Refinancing Your Home Loan? When Should You Refinance Your Home?Written by Carrie Reeder
If you have a current mortgage and are unhappy with interest rate or amount of monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not it’s right time for refinancing your mortgage loan.The first question that you should ask yourself is if you have cash on hand to pay fees. Depending on amount of your mortgage, and specific fees that your lender will charge, you could pay anywhere from a couple of hundreds dollars to a few thousand. Be sure that you’re financially ready for move before applying for loan. Next, you should take a look at current interest rates compared to ones on your existing mortgage, and then decide whether or not a refinance would help your situation. For example, if you have an ARM mortgage, and interest rates are at an all-time low, you might want to refinance your loan and turn it into a fixed rate so your payments won’t go up again as rates rise. In addition, if you have a fixed rate, but bought your home when interest rates were higher, you might want to refinance in order to lower yours.
| | Apply For Home Mortgage Loan Online With Bad Credit - Things To ConsiderWritten by Carrie Reeder
So, you’ve found perfect home. You’ve already decided where to place each piece of your furniture inside home, and in your mind, all of your family photographs are hanging alongside stairwell. But wait—do you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?The credit bureaus handle hundreds of thousands of credit reports, and it’s only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports. Could an error be lurking on your report? Here’s a simple step-by-step guide to ensure that your credit report reflects exactly what it should. Step One: Avoid a Bad Credit Report by Requesting a Copy of It Under law, you are entitled to a copy of your credit report from each of three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy. Step Two: Check Personal Information Maybe your name is Jane Smith, but agencies have you listed as Jayne Smith. If you don’t think that it matters, you’d better think again. If agencies have a miss-spelling in your name, wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If person who they have you confused with makes a late payment, then it will appear on your report. What’s worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out erroneous information once it’s found its way onto your report. Avoid all of this, and report any bad information now.
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