Is it time to switch your home loan? Moneycontrol.com
By BankBazaar.com
'Refinancing' or 'switching' your existing home loan to another lender is also known as a 'Balance Transfer'. In a Balance Transfer, your outstanding loan is transferred to another lender of your choice by conforming to their rules and regulations. There are many reasons for which people opt for switching the lender, of which the following are the most common ones:
To lower Interest Rates: Suppose, you have taken a home loan from a bank two years back and if the interest rate in the market has become lower now, it may not make economic sense for you to continue paying a higher EMI. You do have the option to apply for a refinance with a new lender or even with your existing bank if they are open to shifting your loan to the new lower interest rate.
To change the terms of your loan: Some clauses of your loan may not be acceptable for you at some point of time. For instance, you wish to extend the tenure of your loan and your current
Reduce Your Debt Load With Home Mortgage Refinancing
by eyewash
Reduce Your Debt Load With Home Mortgage Refinancing
Article by Crystal Mate
What volume of debt are you carrying right now? If you are like most Canadians, you have debts that exceed your annual net income. Getting a handle on all of this debt can put a lot of strain on today’s households. Home mortgage refinancing is one possible solution to the debt load problem.
Where is All This Debt Coming From?
The rise in debt loads for Canadian families has been widely reported. According to Statistics Canada, the median debt load for Canadian households grew 38% between 1999 and 2005.
A lot of this increase is attributed to higher costs for home purchases and the need to take out a mortgage. But there are other expenses involved. Line of credit debt doubled in the same six-year period, while vehicle loans increased by over 40% and credit card debt jumped 58%.
Households have typically cut back on savings to finance some of their debt, a trend that has some economists worried. With no savings to fall back on and heavy debt loads, an increase in interest rates could be devastating. Most experts advise families with high debts relative to their income to put themselves on a budget, and start saving everywhere they can.
Can Home Mortgage Refinancing Help?
Home mortgage refinancing is not for everyone, but for many people it can make sense.
With home mortgage refinancing, you pay off your existing mortgage to switch to one with a lower rate. Cash-out refinancing enables you to borrow more than you currently owe on your mortgage, giving you some extra money for other expenses, like outstanding debts, home renovations, or university tuition.
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What is the most current interest rate to refinance my house in California?
I have a mortgage rate of 6.85%. should I refinance now or will interest rates go down more after the president signs the new bill to help mortgage companies?
To give you a definitive answer would require more information about what type of loan you have now (fixed or adjustable), how much your home is worth, how much you still owe, etc. Suffice it to say, if that 6.85% is for a fixed, 30 year, it will probably not be worth refinancing now or in the near future.
How much should your current interest rate ( existing Mortgage) change, before it makes sense to refinance?
My current rate is 6% for 15 years. I want to re-fi at 5 % for 10 Years (4,500 in closing fees), but I have been paying on this current mortgage for 9 years, so currently I am past paying all interest. So does it make sense to re-fi and start all over gain with several years of just paying interest.?
6% is not bad. I wouldn't do it just because of the 5 grand out of pocket also you only have 6 years left. your almost paid off don't extend it any more.
Is it a good idea to refinance my current vehicle at the same interest rate?
I don't have the greatest credit, but I have an opportunity to refinance my current vehicle. I would be continuing payments on the same remaining terms (not re-extending my loan), but I would be skipping one month, which would allow me to pay off a higher interest credit card. I was told by the new lender that it could actually help improve my score by paying off the existing lender and re-starting under a new one. Other than this, there is really no other benefit, especially since the interest rate is the same (high). Just wondering if it makes sense to do what I am thinking?
This is not likely to be helpful, and could result in you increasing your debt. When a loan is processed and approved there are almost always fees to be paid. This lender may be planning to add the fees onto your loan balance. He is trying to make a buck off of you. Be wary.
Think of lenders as sales persons. They are pushed either by greed or by management to "sell" and ethics are rarely their top priority.
Avoid taking financial advice (or any other sort of advice, for that matter) from someone who stands to gain from one of your choices.
how much will my interest rate go down after i refinance my car loan?
i bought a car 2 months ago and the dealer told me that i can refinance my loan after 7 months. my current interest rate is 12, what will it be after i refinance? please help!!! i live in NY if that helps
You don't really give us much information about your credit so it's hard to say. It's going to depend on 4 important factors
1. equity in your car
2. credit
3. age of car
4. miles on car
Assuming it's a some what new car and low miles, and this is your first car and your just have limited credit.
You might be able to cut your rate in half. But, I don't think we have enough information to say.
I've had good luck here...
http://auto.deal4-you.com
Best wishes
There is NO LIMIT to the amount of time between initial loan and refinance. It can be a few days to a few years. As long as the loan shows on your Credit Report and we can get the payoff, you're good to refinance.
Send us an app and we can help out as much as possible. We'll get our best lenders to help you out.
Where can I go to find the most current mortgage interest rate that is updated daily or very frequently?
I am looking to refinance but it seems there is no reliable source for the most current interest rate. The rate quoted or listed on any site can vary as much as 0.75%! Is there a gov site or a nonprofit site to check for 30yr fixed rate daily?
none. rates are by area and lender specific. they do vary as what you see published any where never takes into account any hits that your loan may get. FHA has announced some guideline changes just today. So, get with a mortgage professional in your area to get rates
Best of luck
I am refinancing my car and was wondering if paying off my credit card will get me a better interest rate ?
Will paying off my $900 balance on my credit card get me a better interest interest rate when I am about to refinance my car? should I close any open accounts that I never use before applying to refinance? My current interest rate is about 22%!! Do you have to prove employment when refinancing? my credit score is about 655. Thank you!! :)
DON'T close open accounts that are in good standing, unless you can wait several months to refinance your car. Closing accounts in good standing actually LOWERS your credit rating because it alters the amount of credit available to you. And really old accounts in good standing HELP your credit rating. So if you still have your first credit card, and it is in good standing, then leave it open.
Second, what is the available credit limit on the card you owe $900 on? Having a balance less than 35% of the limit is considered good. A balance higher is bad, so pay some down if it above that percentage.
You do need to prove employment when refinancing.
What is the interest rate on a refinance?
I think I would like to take advantage of the low interest rates...Should I do it now or wait a couple of months. What is the current rate on a 30 year fixed?
Mortgage rates vary as to location, borrower(credit rating), and property. Yes, today's rates are as good as it gets, unless of course something changes to make them better or worse.
I suggest that today's rates near 5%, as low as 4.5% in Augusta Ga. where values have increase 5.8% in the last year, are pretty darn good. So go ahead, and refinance knowing that you probably won't miss anything much lower in 6 months unless we have a much worse slide in the overall world or national economic market.
I want to refinance my house. What are the current interest rates. Is it a good idea. Do Ineed to spend money?
How does refinancing profitable to lending companies.Will Ibe anyway lose money either now are in future. Iam confused. Idont want to mess up without complete knowledge of how it works
Check your local Sunday newspaper. There may be a table showing available interest rates. It would be near the classified ads for houses for sale.
You might be able to get a 15 year mortgage for under 6%. Compare the interest rate to your current rate. If there is a 3% difference, it is probably worth doing.
Yes there will be closing costs if you refinance. Maybe as much as $3,500.00.
Lenders make money on interest payments. A lender does what is necessary to get business and be profitable.
does it make sense to pay a little on the premium of my auto loan each month at my current interest rate?
currently i am paying off an $8700 loan at 15% interest. my payments are now $235 per month. i plan on getting refinanced at a much better interest rate with my credit union in a few months. (they require 6 on-time payments before they'll refinance me. i'm getting ready to make my 3rd of 48 payments.
i would like to start paying about $20 or $30 on the premium -- which i would add to each check i send. but does it make sense to do this now (at 15% interest), or should i wait 'til i refinance at maybe around 1/2 that rate?
this is a math problem honey.....don't let them rack up anymore 15 % insterest on you, eat peanut butter and pay this thing off...don't ever do this again, you lose with debt...the only way to live is to live within your means.
Is there anyway to work with your lender to get your current interest rate lowered other then refinancing?
I currently have two used vehicles out both at 14 % which I know is pretty high but it was the lowest I could qualify and I needed to get newer cars vs repairs so please don't preach on why did I buy at that interest rate
Well with that said one I only owe about 3,700 left but the other we owe 16,700 and this one is so upside down because of the current gas rates.
My question is other then trying refinancing can I try and work with my lender to lower my interest rate?
In the time after I have purchased a home at 5.8% and have lived in over a year with zero late payments and I have two credit cards which both are being paid on time
I know I messed my credit up when I was young and I am trying my hardest to rebuild it back it's just tough with everything costing so much now a days and the only thing that really isn't going up as fast is the paycheck
You can always try to contact your lender and see what kind of deal they will make you. Tell them you are thinking of refinancing. They will most likely be very willing to make you a deal instead of losing their interest payments to another lender.
But if they don't, refinancing is the only way to bring your rate and possibly payments down.
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