Feature Article:

Uncle Sam is Ready...Are You? Organizing Tips for Tax Time
Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. During 'Tax...
...Read More

How to Refinance Your Home

Additional Reading

Refinance Your Home - There are several reasons why you should consider
a refinance mortgage on your home loan. When you refinance your home, you can
cut your monthly mortgage payments. In addition, you can tap into your equity,
or your home value, in order to pay off other loans and credit cards. This in
turn helps you to deduct your mortgage interest from your taxes.

How to Refinance Your Home

Now that you know the benefits with home refinance, let us now go to the
steps. The first thing you need to consider when you refinance your home is the
current trend in interest rates. Most major Sunday newspapers feature this type
of information in their real estate section. Find out the current interest
rates from local dailies or online quotes. You can also contact a mortgage
broker and speak with a real person about your home refinance questions.

If this is not your first attempt at getting financing for your home,
then you probably known that there are actually several types of loans. The
second step therefore is to identify the type of mortgage you want - whether it
is fixed, adjustable, or a combination of the two. Remember that each type may
mean a different set of advantages and disadvantages for your home refinance

The third step is comparison shopping. Compare the new interest rates to
that of your current mortgage. To do this, find out what possible monthly
payments are being spoken of with your new loan.

You can use the amount you owe on the loan to calculate what the new
monthly payment would be by using a financial calculator or an online mortgage
calculator. You'll also need to know the new loan amount (current loan amount
plus closing costs, such as points, title and escrow fees - unless you plan to
pay for them out of your pocket - the new interest rate, and the number of
months of the new loan).

To find out how much you can save with your home refinance mortgage,
subtract your current monthly mortgage payment from the new monthly mortgage
payment. The remaining balance is your monthly savings.

After you get the figure for your savings, divide it into the total cost
of the loan, which includes points, title, and escrow fees. The resulting
figure is the number of months it will take for you to recoup your investment.

Then finally, determine how long you plan to stay in your home. If you
plan to live in your home longer than it will take to recoup your investment,
then to refinance your home is probably a good idea.

Tony Forster has a keen interest in living debt free having been "up to his ears" before realizing the need to take control. He has compiled an online financial article resource at http://www.loan4payday.info


More Reading:

How To Make A Lot Of Money On The Internet Doing Nothing

The FDCPA Fair Debt Collection Practices Act 3 Myths

What Is Your Greatest Weakness

Reminding Yourself of Prosperity

Risk and Reward

The Landlording Follies

Ten Ways to Save a Bundle on Your Next Lease

Smart Landlords Use Very Smart Leases

Real Estate Investors Dont Close Your Eyes To Closing Costs

So You Want to be a Freelancer Heres How

How To Make A Lot Of Money On The Internet Doing Nothing
"You can make a lot of money on the Internet doing nothing!" That's the number one Internet marketing myth. It's an urban legend, of course. But yet, that ideaology is still pervasive on the Internet. So, I'm here to give it to you...
...Read More

The FDCPA (Fair Debt Collection Practices Act): 3 Myths
The FDCPA (Fair Debt Collection Practices Act): 3 Myths Think you've got the FDCPA (Fair Debt Collection Practices Act) figured out? Don't be so sure. While nothing can take the place of a lawyer's advice, if you've at least...
...Read More

What Is Your Greatest Weakness?
The fastest way to make a good interview go bad is to avoid questions posed by the hiring manager. The one question candidates love to avoid is, “What is your greatest weakness?” Most candidates are quick to respond with superficial answers such...
...Read More

Reminding Yourself of Prosperity
Have you ever heard the phrase, “Thoughts are things and words have wings?” This phrase is the perfect expression of the principle of prosperity. How you think about and talk about your level of prosperity is what actually manifests in your...
...Read More

Risk and Reward
If you are doing your own investing in the stock market, what would be the first question you would ask yourself before you make any trade or investment? If your answer is how fundamentally sound the stock is, or whether the stock just broke...
...Read More