Repayment schedules and interest rates are very critical and should always be examined carefully before you commit to be bound by loans and financing contracts. Interest rates play a very crucial role in determining the overall cost of a loan. It is important to realize that these interest rates are never static. They keep changing from time to time. Such shifts are usually dependent on the prevailing economic conditions or preferences of the relevant regulatory authorities like the federal bank. These changes in interest rates are the major cause as to why you may be tempted to refinance your loan payment. Before you make a decision, there are 5 things you need to know when it comes to refinancing.
Refinancing entails replacing the old loan with a new one. (more…)
Read More »
The Federal HARP (Home Affordable Refinance Program) program helps people refinance their homes, even if they are now worth less than what was originally paid. People in these situations often find it difficult or impossible to refinance their loans, yet this could help you greatly with the costs of your mortgage. The HARP program was created to help people like you, whose homes are underwater, get their mortgages refinanced.
Unlike other debt relief programs, HARP is not intended for homes that are in foreclosure or pre-foreclosure. In order to refinance under HARP, your mortgage must be current, and your payment history must be good over the last 12 months. Only loans owned or guaranteed by Freddie Mac or Fannie Mae are eligible.
One of the previous guidelines for the HARP program (more…)
Read More »