Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
AI Stocks Portfolio and Tesla - 23rd May 24
All That Glitters Isn't Gold: Silver Has Outperformed Gold During This Gold Bull Run - 23rd May 24
Gold and Silver Expose Stock Market’s Phony Gains - 23rd May 24
S&P 500 Cyclical Relative Performance: Stocks Nearing Fully Valued - 23rd May 24
Nvidia NVDA Stock Earnings Rumble After Hours - 22nd May 24
Stock Market Trend Forecasts for 2024 and 2025 - 21st May 24
Silver Price Forecast: Trumpeting the Jubilee | Sovereign Debt Defaults - 21st May 24
Bitcoin Bull Market Bubble MANIA Rug Pulls 2024! - 19th May 24
Important Economic And Geopolitical Questions And Their Answers! - 19th May 24
Pakistan UN Ambassador Grows Some Balls Accuses Israel of Being Like Nazi Germany - 19th May 24
Could We See $27,000 Gold? - 19th May 24
Gold Mining Stocks Fundamentals - 19th May 24
The Gold and Silver Ship Will Set Sail! - 19th May 24
Micro Strategy Bubble Mania - 10th May 24
Biden's Bureau of Labor Statistics is Cooking Jobs Reports - 10th May 24
Bitcoin Price Swings Analysis - 9th May 24
Could Chinese Gold Be the Straw That Breaks the Dollar's Back? - 9th May 24
The Federal Reserve Is Broke! - 9th May 24
The Elliott Wave Crash Course - 9th May 24
Psychologically Prepared for Bitcoin Bull Market Bubble MANIA Rug Pull Corrections 2024 - 8th May 24
Why You Should Pay Attention to This Time-Tested Stock Market Indicator Now - 8th May 24
Copper: The India Factor - 8th May 24
Gold 2008 and 2022 All Over Again? Stocks, USDX - 8th May 24
Holocaust Survivor States Israel is Like Nazi Germany, The Fourth Reich - 8th May 24
Fourth Reich Invades Rafah Concentration Camp To Kill Palestinian Children - 8th May 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Things to Think About Before Mortgage Refinancing

Housing-Market / Mortgages Feb 27, 2018 - 05:47 AM GMT

By: Kavinesh_A

Housing-Market

   You have probably thought of the idea to refinance your mortgage in order to gain some benefits. Maybe you think it is a pretty good idea, but you first must know what exactly refinancing involves. Keep in mind that refinancing means applying for a loan from some loan intermediary like the Swedish company Sambla and going through the process from the start. It is like buying completely new house. Due to the many details and other things involved in the process, a good idea is to see a financial or mortgage advisor for advice. That way you will get a clear picture about interest rates and other important things.




            There are many reasons why someone wants to refinance. Sometimes is because the interest rates are lower and other times is because of something else. For example, some people want to get shorter term when they choose to refinance, because that can save them a significant amount of money. If the things are going well for you and your partner and if your financial situation is stable and income higher, then you can use refinancing as a way to save some money on monthly payments which are higher.

            Anyhow, you always need to consider the refinancing costs before opting to refinance your mortgage. Check out all the fees associated with refinancing and how much you will be paying. Divide the amount with the number of months of your mortgage and you will see whether there is possibility to save some money because of refinancing.

            Next thing to check out is whether there are penalties involved in the terms and conditions of the mortgage, if you choose to pay out your current mortgage earlier. Most lenders are not very happy when people want to pay out their mortgages earlier than agreed. Keep in mind that with refinancing you are paying off your previous loan and you apply to get a new loan. If there are any penalties calculate them together with the refinancing costs and make sure you will not be losing any money when you go for refinancing.

            Your equity is another factor that needs to be considered in the process. Having a negative equity means that your debt for your home is bigger than the actual worth of your home. If you have been living in the home for many years, then the home value`s annual increase will keep you in good financial condition. If the lender offers you less money than your equity then you cannot get the refinance, except if you have enough money to pay for the equity difference.

            These were just a few factors to consider when you think about refinancing your mortgage. Refinancing is a serious decision, so take your time before you make your final call. Always consult professionals in the field, examine different terms and conditions, as well as all other factors. That way you will be able to eliminate your worries and make an informed financial decision.

By Kavinesh

This is a Paid Advertorial.

© 2018 Kavinesh - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in