|
|
|
 |
||
 |
||
 |
||
 |
 |
 |
|
||
|
|
|
||
|
 |
|
|
|
|
||
|
|
|
||
|
|
|
|
|
|
||
|
|
|
||
|
|
|
Home RefinanceReview Loan Programs for Refinancing a HouseAre you are shopping lenders for home refinance loans and alternative programs? We can direct you to trusted lenders for bad credit and high LTV situations. Over the last thirty years no home refinancing loan has been more used for accessing cash than the traditional 30-year fixed rate home refinance loan. Did you know that refinancing your home allows you to revise the terms of your existing loan? You can refinance adjustable interest rates into a fixed rate term or you can refinance your first mortgage and get cash back. If you have an adjustable rate loan or your interest rate is above 5%, there is a good chance that home refinancing will save you money and lower your housing expenses. The possibilities are limitless with home refinancing loan opportunities backed by Nationwide Mortgages. Find Competitive Home Refinance Rates
30 Year Fixed Rate Home Refinancing Loans Learn How to Lower Your Monthly Payment with the Most Competitive Home Mortgage Refinance Programs in the Country! Rate & Term Home Loan Refinancing Home Affordable Refinance Program Cash Out Refinance Jumbo Mortgage Loans Conventional Loans Home Refinancing Insured by the FHA VA Refinance Loans Traditional Home Refinancing How to Get a No Cost Mortgage Refinance Loan |
 |
|
Shop Home Refinance Loans
|
|
 |
 |
|
|
|
 |
 |
||
|
||
 |
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
||||||||||||||
|
||||||||||||||
|
||||||||||||||
|
||
|
||
|
|
|
|
|
|
6 Advantages to Save Money from a Home Mortgage Refinance
Rates are still very low and refinancing is a popular way for some homeowners to save money. Some of the big benefits you can enjoy with a home mortgage refinance include:
- Secure lower payments each month
- Lock a lower interest rate for the term of the loan
- Extra money available each more to pay down debt
Whether you should refinance can be a complicated question depending upon your mortgage situation. Six key advantages for many homeowners who refinance include:
#1 Refinance Your Home for a Lower Rate
Obviously, the biggest benefit of refinancing is reducing your rate. If you have been paying your mortgage on time for a number of years, you may well have increased your credit score. This is a good opportunity for you to take advantage of all that hard work and refinance into a lower rate that can save you hundreds of dollars monthly.
#2 Lower Debt Load
Many people are able to refinance their home so that they can pay down higher interest debt. After all, there are few types of credit accounts that have a lower interest rate than a mortgage at today's rates; some homeowners are able to refinance at less than 4%! This makes a lot of sense, especially if you are carrying debt with a much higher interest rate.
#3 Lowering Your Loan to Equity Ratio
The big plus of doing this is that you may not have to pay for private mortgage insurance. If the down payment that you paid when you purchased was less than 20% of the price, you probably had to buy private mortgage insurance or PMI. This usually costs .5% to 1% of the amount of your loan. For a house that costs $200,000, this could mean $2000 per year.
After you own your house for several years, you will probably be able to increase equity and change your loan to equity ratio. What it means: Refinance at a lower rate and pay no PMI!
Assume that you are saving a 1% PMI payment each year on a $200,000 home. That would allow you to put more than $150 per month into your mortgage payment and pay it off faster.
#4 Grace Period
When you refinance your mortgage, you most likely will have a grace period before you start your new payments. You may enjoy a month or more of no payment. So, it is a good idea to take advantage of that one or two months by socking the money away, or possibly paying down debt.
#5 Shorten the Term of the Loan
When interest rates drop, some homeowners take advantage by refinancing into a shorter term loan and not seeing much change in the monthly payment. For example, if you were to refinance a 30 year fixed mortgage of $100,000 into a 15 year loan, depending upon the interest rates, you could see only a small change in payment. This would be the case if you took out the mortgage when rates were higher, then the rates dropped one or two points later.
#6 Convert from Adjustable to Fixed and Vice Versa
Adjustable rate mortgages or ARMs offer lower rates than fixed mortgages at first. However, a periodic adjustment will occur and the rate could go higher. When this happens, you can save money by refinancing into a fixed rate mortgage. This offers you the benefit of enjoying a lower rate, and not having to worry about interest rate hikes later on.
Also, converting from a fixed mortgage into an ARM also can make sense for some homeowners. This is especially true when interest rates are falling. If they keep falling, the rate adjustments that occur could cause your rates to drop and make those mortgage payments smaller. This could prevent you from needing to refinance every time rates drop.
Converting to an ARM can make sense if you do not plan to stay in the house more than three years.
More Home Refinance Considerations
Refinancing often makes a lot of sense. There also are some considerations to think about when you refinance:
- Look for high closing costs. Anytime you refinance, you will have to pay closing costs again. It is very important to think about how long you are going to live in the home after you refinance. If you are going to move in two years or less, you may not save enough from lower payments or PMI for it to be worth it.
- Make a plan for what you are going to do with the money you save every month when you refinance. Whether you plan to invest, pay down that mortgage or save for a child's college education, it is wise to make a concrete plan so that money is not wasted.
- The best candidates for a refinance have steady income and have at least 10% equity in their home. A FICO score of 740 or higher is preferred, but many borrowers are able to refinance with a lower score.
- Remember that you generally need to maintain the original mortgage for at least one year before you refinance.
- When you do refinance, you can use whichever lender you like. Just remember that if you use the same lender, you may not need to pay for a new title search and appraisal.
- The bottom line is that refinancing can be an excellent financial move because it cuts your monthly payment, and may shorten your loan's term and build more equity. If you use this tool carefully, it can be a real asset for your long term financial health. Top 10 Mortgage Refinance Programs
Additional Home Refinancing Choices from Nationwide Mortgages |
| Find out why thousands of homeowners trust Nationwide for their home refinancing endeavors. Our lenders have extended new options for refinancing with no income documentation required for self-employed borrowers. |
| Have you been searching for fixed home refinance loans online? Stop getting penalized by other lenders because you own your own business. Fixing your adjustable rate mortgage is long overdue. We suggest for you to refinance home loans and credit lines into a fixed payment with an interest rate that is secure for thirty years. We help people qualify for affordable second mortgage loans that save them money. When comparing a home refinance to a 2nd mortgage, keep in mind that both lenders will be paid when if you decide to sell your property. The real question is, "Do two payments versus one payment raise your housing costs?" If you have the ability to refinance home loans into one payment and your housing expenses are lowered, "It's a no brainer." |
Nationwide Mortgages connects consumers with home refinance loan offers in all 50 states. Let our team help you find competitive refinance rates for your local area. Even if previously lending companies did not accept your request for home refinancing, new opportunities have arisen with Nationwide lenders all the time. There are several fixed home refinance programs coming out all the time so it's worth discussing your situation with a loan agent every few months. |
 |
Home | About Us | Warranties and Terms | Articles By clicking "Complete My Request" I am consenting to have my info shared with up to four lenders, brokers, CreditOptions, New American Funding, Global Equity Finance, Loan Depot and other business affiliates and for them to contact you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device and/or email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list. Consent is not required to purchase goods or services from lenders that contact me. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. Not everyone will be approved nor can loans be guaranteed online. This website has no affiliation with any government entities. Filling out this form puts you under no obligations. Mortgage rates and home loan programs are subject to change without notice. There is no application fee from participating lenders or banks. This is not an advertisement for credit. This is not a commitment to lend. Certain state restrictions and requirements may apply. ©2000-2019 NationwideMortgages.net - All rights reserved. Nationwide Mortgages |
