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Is Refinancing A Good Idea Now?  

With the economic housing market pinging up and down, many people wonder if it is a good idea to refinance right now.  To better answer this question, here are a few things to consider when looking at a mortgage refinance.  By understanding the components given, you will be able to determine whether or not refinancing is the best thing for you to do with your current situation. 

It's no secret the interest rates for mortgages are at historic lows.  This means that mortgage refinancing can drastically lower the monthly mortgage payment that you are currently making.  For many people, the primary motivating factor of doing a refinance is to lower the payment.  If this is something that you want, then now is a fantastic time to get a mortgage refinance. 

Although interest rates are high, home values have really taken a hit.  If you are wanting to pull money out of your home to use in different ways, now is definitely a difficult time to refinance as home values have plummeted around the nation.  Depending on the amount of cash you want to pull out of your home, the only way to know what your home is currently worth is by getting an appraisal.  Through this appraisal, you will be able to see what the going rate is for your home. Lenders also go off of this number to determine what the highest limit is for the proposed mortgage you are looking for on your home.  There are still several people that are able to get their appraisal values where they need them in order to refinance, so the best way to determine if a refinance is best for you in this setting is to get an appraisal. 

While there are many different reasons to get a refinance, now is a fantastic time to do it as the interest rates are very low.  This means that no matter what reason you have for refinancing, you will be saving money on your new loan, no matter what repayment terms you choose.  This make a mortgage refinance a win-win situation at the current time.  Even if you have bad credit, a bad credit mortgage refinance option is available to those that are looking to have their existing loan modified to lower their payments that they are suffocating in.  While the guidelines are tight, and more documentation is needed than ever before to qualify, the low interest rates and modification programs are almost too good not to take advantage of.  

 

  10 Steps to Home Ownership:

Step 1: Are You Ready?

Step 2: Hire a Realtor

Step 3: Get Loan Pre-approval

Step 4: Search for Homes

Step 5: Choose a Home

Step 6: Obtain a mortgage

Step 7: Make an Offer

Step 8: Insure Your Home

Step 9: Close the Deal

Step 10: Avoid Foreclosure

 

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