Refinancing Guide

Florida Home Loan Refinance Section


 


Social bookmarking
You like it? Share it!
socialize it

Newsletter

Subscribe to our newsletter AND receive our exclusive Special Report on Refinancing
Email:
First Name:



Main Florida Home Loan Refinance sponsors


 

Latest Florida Home Loan Refinance Link Added

INSERT YOUR OWN BANNER HERE

Submit your link on Florida Home Loan Refinance!



 

Welcome to Refinancing Guide

 

Florida Home Loan Refinance Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.

´╗┐The term "refinance loans" is a commonly used phrase today in the banking world and in our private lives. It's not uncommon for a consumer or homeowner to take out loans for a home, car or other personal items and refinance loans at a later date. People choose to refinance loans for a number of different reasons.

from:

One of the main reasons why borrowers refinance loans is to take advantage of lower interest rates. At least, this is the case with mortgage loans which are usually contracted for a long term of anywhere from 10 to 30 years. In a long term such as a 30-year mortgage, a point or two differences on interest rates can add up to thousands of dollars over that many years. Mortgages are usually originally set up as A.R.M. (adjustable rate mortgages) or fixed rate mortgages.

In an adjustable rate mortgage, the loan is ballooned over a certain amount of months e.g. 36 months, at which time, it needs to be rewritten. When you refinance loans such as A.R.M., your new interest rate will reflect what the current market rate is at. For instance, if interest rates have increased, you will get a rate increase when your refinance. Loans for mortgages that are adjustable rate mortgages can be very risky in a shaky market.

Fixed rate mortgages, however, can lock you in at a low interest rate. Regardless of what the market rates go up to or how high, your interest will never increase. They are called 'fixed' because the mortgage loan is stuck or fixed at that specific interest rate for the life of the loan unless you decide to refinance. Loans are often refinanced to change them from adjustable rate mortgages to fixed rate mortgages.

Another main large reason borrowers refinance loans is for debt consolidation. Credit card usage is very heavy today. The cost of living has made it very hard for many people to get by without the help of loans and credit cards. As convenient as credit cards are, their interest rates are often very high, making it almost impossible to ever get them paid off. Many consumers find themselves with numerous credit card payments each month, making it difficult to pay them all on time. Many of them have mortgage or automobile loans at their bank so they choose to refinance loans to get additional cash to pay these debts off. The amount they borrow is added to their original loan and the loan is rewritten. When couples or individuals refinance loans to consolidate and pay off debts, this is often the help they need to get back on track financially.



Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Deprecated: Function eregi_replace() is deprecated in /home4/marcilio/public_html/loan/refinancing/datas/persobanner_center.php on line 21

Other Florida Home Loan Refinance related Articles

Refinance
Home Refinancing
Refinance Home Loan
Mortgage Refinancing
California Refinance

Do you want to contribute to our site : submit your articles HERE


Florida Home Loan Refinance Specific links

Florida Home Loan Refinance News