Finance: Refinancing vs Line of Credit

Refinancing vs Line of Credit

Written 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 repparttar

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 repparttar 146337

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 repparttar 146338

math because repparttar 146339

average closing costs on a refinance loan will amount to several thousands of dollars. Until you repay repparttar 146340

loan closing costs you won't be saving any money even if your monthly payment is lower. Figure repparttar 146341

number of months it takes in payment savings to cover repparttar 146342

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 repparttar 146343

math to find out if refinancing vs line of credit makes repparttar 146344

most sense for your situation.

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

Inflexible friends and plastic assets, why money isn’t buying love anymore

Written by Rachel Lane

Continued from page 1

For those consumers with regular incomes and strong credit records, credit cards with APRs as low as 6.9% are available, that’s less than half repparttar standard APR most consumers have to pay on repparttar 146313 cards in their wallet. By just using a variety of online personal finance tools, consumers can save themselves considerable grief by undertaking some financial homework.

In repparttar 146314 UK, a variety of websites are available to compare credit cards, loans, life insurance, car insurance, mortgages, savings accounts, Child Trust Funds and current accounts. With just a few clicks of repparttar 146315 mouse, a trusty search engine and a clear definition of repparttar 146316 relevant search terms, such as “credit card guide” or “loans guide”, repparttar 146317 consumer can have swift access to a number of useful research sites including moneynet.co.uk, moneyfacts, moneyextra and moneysavingexpert. These companies are specially set up to provide impartial consumer information and by using them for personal finance research, repparttar 146318 consumer could effectively save thousands of pounds by choosing repparttar 146319 most appropriate credit card, loan and mortgage accounts, not to mention securing good deals on car insurance, life insurance, travel insurance and household insurance.

For further information on repparttar 146320 companies included in this article: http://www.moneynet.co.uk/ http://www.creditaction.org.uk/ http://www.parentspenniespounds.co.uk/ http://www.moneysavingexpert.com/

Rachel writes for the personal finance blog Cashzilla.

http://www.cashzilla.co.uk/

Cashzilla is a psychological, technological manifestation of the financial pressure Rachel faced when she graduated from her very expensive, much extended degree.

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