Oct
22
Filed Under Loans | Leave a Comment
Gregg Marcus asked:
Refinancing an Adjustable Rate Mortgage to a Fixed Rate
by Somerset Mortgage Lenders: “The Brains, The Courage and The Heart to Make Your Dreams Come True”
Refinancing your adjustable rate mortgage into a fixed rate mortgage is often a wise idea, especially in a climate like today’s, when adjustable rates are skyrocketing daily, forcing homeowners nationwide into foreclosure.
There are definitely advantages to getting an adjustable rate mortgage to buy a home, and in fact sometimes it’s the only way certain households are even able to get a home mortgage in the first place. But part and parcel of using an adjustable rate mortgage intelligently is planning to protect yourself from unwieldy interest rate hikes in the future. Most people who get an ARM to buy a home should be planning ahead to either refinance into a fixed rate mortgage or sell their home before this eventuality occurs.
There are actually several good reasons for making such a move, not only to get yourself a fixed (and hopefully better) interest rate on your loan. People also refinance ARMs to get cash out for home improvements and other big expenses, and to consolidate debt.
Whatever your reasons, if you’re thinking of refinancing that ARM, you’re probably thinking clearly, and doing yourself a big favor. But to be sure, read on…
To make sure the timing is right in your refinancing endeavor, be clear on the terms of your existing loan.
1 When and how often will it adjust
2 How much will it adjust
3 Is there a cap (a maximum rate beyond which it will get no higher no matter what the economic circumstances)
4 Is there a prepayment penalty for refinancing and if so, how much
5 You also want to consider how long you’re planning to live in your home. If you’re thinking of moving within a couple of years, for example, then the closing costs for a refi may not be worth the small savings you’ll get in interest rate reduction. (Incidentally, one way to save yourself on these costs up front is to roll them in to your refi - in other words).
As with getting any mortgage, getting a refi involves the same preparation, including calculating the costs involved and knowing your credit before you apply.
The peace of mind that often comes from home ownership can easily be thwarted by fears of rising interest rates. To protect yourself, and reclaim the peace of mind that should be yours, and could be again, consider whether now may be the right time to try to refinance that adjustable rate mortgage into a fixed rate mortgage. A fixed rate is a rate you can rely on, and it may just help you sleep better at night in that home you own.
SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more
get a free quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783
WILBURN
Refinancing an Adjustable Rate Mortgage to a Fixed Rate
by Somerset Mortgage Lenders: “The Brains, The Courage and The Heart to Make Your Dreams Come True”
Refinancing your adjustable rate mortgage into a fixed rate mortgage is often a wise idea, especially in a climate like today’s, when adjustable rates are skyrocketing daily, forcing homeowners nationwide into foreclosure.
There are definitely advantages to getting an adjustable rate mortgage to buy a home, and in fact sometimes it’s the only way certain households are even able to get a home mortgage in the first place. But part and parcel of using an adjustable rate mortgage intelligently is planning to protect yourself from unwieldy interest rate hikes in the future. Most people who get an ARM to buy a home should be planning ahead to either refinance into a fixed rate mortgage or sell their home before this eventuality occurs.
There are actually several good reasons for making such a move, not only to get yourself a fixed (and hopefully better) interest rate on your loan. People also refinance ARMs to get cash out for home improvements and other big expenses, and to consolidate debt.
Whatever your reasons, if you’re thinking of refinancing that ARM, you’re probably thinking clearly, and doing yourself a big favor. But to be sure, read on…
To make sure the timing is right in your refinancing endeavor, be clear on the terms of your existing loan.
1 When and how often will it adjust
2 How much will it adjust
3 Is there a cap (a maximum rate beyond which it will get no higher no matter what the economic circumstances)
4 Is there a prepayment penalty for refinancing and if so, how much
5 You also want to consider how long you’re planning to live in your home. If you’re thinking of moving within a couple of years, for example, then the closing costs for a refi may not be worth the small savings you’ll get in interest rate reduction. (Incidentally, one way to save yourself on these costs up front is to roll them in to your refi - in other words).
As with getting any mortgage, getting a refi involves the same preparation, including calculating the costs involved and knowing your credit before you apply.
The peace of mind that often comes from home ownership can easily be thwarted by fears of rising interest rates. To protect yourself, and reclaim the peace of mind that should be yours, and could be again, consider whether now may be the right time to try to refinance that adjustable rate mortgage into a fixed rate mortgage. A fixed rate is a rate you can rely on, and it may just help you sleep better at night in that home you own.
SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more
get a free quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783
WILBURN
Oct
9
Filed Under Loans | Leave a Comment
Mark Bellinger asked:
How to Consolidate Your Debt with a Debt Consolidation Loan and Save Money
Most of us have some sort of debt or other and when it is made up of many different loans or accounts the financial burden of servicing them all can be quite overwhelming especially in these times of crushing interest rates.
However there is a way to not only relieve the financial pressure of your outstanding debt, but also to be able to service these debts with one monthly payment.
Savvy debt management is all about reducing the amount of interest and monthly charges you are paying on your outstanding debts.
How do I do this? - I hear you ask…
Well here are your options to reduce your monthly debt commitments.
How to Consolidate Debt to Reduce Monthly Payments
Debt Consolidation Loans
You can get a debt consolidation loan from a lending institution which would normally be at a lower overall interest rate than the all your other debts are pegged at.
You would then settle all of your smaller debts and concentrate on paying off the consolidation loan.
Bond or Home Loan
Accessing capital from the equity in your bond or home loan is probably one of the cheapest ways of consolidating your debt.
This is because the interest rate of your bond would be a lot lower than the rate of your hire purchase or other credit agreements.
Refinance Your Mortgage
If you don’t have the equity available in your mortgage to borrow from it you could refinance your property.
This would in effect provide you with extra capital which can be used to pay off your other debt which would again be at a significantly lower rate of interest, thereby saving you pots of money.
You should also negotiate a longer repayment term if you need to reduce your monthly payment commitments.
Secured Loans
A secured loan is one of the cheapest sources of finance due to it being secured on your property
This type of debt consolidation loan is suitable for property owners as your property is the security for the loan lender.
So if you own property getting a secured loan is fairly easy as well as offering a low rate of interest, long repayment period and large amount of loan.
So if you are suffocating under a growing pile of debt take out a consolidation loan and pay off all your bad debt like your overdraft and clothing accounts.
So get rid of that nasty bad debt (and save money) by consolidating your debt with a Debt Consolidation Loan here »
Find out here all you need to know about how you can get an emergency cash loan »
SHANNON
How to Consolidate Your Debt with a Debt Consolidation Loan and Save Money
Most of us have some sort of debt or other and when it is made up of many different loans or accounts the financial burden of servicing them all can be quite overwhelming especially in these times of crushing interest rates.
However there is a way to not only relieve the financial pressure of your outstanding debt, but also to be able to service these debts with one monthly payment.
Savvy debt management is all about reducing the amount of interest and monthly charges you are paying on your outstanding debts.
How do I do this? - I hear you ask…
Well here are your options to reduce your monthly debt commitments.
How to Consolidate Debt to Reduce Monthly Payments
Debt Consolidation Loans
You can get a debt consolidation loan from a lending institution which would normally be at a lower overall interest rate than the all your other debts are pegged at.
You would then settle all of your smaller debts and concentrate on paying off the consolidation loan.
Bond or Home Loan
Accessing capital from the equity in your bond or home loan is probably one of the cheapest ways of consolidating your debt.
This is because the interest rate of your bond would be a lot lower than the rate of your hire purchase or other credit agreements.
Refinance Your Mortgage
If you don’t have the equity available in your mortgage to borrow from it you could refinance your property.
This would in effect provide you with extra capital which can be used to pay off your other debt which would again be at a significantly lower rate of interest, thereby saving you pots of money.
You should also negotiate a longer repayment term if you need to reduce your monthly payment commitments.
Secured Loans
A secured loan is one of the cheapest sources of finance due to it being secured on your property
This type of debt consolidation loan is suitable for property owners as your property is the security for the loan lender.
So if you own property getting a secured loan is fairly easy as well as offering a low rate of interest, long repayment period and large amount of loan.
So if you are suffocating under a growing pile of debt take out a consolidation loan and pay off all your bad debt like your overdraft and clothing accounts.
So get rid of that nasty bad debt (and save money) by consolidating your debt with a Debt Consolidation Loan here »
Find out here all you need to know about how you can get an emergency cash loan »
SHANNON