The time for refinancing your mortgage at the low interest rates of the past months may be quickly running out. Interest rates for 30-year fixed mortgages have been rising, and no one knows for sure how high they will go. If you?ve been waiting for the mortgage rates to bottom out before going to the trouble of refinancing, now may be a good time for you to get moving before refinance rates also start to rise.
Do you need to refinance your mortgage? There are many reasons why one would want to refinance his loan. There are those who do this to get out of the underwater mortgage. An underwater mortgage is a type of mortgage wherein the value of the property is less than the value of the mortgage. There are also those who refinance their mortgage because they want to have better interest rates. While there are those who want to pay off their mortgage earlier than the original maturity of the mortgage.
When sourcing for refinance loans, the borrower should be aware of the different types of loans that exist and how they all operate, and also the terms and conditions imposed by the lender. Many of the loans that are in the market today include but are not limited to adjustable rate home loan, reverse loans, interest-only loan, option ARM loan and the FHA loans. The terms may differ slightly from one type to another.
Once you are familiar with the types, you need to get to do your homework on the cost of each. Do not be easily fooled by the lenders who urge you to apply for the credit facilities from them on the basis that they will charge you nothing.
The fact that they are advertising their services means that they are in business. Some of the costs you may be required to meet are application costs, administration, processing and loan inspection costs.
Learn more about Obama Mortgage Relief Plan Qualifications.
Source: http://bonusarticle.com/harp-mortgage-refinance-home-loan-mortgage-refinance/
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