Mortgage Refinancing – Is It Time to Refinance the Mortgage?

Refinancing for a lower monthly mortgage payment or to change the terms/length of your loan may prove beneficial to you if you are interested in saving money right now. For example, if you are currently paying 6.000% for your current loan, Bank of America is offering a refinance rate of just 4.875% with an APR of 4.990% with 0.500 points on a 30 Year fixed program. For a loan of $200,000 this rate will reduce your monthly payment by $126. That is a total savings of $1,520 per year! You can click here to find out more details about this offering.

The interest rate on credit cards is typically much higher than mortgage interest rates. Additionally, mortgage interest paid may be tax deductable (check with your tax advisor). Under the right conditions, it may be a smart idea to refinance your mortgage loan in order to consolidate the debt into one monthly payment.

Depending on how long you plan to stay in your home, refinancing to switch from an adjustable rate mortgage to a fixed rate mortgage could be a great move. If you plan to stay in the home for more than 10 years, then a fixed rate is probably the way to go. If you plan to move, or move up, in the near future, an ARM may save you money since the interest rates on this type of mortgage have typically a much lower initial rate.

read here.

Sponsored Links

Related Post :

• Mortgage Times – Mortgage Times in administration
• Mortgage Deals – Great deals on mortgage modifications, including 2% interest
• Reverse Mortgage – Government mulls ‘reverse mortgage’ program for seniors
• Mortgage Rates – Despite low mortgage rates, banks balk at refinancing
• Mortgage Modification – Owner fears for house waiting for mortgage modification to become permanent
• The Mortgage Modification Conversion Drive has begun.
• Home Mortgage Payment – I haven’t missed a home mortgage payment since originating the loan. Need about 3 or 4 months relief?
• Mortgage – Moneysavingexpert Martin Lewis gives his top mortgage tips
• Mortgage – Pay off mortgage in 15 years, or 3 years taking into account tax savings and interest savings.?
• FNC Blog: Appraisers Working Long-Distance Spells Trouble for Mortgage Industry

Other Post :

• How much financial aid can you borrow up to before you can be denied any more?
• How do I calculate what my new payment would be if I refinanced my 30 yr mortgage?
• How different and similar is the culture within an Equity Research department and the Investment Banking dept?
• Guidelines For Filing Insurance Claims | Useful Insurance Online ...
• where to shop for small life insurance policy?