Mortgage Refinance 101
When is the right
time to refinance? Well, home equity loan refinancing actually
depends on what your preferences are.
There is no exact
time more "right" than any other time. Yet, with home equity
loan rates at such historically low levels, now is a great time to
refinance. Most people believe that refinancing a mortgage is
a burden and time consuming task. What they do not know is
there are quick and simple ways to refinance - And at Home
Equity Loans.org, it is our commitment to tell you how. Rather than
running around town from lender to lender, you only have to fill out
one simple form. Lending Tree has an online service that will
search the entire market for you. Shortly after their search
is complete, you will be receiving competitive offers of variously
quoted home equity loans online.
In order to get
you started in the right direction, we have summarized some very
important issues to keep in mind while working your way through the
Lending Tree Network. With a better understanding about home
equity loan refinancing, you will know what questions to ask -
ultimately getting you the best refinancing package possible.
In what ways
can refinancing benefit
There are numerous causes that justify mortgage refinancing.
After determining your own situation, compare it with the options
listed below and determine if any apply to you: If so, now is
the time to refinance.
- Lower your home equity
loan rate. Obviously, if home
equity loan rates are considerably lower than the rate at which
you originally signed your mortgage, this is a good opportunity to
save money. But do not do it for this reason alone - There
are other things to consider.
- Decrease the lifetime of
your mortgage. Although
switching from a 20 year mortgage to a 10 year mortgage will raise
your monthly installment, in the long run it will save you
thousands of dollars in lower interest rates. Your main
concern should be if you can really handle the higher monthly
payments while keeping your other bills in order.
- Consolidate your past debt.
Refinancing is one of the smartest ways to pay off your past
debts. By merging your prior high-interest credit bills with
a refinanced mortgage, it is probable you will be rendered a
smaller home equity loan rate, tax-deductible APR's, and a boosted
credit rating for your credit history.
- Fix up and remodel your home.
If you decide to take out a credit line as a result of
refinancing, you can put that money towards some needed home
improvement. Or, if you just need some change in your life,
put the money towards a new and innovative addition to your home.
- Switch from an Adjustable
Rate Mortgage (ARM). At a time
when interest rates are historically low, it may be a smart move
to acquire a fixed home equity loan rate - That way, if they
happen to rise again, you will not have to pay the increased
interest. By doing this, you can also benefit from lower
monthly installments, especially if you are not planning to move
and will be residing in your home for an indefinite length of
- Be exempt from paying private
mortgage insurance. If your household
at least 20% equity built into it, you have the option of doing
some home equity loan refinancing without paying private mortgage
insurance - a tremendous saving in monthly costs.
Lending Tree Network, your refinancing options are practically
boundless. And your benefits are increased too!
Equipped with the
power to force competition among leading banks/lenders, LendingTree
will come through with the most attractive home equity loan
refinancing packages online. And it only takes a few minutes
to fill out our self explanatory form. In hardly no time at
all you will have a refinanced mortgage - Moving you one step closer
to having more cash reserves in your account and no debts in your
Home Equity Loan Refinancing Guide