Mortgage Refinance     

  HOME  
  ANNUITIES  
  AUTO CALCULATOR  
  AUTO INSURANCE  
  AUTO LOANS  
  BAD CREDIT LOANS  
  CAR LOAN CALCULATOR  
  CREDIT CARD DEBT  
  CREDIT CARDS  
  CREDIT COUNSELING  
  CREDIT REPAIR  
  DEBT CONSOLIDATION  
  DEBT CONSOLIDATION LOANS  
  DEBT RELIEF  
  DENTAL INSURANCE  
  FREE CREDIT REPORTS  
  FREE CREDIT SCORES  
  FREE MONEY  
  GOLD COINS  
  GOLD PRICES  
  HOME LOANS  
  LIFE INSURANCE  
  LOAN CALCULATOR  
  LOWEST MORTGAGE RATES  
  MILITARY LOANS  
  MORTGAGE CALCULATOR  
  MORTGAGE LOANS  
  MORTGAGE RATES  
  MORTGAGE REFINANCE  
  PAYDAY LOANS  
  PERSONAL LOANS  
  PET INSURANCE  
  SILVER COINS  
  SILVER PRICES  
  SMALL BUSINESS LOANS  
  STUDENT LOAN CONSOLIDATION  
  STUDENT LOANS  
  TERM LIFE INSURANCE  
  TRAVEL INSURANCE  
  UNCLAIMED MONEY  
     
  SITE MAP  


Mortgage Refinance is when you already own a home and either have a mortgage on it or own it free and clear and then you want to borrow money from a new lender and allow your home and real estate to be secured to make sure the lender gets their money back.

Your home or real estate will be the collateral for the mortgage loan and if you pay it back you will own your home free and clear. If for some reason you cannot pay the mortgage loan back when you refinance your real estate, you could end up loosing your home in foreclosure.

When it comes to mortgage refinancing there are many lenders and mortgage brokers that would like to have your business. These companies and brokers all make money when they can deliver a good, clean and quality mortgage refinance package.

This is because they may make a point or fees on originated the loan or even get a slice of the interest spread. There are many hands in the deal when you are looking to find a mortgage refinance lender and funding credit.

Some of the biggest banks in the country are also the largest mortgage refinance lenders. These banks have mortgage departments and most of their loans will be conventional which means they can package these loans up and then sell them to Fannie Mae or Freddie Mac and then the banks keep the servicing on the loans and make servicing fees as well.

When loans work, a lot of people make money. When loans do not work, well usually only the lawyers and attorneys make money. We all want to believe that when we apply for a mortgage refinance loan that we will make all the payments and pay the loan in full. Unfortunately, sometimes we loose a job, or have medical bills or some other unexpected drama in our lives and we cannot pay.

With the economy soft and the housing market even softer, the mortgage refinance rates have really come down. A year and a half ago we purchased a new home and financed it with a 6.125% interest rate loan. As time went by and the economy got weaker, we were able to get a mortgage refinance loan and rate that was in the 4.85%. Sweet.

What does a mortgage refinance allow you to do? In most cases, the lender does not want you taking out large amounts of cash, although they do allow a certain percent to be drawn out by the borrower. The mortgage refinance funds will be used to pay off the current first mortgage lien holder and then if there is money left, to pay for closing fees and other costs.

Refinancing a home loan is not cheap and you will find that unless you can get a mortgage rate that is at least one or two points better than what you have, the economics do not make sense and you could loose money.

If you have an adjustable mortgage, then it may be worthwhile to check on a mortgage refinance just so you can lock in a new twenty or thirty year mortgage that will protect you against interest rates going up.

There are many different types of mortgage refinance options so you may want to use the mortgage calculator discussed in another part of this site. The refinance mortgage tools can help you figure out which mortgage loan is right for you. Make sure your payments are affordable and if you will save money by doing a mortgage refinance.

 

 

info@FinancialServices-Online.com