By Carrie Reeder
With todayís lenders, you have more refinancing options than
ever before. So whether you are looking to reduce your rates
lower your monthly payments, you can find financing that is
right for you.
Lenders also let you compare loan quotes online without
your credit score. So with real numbers, you can determine
is the best lender and loan for you. You take the guesswork
of the refinancing process, knowing how much you can save.
Stability Of A Fixed Rate Mortgage
Refinancing for a fixed rate mortgage can lower your rates and
give you peace of mind. By setting your mortgage rate today,
you know exactly how much your interest will cost and how long
your loan will last.
Fixed rate mortgages also allow you to buy down the rate,
saving you thousands if you keep the mortgage for several
years. You can also extend the loan period to reduce monthly
Betting On Lower Rates With An Adjustable Rate Mortgage
Refinancing with an adjustable rate mortgage will qualify you
for some especially low rates a year or more. With these
introductory offers, you can save hundreds a month.
There is the chance that rates will increase, along with your
monthly payments. Depending on your caps, you may also see
mortgage lengthen due to high rates. But if you arenít
to keep your loan or house for too long, you may find the
savings worth the risk.
Cashing Out Your Equity With A Refi
Cashing out part of your equity during a refi saves you money
on application fees and higher rates with a separate home
equity loan. When you pull out your equity, you can still
select fixed or adjustable rates. You also have the options of
extending or shortening your loan terms.
Creative Terms For Unique Situations
Interest only loans and similar creative loan terms work for
those in unique situations. For instance, if you are planning
to move in a year, refinancing with an interest only loan can
cut your mortgage payments by hundreds of dollars. And by
selling before the loan payments jump, you donít have to worry
about high payments.
About The Author: Visit
www.abcloanguide.com/refinance.shtml for a list of
mortgage refinance lenders online. View our recommended home
mortgage refinance lenders online.