Finding the Best Home Refinancing Deals
With interest rates currently at historical lows, many US homeowners are taking the opportunity to refinance their mortgages.
What does it mean to refinance your mortgage?
When you refinance your mortgage, you are replacing your current mortgage deal with another. You are basically rewriting the terms of your mortgage to take advantage of lower interest rates, extend the repayment time, reduce risk or a combination of all three.
What are some of the reasons why people typically look to refinance their home mortgages?
1. To take advantage of lower interest rates.
2. To reduce the size of their payments (which subsequently means that they will have a longer repayment period).
3. To raise cash for an investment or large purchase.
4. To switch from a fixed-rate to a variable-rate loan or vice versa.
The most common reason why people choose to refinance their mortgages is to take advantage of favorable lending conditions, such as a decline in interest rates.
Another common reason might involve a person refinancing the mortgage on their home so that they can pay off high interest unsecured debt, such as credit cards or department store cards.
Note: there are fees involved in refinancing your home mortgage. Make sure that you are well-aware of these fees before you decide to go through with any offers, and also make sure that the fees/costs make financial sense for you.
Now - how do you go about applying for refinancing of your home mortgage?
Lucky for you, there are many companies out there who are currently scrambling to win your business.
Lendingtree.com is a site that will help you to receive customized offers for your home refinancing needs. The company doesn't actually refinance your mortgage - rather, they analyze your information and then present you offers from banks for your business.
There is a very short form that you can fill out to see the types of offers that you might receive. The form takes just a few minutes to fill out, and you will receive up to 4 offers within just a few minutes of completing your form.
There is no cost involved in filling out this form and receiving the customized offers, and you are under absolutely no obligation to take up any of the offers.
LendingTree is an extremely reputable company who has been in this business for years (you have likely see their advertisements on TV or heard them on the radio). They have the process of obtaining home mortgage refinancing down to an exact science, and you shouldn't hesitate when it comes to dealing with them.
After all - what do you have to lose? There is no cost when it comes to obtaining a quote, and no obligation to accept any of the offers.
Filed under: General Knowledge