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Tip of the Day Save Enough

Save Enough - When your children are young is the time to start planning for your children's college and/or universities costs and plan to save one-third to one-half of the...

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Equity Home Mortgage Refinance

Equity home mortgage refinance is a hot topic these days. It’s led to many, many homeowners getting in hot water as values decline. It has been a root cause of the mortgage market collapse. However, this is not the case for everyone. Although values have dropped in many areas, some areas are holding steady or even increasing. These areas are a good option for an equity home mortgage refinance.

Why do people look into refinancing? They alter their financing when they need to access equity to pay off debts or make renovations. Others tap into equity when they have an opportunity to lower their payments and interest rates.

The usual reason homeowners file for an equity home mortgage refinance is to lower payments based on the going interest. This is something that should be considered with the aid of a financial counselor. Closing costs on equity home mortgage refinance loans are often quite expensive.

You want to protect the equity in your home if at all possible. In today’s market conditions, this is something you should avoid if possible. Analyze all the numbers thoroughly before making the decision. Even if your payments are lower, you’ll lose equity if values drop. If you have to sell unexpectedly, you might find yourself upside down with few options other than bringing money to the table.

However, there is some good in an equity home mortgage refinance. Even if lenders are tight with their loans right now in the midst of the mortgage crisis, consumers with good credit, reasonable equity and adequate income should have no problem with an equity home mortgage.

Reasoning for filing for this loan should be considered before jumping in and signing on the dotted line. If you want to save on interest payments and lower your payments or shorten the life of your loan, this may be a good idea if you are planning to be in your house for some time.

Be sure to choose a reputable lender. Most of the local mortgage lenders should be reputable, especially if they’ve been around for many years. Newer lenders are probably just fine, but you want to check them out. Online lenders can also be legitimate, but are harder to check out. Be careful with online lenders. When looking into an equity home mortgage refinance, keep your eyes and ears open. Be sure that you understand what each piece of paper you sign means before you put your name on the dotted line.

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