Lower Your Mortgage Interest | Refinance Options
Depending on how long you have had your loan and at what interest rate you are being charged, you may be able to seek a mortgage interest refinance to save money on your payment each month.
Mortgage modifications are common; when you have a loan that is scheduled to last fifteen to thirty years, it is understandable that it may need to be adjusted.
One of the most common mortgage interest refinance options is a streamline refinance on an FHA loan. The mortgage modifications offered by an FHA mortgage interest refinance allows you to refinance your mortgage solely for the purpose of making your payment more affordable.
In order to be eligible, you must already have an FHA loan, all payments must be current, and not take out any equity out during the transaction. If you meet the criteria, an FHA mortgage interest refinance can help you lower your monthly payment.
Other mortgage modifications include government programs that allow for interest rate adjustments, straight mortgage interest refinance with a new lender, and mortgage modifications that allow you to access the equity you have in your home to pay off credit debt, make home improvements, or pay for needed repairs to the home.
One thing you should keep in mind when deciding to refinance is that there is almost always a cost involved in making mortgage modifications.
While you may not be required to obtain a new appraisal unless you are taking money out of your equity, you will often either be required to pay additional loan fees or have those fees added to the amount you finance.
Before deciding to seek any kind of mortgage modifications, be sure you shop diligently for a lender or mortgage broker who can match you with the best possible product to meet your needs.
Compare interest rates between the different offers available. Sometimes, even a small half-point different in interest can make a big difference in how much you pay out over the life of the loan.
Finally, consider how long you actually plan to stay in the home. Mortgage modifications can save you money, but it is typically best realized over the long term, so if you are planning to sell the home in less than two years, mortgage interest refinancing may not save you as much.
Biography: Monica McKinney is a Mortgage Loan Strategist, licensed and certified in Real Estate and Mortgage Loan Brokering. Monica is also an Award Winning Writer and has just authored an exciting new mortgage approval guide, “Mortgage Approved!: Your Easy All-In-One Home Loan Kit, The ONLY Mortgage Approval Guide You’ll EVER Need”. This great approval guide book is filled with insider secrets, mortgage loan help and mortgage loan tools. Get more mortgage information from Monica. Click: Get Informed…Get A Mortgage