Science & Technology
Science and Technology
Science and Technology
Mon, December 21, 2009
Sun, December 20, 2009
Fri, December 18, 2009 
CALABASAS, CA--(Marketwire - December 18, 2009) - There are many factors to consider when first structuring a home loan. But which considerations are important when it's time to refinance your mortgage? According to Informa Research Services, a subsidiary of Informa plc ( Saving Money Right Now Refinancing for a lower monthly mortgage payment or to change the terms/length of your loan may prove beneficial to you if you are interested in saving money right now. For example, if you are currently paying 6.000% for your current loan, [ Bank of America ] is offering a refinance rate of just 4.875% with an APR of 4.990% with 0.500 points on a 30 Year fixed program. For a loan of $200,000 this rate will reduce your monthly payment by $126. That is a total savings of $1,520 per year! You can click [ here ] to find out more details about this offering. Debt Consolidation The interest rate on credit cards is typically much higher than [ mortgage interest rates ]. Additionally, mortgage interest paid may be tax deductable (check with your tax advisor). Under the right conditions, it may be a smart idea to refinance your mortgage loan in order to consolidate the debt into one monthly payment. Adjustable or Fixed Depending on how long you plan to stay in your home, refinancing to switch from an [ adjustable rate mortgage to a fixed rate mortgage ] could be a great move. If you plan to stay in the home for more than 10 years, then a fixed rate is probably the way to go. If you plan to move, or move up, in the near future, an ARM may save you money since the interest rates on this type of mortgage have typically a much lower initial rate. Cash Out Perhaps you're thinking about taking cash out of your home, refinancing might be a great option. If you need cash in order to pay for college tuition, wedding expenses, or for repairs/upgrades on your home, then a refinance could be right for you. In order to do this you will need to have a reasonable amount of equity. Finding the best rates on mortgages is made simple now with online rate comparison tables provided by sites such as [ Yahoo! Real Estate ] and [ MSN Money ]. By providing basic property information, you can quickly find the best rates available in your area. Permission is granted to reprint this release in part or in its entirety as long as source credit is properly listed. About Informa Research Services, Inc. ([ www.informars.com ]) Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research and decision-support information.
