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Find Out if Now is the Right Time to Refinance!
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By George Tesfa

Is it the right time to Re-finance?

Find out if now is the right time to refinance! You may be able to lower your monthly payments or reduce the time it takes to pay off your loan. You may also be able to save even more if you use your refinance proceeds to pay off credit card or other installment debt, since mortgage interest is usually 100% tax-deductible, and interest on consumer debt is not. Here are some important reasons to consider refinancing:

- Get a lower mortgage rate and reduce interest costs.

- Convert an adjustable rate mortgage to a secure, fixed-rate mortgage.

- Consolidate your first and second mortgages into a mortgage with a lower rate.

- Get cash for family wants and needs or pay real estate tax.

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What are the factors you need to cosider before you start the process?

STEP ONE:

Find out if you FICO Score is at least above 620 by going to
http://www.myFicoCredit.com. If not, this web site shows you how to improve your fico score.

STEP TWO:

Find out if your existing mortgage has a Pre Payment Penalty (Early Refinance Penalty).

STEP THREE:

Try to get a new interest rate quote at least 2% below what you have now. If not, it may not even worth refinancing it.

STEP FOUR:

Try to get a Comparable Market Analysis (a Pre Appraisal Estimate Value of your House from a Realtor or an Appraiser) and see if your new mortgage loan will be 80% or less of the value of your house. If so, you will also be able to drop your PMI (Mortgage Insurance) from you monthly payment.

George Tesfa, Sr. Loan Officer / Manager
American Mortgage
http://www.amerimort.com
http://www.CashMyEquity.com

Article Source: http://EzineArticles.com/?expert=George_Te!
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This entry was posted on Tuesday, October 17th, 2006 at 2:06 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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