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Refinancing Strategies
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Refinancing
Strategies? |
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Refinancing your home
is a big step. It can either bring you advantages and
savings, a lump sum payment that you can use for other
things, or it can bring you misery.
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Refinancing when
interest rates drop |
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Most experts in the
financial industry will tell you that you should refinance
when you can save two percentage points on your interest
rate, and still others say you should always keep refinancing
in mind.
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Increasing loan term |
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There is much talk
about loan terms lately, with the 15 and 20 year mortgages
increasing in popularity. One reason for this is these
loans are notorious for building equity more quickly
for the homeowner.
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Decreasing loan
term |
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Although decreasing
a loan term means higher payments for the borrower,
it also means many advantages. Moving from a long term
mortgage to a short term is one of the most popular
refinancing directions today.
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Your first step in
negotiating your refinanced loan is to watch for scam
artists and unscrupulous lenders. The reason for this
is the bad lenders don’t want to negotiate—they don’t
have to, either. More |
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