Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


Refinance Home Mortgage Loans With Poor Credit - Reduce Monthly Bills With A Refi Loan

Written by: Carrie Reeder

Reducing consumer debts will ease anxiety and open the door for better rates on a home loan or mortgage. Unfortunately, becoming debt-free is a long process, and it may take several years to achieve this goal. If you own a home, refinancing your existing mortgage - even with poor credit - may present extra cash to payoff high interest credit cards.

What Does it Mean to Refinance a Home Mortgage?

Refinancing a home loan is an everyday practice. There are several reasons to contemplate a refinancing. For starters, if you attain a cash-out refinancing, the mortgage company will hand over a lump sum of money at closing. Prior to this, homeowners apply for a new home loan, which replaces the old. In addition to creating a new mortgage, homeowners also borrow money from their home's equity. For example, refinancing an existing $125,000 mortgage, and borrowing $25,000 of the home's equity will produce a new mortgage of $150,000.

Advantages of Refinancing an Existing Mortgage

If your intent is to become debt-free in the shortest amount of time, refinancing your home is a great alternative. High interest credit cards are difficult to eliminate. Unless you are able to make large payments, it may take ten to twenty years to payoff a $2,000 credit card balance. Moreover, a new mortgage is great for acquiring funds to make home improvements, build a savings account, or plan for retirement. Homeowners with poor credit may increase their credit rating upon reducing or eliminating consumer debts.

When is the Best Time to Refinance?

For many homeowners, now is a good time to refinance their current mortgage. Individuals who obtained home mortgages before rates began to decline are likely paying two or three percentage points above the current average. Refinancing for a lower rate may decrease your mortgage payment. Moreover, refinancing may eliminate private mortgage insurance.

With low mortgage rates, refinancing for a fixed rate or interest-only option may be favorable. Before refinancing, count the costs. Remember, refinancing will entail paying closing costs. If the monthly savings are insignificant, or you plan on moving in less than five years, you will not benefit from a refi loan.

About the author:

View our recommended Ba d Credit Mortgage Refinance lenders or view all of our Recommended Refinance Lenders.


Other Related Articles:

Secured Business Loan - "Capitalizing "on the opportunity!!
Ever seen a mustard tree?? Well, simply put ... its "HUGE". Now compare it to its source ... "the mustard seed!" It seems practically impossible to imagine that a tree of that magnitude arises from a tiny, miniscule seed! The illustration seems...read more

Refinancing Your Home Loan? When Should You Refinance Your Home?
If you have a current mortgage and are unhappy with the interest rate or the amount of the monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should...read more

Car Loans
Buying a new car is one of the single biggest purchases most people are likely to make in their life. Other than their home and maybe their education, there is not really much personal expenditure that can compare in size to the purchase of a...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map