Refinancing Articles

Sometimes changes in life could force you to sell your home. The loss of a job, illness, disability, divorce, or other factors could make it impossible to keep your home. The FHA has various suggestions for how to sell your home in the case that you need to sell quickly because you can no longer afford you monthly mortgage payment. These suggestions include: A normal sale. You can list your home for sale by owner or have a real estate agent sell it for you. There are fees involved with a .... Read More...

A Pre-foreclosure is the term referred to by mortgage lenders as the time period from when the lender notifies the borrower that they have defaulted on a payment, and when the sale of the property to the lender at an auction is finalized. Pre-foreclosure sales can be an option to borrowers who need to pay off their mortgage. The United States Department of Housing and Development has organized the Pre-foreclosure Sale Program which allows the borrower who has defaulted on payments to sell .... Read More...

An interesting (and well-done) study in Virginia reveals the plights of many homeowners now facing foreclosure due to what have been deemed "creative" lending practices when it came to re-working their home mortgages. This is just more evidence that the government should take some action to help guard against a widespread foreclosure problem in our country in the near future. The article, which is from PilotOnline.com (read full story here), also mentions last week's statement issued by the Nat.... Read More...

Take some time to consider the above situations or identify the situation that best applies to you. Having a good understanding of your reasons for a refinance will aid you in choosing the best home lender and the best mortgage option for you. Refinancing allows for you to change your type of loan, allowing for different options. Now that you have identified the reason for your refinance, the next step is to learn about the different types of loans available to you. The following are some of th.... Read More...

Once you make the decision to refinance your current mortgage you should shop around for the lowest interest rate possible. Your interest rate can make a huge difference in your expendable income over time. For instance if you take a $100,000 mortgage loan for 30 years at 10% your payment would be $877.57 per month not including any escrow money required by your lender for property taxes, home owners insurance or mortgage insurance. If you take the same $100,000 loan for 30 years at 6% your paym.... Read More...