Refinance Your Home Equity LoanWritten by Carrie Reeder
Continued from page 1
Refinancing your home equity loan is a smart way to save money and lower your monthly payments. Find best lender for you with a fast, no-obligation application that you can complete online in just minutes. Even a small decrease in your interest rate can save you thousands of dollars over length of your loan. Contact a mortgage broker or lender today and find out how much money you can save with one short application. You can be pre-qualified in just minutes. Refinancing your home equity loan makes perfect sense for those who want to lower their monthly payments and save money each month. Your online application will put you in touch with lenders who are able to offer you great terms and low interest rates, even if your credit is less than perfect. To view our list of recommended home equity refinance lenders online, visit this page: Recommended Home Equity Refinance Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an informational loan website with articles and the latest news about various types of loans.
| | Refinancing vs Line of CreditWritten by Gary Gresham
Continued from page 1
A cash back refinance mortgage loan is a first mortgage and most are amortized over a 30 year payment schedule. That keeps your payments more affordable on a larger loan amount. Most home equity lines amortize over 10 years or 15 years because they are a second mortgage loan. Another consideration when trying to decide between refinancing vs line of credit is interest rate you currently have on your first mortgage. If you have a low interest rate on your first mortgage you may want to take advantage of a home equity credit line so you can keep your low rate on first mortgage. If you have a high interest rate on your first mortgage, a cash back refinance mortgage loan with a lower interest rate might make more sense. Just remember to do math because average closing costs on a refinance loan will amount to several thousands of dollars. Until you repay loan closing costs you won't be saving any money even if your monthly payment is lower. Figure number of months it takes in payment savings to cover typical closing costs of a cash back refinance mortgage loan to see if this makes sense for you. These simple tips should help when deciding if you should establish a line of credit or get a cash back refinance mortgage loan. Do math to find out if refinancing vs line of credit makes most sense for your situation. Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html
|
