What You Should Know About Mortgage Refinancing

We are a culture of buy now and pay later. What we see we want and what we want we buy even if we don't have the money. Credit is easy to get and easy to spend. When you don't actually hand someone money, the purchase seems free. Of course, we all know intellectually that the purchases are not free, but we will worry about the bills later.

We want to play with our latest toy. Unfortunately, one day the piper comes, and he wants to get paid. If we can no longer pay our bills or the interest rates are disastrous, we home owners look to our homes to get us out of debt. Three words - Home Mortgage Refinancing. Our homes become our way out of financial ruin.

Mortgage refinancing is something that most every homeowner will do at least once during the term of their original mortgage. There are many reasons why homeowners choose to refinance. Let's take a look at why you may want to refinance your mortgage and the potential benefits of doing so.

One reason homeowners may refinance is to obtain more attractive terms on their fixed rate mortgage. Perhaps you purchased your home with a fixed rate mortgage that was the best available at the time. However, because interest rates rise and fall, you might want to refinance your fixed rate mortgage to take advantage of a lower fixed rate than the one you have now. Doing this can save you a great deal of money in the long run.

Another reason that homeowners choose to refinance is to lower their monthly payments. Let's say you purchased a $200,000 home and your monthly payments are $1800. By refinancing, you can lower your monthly payments by several hundred dollars, giving you extra money each month for other things. How much lower your payments will be will depend on the rate you refinance at, of course, and the figures stated above are simply theoretical.

Still another function of mortgage refinancing is to switch the type of mortgage you have. Some people begin with an adjustable rate mortgage because the starting rates are low. However, adjustable rate mortgages can fluctuate. This is why many people decide to refinance to a fixed rate mortgage. Or, maybe you have a fixed rate mortgage and desire a reduction in your monthly payments. Switching to an ARM or adjustable rate mortgage can be just the thing to lower those payments, as long as you understand that your rates are subject to fluctuations.

Some people refinance to obtain large sums of money for expenses like home improvement or college tuition. This procedure is referred to as cash-out refinancing and gives you access to the money you need quickly. One reason to do this as opposed to getting a personal loan or credit card is that you're likely to receive better rates. Alternatives to cash-out refinancing include getting a home equity loan or line of credit.

Want to learn more about mortgage refinancing and obtain a variety of quotes from competing lenders? Then check out Lending Tree (http://www.lendingtree.com.) After submitting a simple application, you'll be presented with the top four offers chosen from hundreds of different lenders. It's an easy way to compare rates and find the best offer for your needs!

Consumer's Guide to Refinancing Your Motrgage

If you are a homeowner who was lucky enough to buy when mortgage rates were low, you may have no interest in refinancing your present loan. But perhaps you bought your home when rates were higher. Or perhaps you have an adjustable-rate loan and would like to obtain different terms.

Should you refinance? This brochure will answer some questions that may help you decide. If you do refinance, the process will remind you of what you went through in obtaining the original mortgage. That's because, in reality, refinancing a mortgage is simply taking out a new mortgage. You will encounter many of the same procedures-and the same types of costs-the second time around.

Would Refinancing Be Worth It?

Refinancing can be worthwhile, but it does not make good financial sense for everyone. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate. This figure is generally accepted as the safe margin when balancing the costs of refinancing a mortgage against the savings.

There are other considerations, too, such as how long you plan to stay in the house. Most sources say that it takes at least three years to realize fully the savings from a lower interest rate, given the costs of the refinancing. (Depending on your loan amount and the particular circumstances, however, you might choose to refinance a loan that is only 1.5 percentage points higher than the current rate. You may even find you could recoup the refinancing costs in a shorter time.)

Refinancing can be a good idea for homeowners who:

• Want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile.
• Have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.
• Want to convert to an ARM with a lower interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have.
• Want to build up equity more quickly by converting to a loan with a shorter term.
• Want to draw on the equity built up in their house to get cash for a major purchase or for their children's education.

If you decide that refinancing is not worth the costs, ask your lender whether you may be able to obtain all or some of the new terms you want by agreeing to a modification of your existing loan instead of a refinancing.

Should You Refinance Your ARM?

In deciding whether to refinance an ARM you should consider these questions:

• Is the next interest rate adjustment on your existing loan likely to increase your monthly payments substantially? Will the new interest rate be two or three percentage points higher than the prevailing rates being offered for either fixed-rate loans or other ARMs?
• If the current mortgage sets a cap on your monthly payments, are those payments large enough to pay off your loan by the end of the original term? Will refinancing to a new ARM or a fixed-rate loan enable you to pay your loan in full by the end of the term?

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Second Mortgage

Second Mortgage

What is a Second Mortgage?

It is nothing but a mortgage on real estate which has been pledged as collateral for an earlier mortgage. The placement of the simple interest loans (second mortgage) on property title does not change the terms of the existing first mortgage (earlier mortgage). The rights carried by second mortgage are secondary in importance to those of first mortgage.

Second mortgages are also known by some other names : home equity loan (traditional home equity loan),home improvement loan, home equity lone of credit or debt consolidation loan.


What are the options available for deciding on getting second mortgage?

1) Traditional second mortgage
2) Home equity loan
3) Home equity line of credit
(With some limits , interest is deductible in all of the three above cases).


Why do we need second mortgage?

Special benefits of second mortgage are:
1) Reduction in monthly payments of borrowers (if the rates drop after the purchase of the home).
2) Borrowers can tap the equity build into their homes and utilise the money for home improvements , college tuitions, etc.
3) By second mortgage , borrowers can pay off other debts and consolidate all their debt into one mortgage loan.
4) Second mortgage enables the borrowers to convert their adjustable rate mortgage into a fixed rate mortgage - giving predictable fixed payments until the loan is repaid.
5) Helps borrowers in eliminating mortgage insurance levied on their mortgage.

These benefits outweigh the drawbacks hence it is advisable for one to go for second mortgage.