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Consumer Beware: The Top 9 Ways A Lender Can Rob You Of Your Equity And Money!
As the financial lending market grows, and there are more opportunities for consumers to finance homes across America, there seems to be more crooked, lying, and cheating lenders, mortgage brokers, home appraisers, and home improvement contractors...
Home Loans - Online Services And Resources To Help You
Copyright 2005 Dean Shainin
Interest rates on home loans are at the lowest they've been in many years. Now is a great time to take advantage of home loan financial services and resources available online. With a little education online you can get...
Home Mortgage Refinancing: A second chance for homeowners with high interest loans
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...
Mortgage tips and tricks
Generally speaking, the better your credit the better your
chances of getting a zero down payment home loan. Fortunately,
mortgage lenders are now offering no money down home loans to
homebuyers who have less than perfect credit. You may pay...
Secrets of the Option ARM Loan
How Does an Option ARM Loan Work?
Option ARM (also called Pick A Payment or Pay Option ARM) loans work by providing the borrower with four payment options each month.
Before we get into the payment options, let's review some of the important...
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Refinance
The 2% Rule
Many CPA's across America advise their clients to refinance their present mortgage when they can reduce their interest rate by at least 2%, and/or shorten the term remaining to pay off the mortgage.
Reasons to Finance
There are many good reasons to refinance your current mortgage, or get a second mortgage and pull equity out of your home. Here are just a few.
1. Adding structural additions or improvements to your home.
2. Get a lower mortgage rate and reduce interest costs.
3. Obtaining funds for investment
4. College tuition for your children. 5. Paying off other debt, such as credit cards, in order to reduce your total monthly outlay.
Consider The Following
When selecting a Home Improvement Loan consider all of the following:
1. Minimum & Maximum loan limits.
2. Terms (The shorter the term the lower the overall finance charge/higher monthly payment, longer the term the less the monthly payment/the greater the overall finance charge).
3. Loan type's: Home Equity, HELOC's, FHA 203K, Cash Out Refinance, Secured Consumer loans such as Retail Installment Obligation (RIO's), and Unsecured RIO (loan terms from 12 months).
4. Interest Rate and loan costs. For example: A no closing cost HELOC at prime or prime plus 1/2 may be tax deductible, and may be used to draw upon for FUTURE Home improvement projects with no "out of pocket" loan charges.
Improving your home can increase its value. Investing wisely can help create a larger net worth. Both could pay off in retirement benefits for you. Be careful. Don't risk the security of your home on frivolous spending.
About the Author
Ron Vignari
M&M Resources Unlimited, Inc.
Helping customers since 1986
1577 Ridge Road West, Suite 119
Rochester, NY 14615
Office: (585) 865-0950 Fax: (585) 865-3202
Toll Free: 1-800-937-2350
Licensed Mortgage Banker/NYS Banking Department
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