,
To access cash, or
To get out of a mortgage with a high rate, or an adjustable rate that is set to rise soon.
If one of these describes your family situation, you may want to refinance now with a reputable mortgage refinance company like Savings First Mortgage.
Should I Refinance Now?
Interest rates are very low, and now is a great time for a mortgage refinance. Refinancing can reduce your monthly payments, consolidate debt, give you access to cash, or get you out of a high interest rate on your current mortgage.
Rates could go lower, but there’s a risk in waiting. Here’s what you need to know about why now is the time to refinance.
The Risk In Not Refinancing Now
With home prices dropping in most neighborhoods, most homeowners are watching their equity erode. Say you have a $200,000 mortgage on a home worth $250,000. That’s an 80% loan-to-value. If your home drops 10% more in value to $225,000, the same loan now represents 89% of the home's value. You’ve just jumped up one “equity benchmark” and therefore will have less refinance options.
“It’s important to remember that the number crunching lenders do to determine your mortgage refinance eligibility depends on how much equity you have in your home,” says Harry Korotki, President of Savings First Mortgage.
This is why you shouldn’t wait to refinance your mortgage. If your equity decreases because home prices are decreasing in your neighborhood, you have very limited refinance options.
If I’m Considering Refinancing Now, What Should I Do?
Do the math. Determine the current market value of your home. Also get a sense of the trends in your neighborhood. Are prices stabilized, going up, or down -- and how fast? Ask yourself, what if prices fell another 10%? Getting nervous? Start shopping around. Visit the Savings First Mortgage website to learn how to select a Mortgage Refinance Company. Call them, they’ll help you with the numbers free of charge.
For a free, no obligation consultation to learn all your loan options, call 866-356-4900 or visit the Savings First Mortgage Website here:
Believe it or not, there are ways to take advantage of this poor economy. With historically low mortgage rates, you can refinance your home to access cash or get a better deal, but you may need to act quickly before home values fall further.
There are usually four basic reasons to refinance:
To reduce your monthly payments,
To consolidate outstanding debt,
To access cash, or
To get out of a mortgage with a high rate, or an adjustable rate that is set to rise soon.
If one of these describes your family situation, you may want to refinance now with a reputable mortgage refinance company like Savings First Mortgage.
Should I Refinance Now?
Interest rates are very low, and now is a great time for a mortgage refinance. Refinancing can reduce your monthly payments, consolidate debt, give you access to cash, or get you out of a high interest rate on your current mortgage.
Rates could go lower, but there’s a risk in waiting. Here’s what you need to know about why now is the time to refinance.
The Risk In Not Refinancing Now
With home prices dropping in most neighborhoods, most homeowners are watching their equity erode. Say you have a $200,000 mortgage on a home worth $250,000. That’s an 80% loan-to-value. If your home drops 10% more in value to $225,000, the same loan now represents 89% of the home's value. You’ve just jumped up one “equity benchmark” and therefore will have less refinance options.
“It’s important to remember that the number crunching lenders do to determine your mortgage refinance eligibility depends on how much equity you have in your home,” says Harry Korotki, President of Savings First Mortgage.
This is why you shouldn’t wait to refinance your mortgage. If your equity decreases because home prices are decreasing in your neighborhood, you have very limited refinance options.
If I’m Considering Refinancing Now, What Should I Do?
Do the math. Determine the current market value of your home. Also get a sense of the trends in your neighborhood. Are prices stabilized, going up, or down -- and how fast? Ask yourself, what if prices fell another 10%? Getting nervous? Start shopping around. Visit the Savings First Mortgage website to learn how to select a Mortgage Refinance Company. Call them, they’ll help you with the numbers free of charge.
For a free, no obligation consultation to learn all your loan options, call 866-356-4900 or visit the Savings First Mortgage Website here:
This information is provided by Savings 1st Mortgage. It is posted on this blog for educational purposes only and you should talk to your own financial professionals (CPA, Financial Advisor) before you use any of the information provided in this article.
