Category Archives for Refinancing
Refinance to consolidate debt
If you own a home and need a means to consolidate your debt and reduce the number of monthly payments you are making while decreasing the amount of the total payments, you should consider a mortgage refinance. Refinancing mortgages is where a mortgage agent or broker can help you access the equity in your home to consolidate debt. When you refinance, mortgage term are renegotiated to increase the total amount of your mortgage. Read more…
Refinance for home renovations
The equity in your home is essentially the difference between what your house is worth and what you currently owe on your mortgage balance. Since property values tend to increase over time, most people who have been in their home for an extended period of time may have a substantial amount of equity accumulated. By using a mortgage broker or agent from RMA, you can take the necessary steps to refinance your mortgage up to 95% of value of your home. The equity you have built up would then be distributed to you and can be applied to the home renovation projects you are interested in.Read more…
Take advantage of a lower rate on your mortgage by refinancing
When the economy is suffering, one of the main steps governments and financial institutions take to encourage spending is to offer a lower interest rate to consumers interested in refinancing their mortgage. By reducing the interest rate by 1.00% or more (which is a very realistic reduction), a home owner with a mortgage of $200,000 can save about $10,000 over a 5 year period of time. By refinancing to lower interest rates, consumers are not only able to reduce their monthly payments, they are also able to decrease the total amount of interest they will be paying over the life of their mortgage (usually 25 years). This lower mortgage rate not only frees up cash flow for current financial needs, it also saves a significant amount of money over time. A reputable mortgage broker or agent, like the ones at Real Mortgage Associates, can explain all of the various refinancing options available to you.Read more…