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>> Refinance Home Loan - What You Must Know Today
Refinance Home Loan - What You Must Know Today
By Bill Smith
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Many banks compete to give you a refinance on your home loan.
Some of the popular web sites will give you multiple quotes from
different lenders. However, you need to be very careful about
the home loan you choose. Since the prices of real estate have
sky rocketed, there are many refinance loans you need to be very
careful about. One category of such loans is the "Interest only
loans". Instead people should simply stick with a 30 year of a
15 year mortgage and pay off the loan. The choice among a 15
year loan and a 30 year loan depends on the individual. However,
I recommend a 30 year loan. The monthly payment on a 30 year
loan is less compared to a 15 year loan. This said, there might
be a phase in your life when you are not financial stable
(medical bills or not having a job). In such cases, dealing with
a lower payment is much better than defaulting on your payments.
My advise will be to take a 30 year refinance home loan and
in-between when you have ample cash left on the table, you can
make some extra payments also called as principal payment
towards your loan. In short, 30 year mortgage loans are a better
choice.
Below listed are some of the golden rules while considering
refinancing of your home
1. If your new offer is at least 2% points lower than your
current one, it makes sense to refinance your loan. The 2%
spread is essential to cover your costs and time involved in the
refinance process.
2. Ask yourself a simple question? How long do you intend to
stay in your home? If you intend to stay for less than 5 years,
a refinance may or may not make sense. Your numbers will give
you a complete picture.
Additionally if you decide to purchase a new car, you can
refinance your home and roll up the car purchase up in the new
mortgage. This is the best way to spread the cost of your car
over the life of your loan and avoid a high interest car loan
with the tax advantages you get from your mortgage deductions.
About the author:
Jeff Stefans is a refinance loan officer for Ameri refinance
loan services . Visit us at http://www.ameriref
inanceservices.com/
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