As a result, depending on the use of the funds, it could make sense to tap into your home’s equity, to perhaps take out funds to consolidate debts, remodel your home or pay for other unexpected expenses.
In this article we will explore some of the basics of the cash out refinance, by taking a quick look at three main loan types: Conventional, FHA and VA loans and how they each differ when it comes to a cash out refinance. In addition, … (0 comments)
debt consolidation: Refinancing In The Current Marketplace: Reasons It Make Sense
- 09/01/10 07:37 AM
When it comes to refinancing a mortgage there are multiple factors that can make it beneficial to do so. Of course, in the current marketplace with interest rates at record lows, the first reason to refinance is most always a lower interest rate. However, there are other reasons as well that make sense to refinance and today we will discuss some of these reasons. The first reason to refinance is to get a lower interest rate on your mortgage. Even with the downturn in interest rates, there are still many homeowners who have not refinanced. Of course, many borrowers would like … (1 comments)
In recent months, tens of thousands of homeowners have been shut off from their equity as lenders try to stem losses from subprime mortgages and other high-risk loans. As of September 2007, delinquencies on HELOCs were up 47% year over year, according to Economy.com; the numbers are expected to be worse in 2008. In response, Countrywide has already suspended an estimated 122,000 lines, many in high-foreclosure-rate states, and USAA has frozen or reduced some 15,000 accounts. Bank of America, Chase and Citibank are among others who are following … (2 comments)
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