As a homeowner you may be interested in lowering your monthly mortgage payment or cashing out equity in your home. If you currently have an adjustable interest rate mortgage and are worried about your monthly payments going up, now is the time to refinance to a fixed interest rate loan.
Lower Your Monthly Mortgage Payments – Even If You Have Poor Credit
If you have less than perfect credit, (even downright bad credit) you can still refinance your home and lower your payments. You may have to use a subprime mortgage lender and pay a higher interest rate, but you can still find good deals from these lenders.
To find the best deal for your mortgage you need to shop around from a variety of lenders. Online mortgage lenders and brokers are excellent resources to help you do this. Utilizing the internet and a good search engine you can quickly compare a variety of lenders and mortgage products.
Another way to lower your monthly payment is to select a mortgage with a longer term. The term of a mortgage is the length of time your mortgage lender allows you to pay off the loan. Mortgages traditionally had terms of 30 years; however, 40 year mortgage loans are becoming available in today’s marketplace.
Cashing Out Equity to Pay Debt
If you have equity in your home and are considering cashing out to pay off debts now is a good time to do it. Home equity loans and 2nd mortgages are in strong demand in today’s marketplace. When you pay off excessive debt you will improve your credit rating and make your monthly budget more manageable.
When it comes to financing your home, the biggest mistake you can make is skimping when it comes to doing your homework and shopping around. The more you know in the mortgage industry, the more you will save.
You can learn more about saving money on your next mortgage by checking out our free video guide to mortgages and mortgage refinancing.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
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