Tuesday, 21 May 2013

Understanding A Cash-Out Mortgage Refinance!!

When we bought our house, we had an adjustable rate mortgage (ARM). We thought we’d sell the house after just a few years, but we fell in love with it and decided to keep it at least until the kids are grown. Wanting to learn more about interest rates, I went to Real-estate-yogi.com, which provided me with the information I needed to talk to my spouse about switching to an FRM. Off we went to the bank to change our ARM to a fixed rate mortgage. This is a loan for which the interest rate never changes, making it easier for us to budget in the payment because we knew exactly how much it would be every month, whereas with the ARM, we didn't.

I was so pleased with the result I got from Real-estate-yogi.com that I went back to the no-cost website to gain more knowledge about all manner of home-related financial topics. First, I found out what cash-out mortgage refinancing is. It’s simply replacing your first mortgage with a second one that is written for more than what you actually need, hence the cash-out factor. It’s based on how much equity is in the home; the more equity, the more cash back. The best part about this type of refinance is that you can use the money for anything at all. Pretty cool, huh? Of course, while looking into cash-out refinancing, I thought it made sense to find out what the most current cash-out refinance mortgage rates are. I was pleasantly surprised to find that they are right around 4%.

Because I’m such a curious type and have always been rather naive about fiscal matters, I kept searching the Real-estate-yogi.com website. I happened upon some information about mortgage refinance with bad credit which I found interesting. Those who have a low credit rating do not have the same options for refinancing as those whose credit score is good, so what are they supposed to do? First, they need to look at why they want to refinance: Do they need a lower interest rate because they've had a financial problem and can’t afford the current payment? Once they figure out why they need the refinance, they can find out how and where to get it, so long as they understand that the interest rate is based totally on their credit score, so the lower their number, the higher their rate.

I went online to find out about changing from an ARM to an FRM, and I learned much more, due to www.real-estate-yogi.com. This is a user-friendly, all day, every day website that really cares about helping people get the answers they need to their financial questions. They even offer a free initial consultation; just call them at 1-800-987-1397 to get yours.

Monday, 6 May 2013

Home Equity Cash Out Refinance Options for the Modern Day Homeowner !

Are you in need of some quick cash? Perhaps you are having trouble finding a good job these days and want to try your hand at starting your own business? Maybe the dream is there but the money to get it up and running isn't  If you are a homeowner chances are you have some equity in your name you might not even be aware of. Have you heard of cash out mortgage refinancing? If you've been paying off a fixed or adjustable interest rate mortgage then it is time for you to explore the market for cash out refinance mortgage ratesHere’s why.
  • Cash out refinancing is when you replace your current mortgage with the maximum amount you can borrow against your home.
  • The money you have been paying towards your mortgage has built up equity over time. You are entitled to this money in the form of a loan if you need it.
  • You can use this money for whatever you’d like, and it is tax deductible.
  • The other option available to you with your home equity is a line of credit instead. This is good if you’d like the option to take out money over a longer period of time in the form of credit.

Home Equity Options

Most homeowners are currently paying of a mortgage and might not even realize the total equity they've achieved over the life of their loan so far. Some might even be paying off a fixed rate second mortgage. The options for homeowners willing to dip into their equity are numerous. The biggest question you will need to ask yourself is what’s more important, using your equity now, or continuing to invest in your property.

Investing now, investing in the future

Many people choose the money for cash out refinance to reinvest in their home. Consider the tax benefits if you were to put some “green” home improvements on your home like solar panels. Other people have a child who is pursuing higher education. We all know the costs associated with tuition these days. Maybe opting for the benefits of a home equity loan can make their dream come true.

It’s also very possible and understandable that you just might need a vacation. The beauty of this loan is that you can use it for whatever you would like, and because it is attached to your name and property you can deduct it from your taxes unlike other types of loans. Anytime you are dealing with mortgages, the money you transfer back and forth can rapidly improve your credit score as well. Just make sure you pay your bills on time.

Life’s twists and turns are sometimes out of your control. You never know when you will need some quick cash to help pay for that costly medical procedure, or that sudden home repair project. Explore all of your home equity options by visiting www.real-estate-yogi.com or call them toll free at 1-800-987-1397.