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When it is Financially Beneficial to Refinance a Mortgage

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When it is Financially Beneficial to Refinance a Mortgage Powered By Docstoc
					                                                 Presented by Daniel Toriola


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                               When it is Financially Beneficial to Refinance a Mortgage
                                                                  By Amy Nutt



   In recent months, there has been a significant drop in mortgage interest rates. This is due in part to
the high amount of foreclosures and the housing financial market crisis. Most banks and lenders want
to keep mortgage holders in their homes. If you have a mortgage and are looking for a better rate, you
may want to consider refinancing.

 The decision to refinance a mortgage normally comes down to asking the question: Will I benefit
financially from a mortgage refinance? In order to determine the benefits of refinancing, one should
consider the following points:

 Do you plan on staying in your home for a long time? If you plan on moving before the end of the
mortgage term, and the cost of obtaining the refinance is high, you may be at an advantage to stay
with your original mortgage. If you are planning to stay in your home for many years, refinancing may
be a good choice to lower your interest rates

 Are you in a good financial situation to refinance your mortgage? Because of the recent decline in
home values, you need to find out if a new mortgage is financially beneficial. Right now, you may owe
more on your house than it is worth. Consulting with several lenders is a wise choice to make sure
refinancing is worth it. If you can refinance your mortgage and lower your interest rates by at least 2%
or more, and the refinance fees are not too expensive, refinancing may be a good option.

 Length of New Refinanced Mortgage: Once you establish how much lower your mortgage payment
will be after refinancing, you need to calculate the mortgage cost over the life of the new mortgage. For
instance, if your new payments are $100.00 lower than the original mortgage, but your refinance term
is longer, you may still end up paying the same amount or possibly more. For instance, if your original
mortgage was for 20 years and you have paid 5 years into the mortgage, the refinance for a new 20
year mortgage will mean you are paying an additional 5 years.

 The Costs of Refinancing: There will be some costs involved with refinancing your mortgage. Costs
can include the application fee, appraisal fees, title search and title insurance fees, and legal fees.
When calculating how much you will save, you have to consider additional fees associated with the
refinance.


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 The New Mortgage Rate: After shopping around and you have acquired a lower mortgage rate, you
should calculate how much you will save each month. Most mortgage sites have online calculators that
you can use. You should also consider whether it is a fixed rate or variable rate. Variable rates will
increase or decrease according to the market conditions. If the market is good, you will save money,
but if the market becomes unstable, your rate may go up.

 Refinancing your mortgage can be an excellent way to save money and get better terms. Right now,
there are low interest rates being offered which will not last. Refinancing should be a serious choice if
you are having problems making payments on your current mortgage, or are facing home foreclosure.
With the current low interest rates and the right research, refinancing your mortgage can result in huge
savings.

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                                 What Is A Home Loan Refinance Mortgage Broker?
                                                            By L. Sampson



 When it comes to getting a home loan refinance, sometimes it helps to go through a mortgage broker.
This can be especially helpful if you have bad credit. Most mortgage brokers can help you with a bad
credit home loan refinance. If you have good credit, a mortgage broker has access to a variety of
lenders. You can go to one place and find the best possible loan for your situation, rather than
shopping around for a home loan refinance that has the terms that you want.

What is a Mortgage Broker?

A mortgage broker is someone who works with lenders in order to help you get financed for a loan. A
home loan refinance mortgage broker works to help you find a lender that will fund your home loan
refinance. The broker acts as a go-between you and the lender. It is important to realize, however, that
you are not getting your mortgage refinance from the broker. He or she is merely facilitating your home
loan. Your refinance mortgage will actually be serviced by a lender. Once the broker gets you and the
lender together, his or her work is mainly done.

What Does the Mortgage Broker Do?

A home loan refinance mortgage broker can help you with all of the paperwork necessary to get your
refinance mortgage approved. He or she will help you understand what documentation you need to
gather, as well as help you fill out the necessary forms. A mortgage broker can take you through the
steps of the home loan refinance process. Additionally, a home loan refinance mortgage broker can
help you determine the kinds of terms that work best for you. He or she can help you look for good
interest rates, as well as loans with lower closing costs and loans with a term-length that is acceptable
to you.

Finding a Mortgage Broker

Most places have a mortgage broker nearby who can help you with your home loan refinance. You can
usually locate them in the phone book under “brokers” or “real estate.” When looking for a home loan
refinance mortgage broker, you want to make sure that you are comfortable with him or her, and you
should look for someone who takes the time to understand your situation. When your mortgage broker
better understands you, you can get a better refinance home loan.

Visit http://www.refinancesmarts.com  for help in finding a good Home Mortgage Refinance
Broker.




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                                             Presented by Daniel Toriola




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