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Be Aware of Other Deductions - As part of filing your income tax you need to educate yourself as far as what deductions are allowable. Each year the government...

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Low Cost Mortgage Refinance

People didn’t believe it was going to happen. Sure, they had heard stories. Stories about large, scary payments and newly homeless families. Stories about executives dropping out of Wall Street and abandoned homes lining neighborhood after neighborhood! When the president spoke “recession,” homeowners thought it was all over and as we watched our property values fluctuate, drop, and economy struggle, the term “refinance” began to have a very bad reputation indeed. Despite the dramatic inclinations behind it, however, a low cost mortgage refinance is not as evil as the mortgage crisis may have led us to believe. In fact, it can be quite the wise option for homeowners in areas of the country where property values have withstood the economic crisis and some areas have even increased over time.

Why should a home owner consider that dread word “refinance” and why should we no longer shriek in terror? The usual reason people consider a low cost mortgage refinance is because we want to lower our payments, capture a lower interest rate, or simply because economic struggle has necessitated a change in our financing. Typically, a low cost mortgage refinance is nothing to be afraid of, provided you carefully weigh your options, talk to a financial counselor, and seek a worthwhile lender to help you with the process.

The first step to avoiding low cost mortgage refinance anxiety is to weigh your options. Do you want to refinance because you want a lower payment or because you want to save money over the long term? Trying to get a lower payment is not always the most beneficial reason since many lenders will promise you a lower payment, but will charge exorbitant closing costs to get you there. Some may even encourage you to max out the equity in your home to receive a lower payment.

If you are considering a low cost refinance mortgage, the preferred reason is to save money over the long term. Interest rates are at an all time low, and lenders have become tighter with lending practices. Homeowners with good credit, reasonable equity, and adequate income should have no problems qualifying for a low cost mortgage refinance, and it may be a reason for you to shriek for joy! If you plan to stay in your house for a long time, it could potentially save you thousands of dollars!

In order to protect yourself when pursuing a low cost refinance mortgage, be smart about what you do and who you pick to be your lender. Choose a lender from a reputable company with years of experience. Talk to your financial counselor. Read the fine print on all documents and keep your eyes and ears open to what terms are required in your agreement.

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