Friday, April 28th 2017

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What you need to know about refinancing?

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11th Nov 2009 by Burt Carlson

Refinancing is rewriting the loan on your home whether with your current lender or another lender. You should be clear about your goals with the refinancing and the impact on your financial picture. Typically refinancing adds the costs of the transaction to the balance of your loan thereby decreasing your equity slightly. Do you want to reduce your equity? Is any payment savings worth extending the term of your loan? If you save $100 per month but add 5 years to the term of the loan is it worth it? If you get cash will the use of the cash offset any change in your monthly payment and/or loan term? Talk to a mortgage professional about your what you want to accomplish with the refinancing and look at your options.

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28th Oct 2009 by Gary

People refinance a home, either to get a lower house payment from better interest rates, or to raise money for personal reasons to spend in some way.

So how much you can raise depends on what is left on the current loan and the current value of the property. The difference is how much you can get a loan for. Money from a loan is not taxable, so a great way to generate needed cash.

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27th Oct 2009 In Finance 2 Answers | 3507 Views
Subjects: refinance, refinancing,

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