Refinance Your Home Mortgage Online[ Bookmark this page! ] [ get HTML Version ] Refinance Home Mortgage Loan with Poor Credit Refinancing your home mortgage is the cheapest type of credit you can access when you have a poor credit history. Based on your property's value and equity, you can pull out cash for home improvements or to consolidate bills. Or you can decide simply to reduce your rates and monthly payments. To get the best deal on your next mortgage loan, follow these three tips. 1. Check Out Rates Should You Consider Home Refinance Home Refinance Tip #1 Having a second mortgage Refinancing a home that has a second mortgage over it will most likely leave you paying back more than you would need to under your original home loan. It is worth remembering that lenders look less favourably at homes with second mortgages, especially if the second home loan was taken out to help repay other bills. Home Refinanc... Read refinance mortgage article Refinance Your Home Mortgage Online The largest financial obligation most people ever take on couldn't escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry. Unlike many shifts in big business recently, this change actually seems to greatly benefit consumers by increasing competition and placing more financial control in the hands of homeowners. To finance or refinance a home in the olden days (before the Internet), you needed to find a mortgage lender, broker, or banker who wanted to make a loan for you. Though mortgage lenders always wanted to make good loans, the process of gathering information to compare interest rates, points, and loan programs among lenders presented a tedious task for borrowers. Without a centralized information source for mortgage rates, loan programs and financial advice, most people just called a few banks and went with the lender that seemed to offer the lowest rate for the least discount points. Now borrowers can access up-to-the-minute financial information and economic indicators online. Comparing rates and fees between lenders takes only the click of a mouse. Loan programs and mortgage calculators quickly figure the best strategy for everything from which loan represents the lowest cost over time to how much money a borrower could save by prepaying their mortgage on a monthly or bi-weekly basis. Financial tools available online truly empower any borrower with Internet access. Though the Internet represents a faster and more hassle-free way to refinance your first or second mortgage, remember these important facts: Loan Programs - Just because the Internet makes the loan process easier doesn't mean you should abandon common sense. Take the time to analyze which loan program best meets your needs based on the big picture of how long you'll live in the house, the payment you can handle comfortably, and how much cash or equity the lender requires. Fees - All lenders don't charge equally. Many offer a lower interest rate, but make up the discount in fees and charges. Analyze costs between lenders by obtaining a list of all associated loan fees known as a "Good Faith Estimate". Service - Obtaining a loan online won't do you a bit of good if you run into a problem and need to speak with a live human. Make sure your online lender maintains offline customer service. Rate Lock-in - The lender's website should clearly explain their interest rate lock-in period and policy. Don't get lured in by a lender offering a lower rate and points only to find out the hard way that your interest rate lock expires before you can get the loan closed. Loan Commitment - Find out from the lender's site what legally binding documentation they provide to document the loan commitment once you get loan approval. Though many borrowers use the Internet purely for research, record numbers now go online to apply and complete the entire mortgage process on the Web, while saving significant money and time in the process. Copyright 2005 Jim Edwards Jim Edwards is a consultant specializing in internet mortgage refinance strategies and consumer home loan information. He is the author of "The TEN Dirty Little Secrets Of Mortgage Financing" at http://www.mortgageloantips.com/info.html and offers a free mortgage e-course at http://www.mortgageloantips.com/eclass.htm What do you want to do? Bookmark this page before you lose it Search this site for FREE information Refinancing Your Mortgage - Save Thousands Refinancing a mortgage is simply taking out a new mortgage. It means paying off one or more old debts by getting a new loan. Sometimes, refinancing your mortgage can really save you money. You may be able to pay less interest, lower your monthly payment, or convert from a 30-year loan to a 15-year loan and build your equity faster. But be sure that refinancing is right for you. 1. Refinancing can be a good idea for you if you: - want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if you intend to stay in the house long enough to make the additional fees worthwhile. - have an adjustable-rate mortgage and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan. - want to convert to an adjustable-rate mortgage with a lower interest rate or more protective features. - want to build up equity more quickly by converting to a loan with a shorter term. - want to draw on the equity built up in your house to get cash for a major purchase or for your children's education. 2. Some situations where refinancing your mortgage can really save you money: - refinancing your higher interest rate unsecured loans with lower interest rate unsecured loans if the terms of the loans are comparable and the new rate is lower than the existing rate. - refinancing your secured debts (such as your mortgage or car loan) if the new loan is for the same length of time left on your old loan (or shorter), and the interest rate on the new loan is substantially lower than the interest rate on your existing loan. - refinancing your home to pay-off expensive car loans or credit cards provided you're not in financial difficulty and not at risk of losing your home. Mortgage refinancing can be worthwhile, but it does not make good financial sense for every homeowner. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate. This figure is generally accepted as the safe margin when balancing the costs of refinancing a mortgage against the savings. Sometimes, refinancing is an appropriate way to resolve financial problems. In some situations, however, refinancing can make existing financial problems worse. If you decide that refinancing is not worth the costs, ask your lender whether you may be able to obtain all or some of the new terms you want by agreeing to a modification of your existing loan instead of a refinancing. Copyright © 2005. Chileshe Mwape writes for the Mortgage Lender Guide at: http://www.lending-guide.org/ which offers informative articles about mortgages and loans. This article may be reprinted as long as all the above links are active and clickable. Top rated articles for refinance mortgage 1. Refinancing Your Mortgage - Options Revealed It can happen to anyone, the roof is leaking, the credit card bills are pilling up and it is almost time for a new car. 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Home Refinancing vs Home Equity Loan Consolidating your debt can help you lower your monthly bills and interest rates. While refinancing and home equity loans can both help you pay off accounts, they have their own benefits. The best cho... Read refinance mortgage article 6. Refinancing Your Home - Important Factors There is no overstating the fact that in recent times, home refinancing has seen a record increase in activity. The unprecedented low interest rates coupled with increasing home prices have been enoug... Read refinance mortgage article 7. Should You Consider Home Refinance Home Refinance Tip #1 Having a second mortgage Refinancing a home that has a second mortgage over it will most likely leave you paying back more than you would need to under your original h... Read refinance mortgage article 8. Refinance Home Mortgage Loan with Poor Credit Refinancing your home mortgage is the cheapest type of credit you can access when you have a poor credit history. Based on your property's value and equity, you can pull out cash for home improvements... Read refinance mortgage article 9. Refinance a Mortgage Loan or Not If you're considering whether or not to refinance your mortgage loan, you may find that the decision that you make will influence your finances for years to come. Refinancing can be a powerful tool to... Read refinance mortgage article 10. Refinance Home Mortgage Loans - No Doc Loans If you are looking to refinance your current mortgage, there are several options available to you. Homeowners refinance their mortgage for many reasons. These include eliminating private mortgage insu... Read refinance mortgage article 1. Home Refinancing for Bad Credit - How to Avoid High Fees 2. Home Mortgage Refinancing - Get Cash Out on a Refinance 3. Refinance Home Mortgage Loans - No Doc Loans 4. Mortgage Refinance Quotes Online - Finding a Better Rate 5. Refinancing Your 2nd Mortgage 6. Refinance Your Home Mortgage Online 7. 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