Home Mortgage Refinancing: A second chance for homeowners with high interest loansWritten by Syd Johnson
Home Mortgage refinancing is a great option for homeowners who have a mortgage that is a couple years old, have built up some equity, but find themselves struggling with a high interest debt. The entire home mortgage refinancing process is basically getting your mortgage company or another lender to pay off your existing loan, and qualify you for another one with a lower interest rate.Your finances get a second look Even if you are dealing with your current mortgage lender, you have to fill out some kind of paperwork to let them know that you want to refinance and get everything started. In most cases, lender will take a second look at your entire financial picture. You have to provide your payment history, proof of income, list of all outstanding debt, credit report, current loan amount, loan rate and reasons for wanting to refinance your loan. If you have a high interest rate because of past credit problems, you can still qualify for home mortgage refinancing. Check market index to see if time is right for refinancing First, take a quick survey of home mortgage refinancing market to make sure that average rates are better than what you currently have on your loan. Call your own lender and look for others online to get preliminary quotes. Then take a second look at your financial picture to see if you really need to go through home mortgage refinancing process to get best deal.
| | What is your Assessed Home Value?Written by Syd Johnson
The numerical value The value of your property as determined by your county tax assessor. This is numerical value of your home that is used to determine amount that you owe in property taxes. Individual tax assessors have a great amount of discretion when they try to determine value of your property. Some of most important factors they will consider are recent improvements to your home, value of other homes in your neighborhood and of course recent increases in property tax rates.check and compare to other rates in your area The only way to get an accurate picture of what your home is worth and how much you should pay is to do some investigation on your own. Check with County Tax Assessor’s office to see what is happening with rates on properties in your area. If you don't agree with dollar amount, contact county tax office for a review or to file a complaint If you feel that they have been overzealous in inflating value of your property, there should be many avenues for a review. These avenues include a second evaluation, a professional appraisal of property and possibly a judicial revue if you absolutely cannot agree with county administrators.
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