They are not seen often these days, but occasionally you may see roadblocks in the Fort Worth, Texas area designed to find intoxicated drivers. If by chance you are pulled over for driving while under the influence, then your best defense is to seek the advice from an experienced Fort Worth DWI Lawyer. Their recommendation is to always ask the officer to speak to your attorney
prior to any testing or statementsare made.
This might sound a little strange, but all you are doing is enacting your right as an American citizen to have the advice of your attorney present prior to the law enforcement officer can ask you any questions or for you to perform any tests like a sobriety test. Most police will think this is a delaying tactic. Though it may be, it is also quite legal.
Often times, even if you can reach your attorney, he will likely not be able to show up for hours or even until morning. The main reason is that if it is after business hours, he will be asleep or harder to reach. When the messages are checked in the morning your Fort Worth DWI lawyer will respond and show up to protect you. This is a legitimate reason for there to be hours in delays before your legal representation will attend to your request.
The local prosecutor will no doubt point out to the judge that this is a simple delaying tactic, and they will be right. But this representation is guaranteed under the U.S. Constitution. They cannot argue successfully against it or hold it against you for exercising your rights.
Your attorney can counter the prosecutor's argument that you remembered your rights so how could you be as intoxicated as the police officer claims you were? This is a legitimate point and has to be taken into consideration.
So regardless of what the situation or circumstances you find yourself in when confronted with a sobriety test by a law enforcement officer, do not refuse to take it, just ask to talk to your Fort Worth DWI lawyer first.
Article Source: Mark Sierra
Representation by a Fort Worth DWI Lawyer
Online Life Insurance Quotes Made Easy by Quote Assure’s Quote for Life Insurance
Almost all people understand the need to get life insurance. They know that accidents happen anytime and that life insurance secures the individual and family from financial breakdown during these tragic times. However, no matter how important it is, some people would rather not invest in insurance because of its high price. Oftentimes, it’s the fear of not being able to pay the premiums on schedule that makes them refuse to get life insurance. Indeed, it’s a sad fact that people sacrifice the need against ones capability to pay the premium. The solution?Why not look for insurance that provides the needed financial protection at the same time one that is affordable for the person’s current capacity to pay.
Fortunately, there are insurance companies
that understand the balance of premiums and coverage needed. Whilst some can offer various coverage at expensive rates, there are those who can offer the basic coverage at the most affordable rate. The best thing to do is to choose which among the company offers the most affordable rate at the most reasonable coverage. You just have to search or shop around for companies that offer life insurance plans.
Searching for such high standard criteria for the needed life insurance can be exhausting especially with all the numerous insurance companies available offline and online. It’s not like you are going to call them one by one to request quote for life insurance and the corresponding coverage. Experts suggest that you call at least five insurance companies to get quotes for life insurance. But even calling or contacting the five companies can take considerable amount of your time. Even if you have to search for online life insurance quotes
from various companies in different websites, you will most likely still miss the company that offers the most affordable life insurance plan.
Fortunately, there are companies that show one time quotes for life insurance. Here, people can compare the prices for life insurance. They can even have a look at what is included in the coverage with the available premium price. Online life insurance quotes may just be the nearest estimate based on your given information. But it does not mean that there is no possibility that there is most affordable price in the quote for life insurance. With companies that offer online life insurance quotes, you can search for the lowest offer and contact or deal with the life insurance company. This can be the best start for searching the affordable life insurance premium that suits your current financial capacity.
Quote Assure is an online company that provides quotes for life insurance. With just a click away, you will find various companies offering different premiums and coverage based on the information you have given. You can then easily choose which among the companies you need to contact with. This way, you will not go all the way calling or visiting websites of various life insurance companies just to ask how affordable their premiums are. With Quote Assure, you just need to fill up some information relevant to application for life insurance and you will instantly get online life insurance quotes.
Why Consolidate Student Loans
When you consolidate student loans the process is often long and sometimes difficult. Many students will find it confusing with obstacles that are tiring. For that reason is best to consolidate student loans as quickly as possible after graduation. For the most part, the student loan company will handle the difficult issues when you consolidate student loans. A student loan consolidation combines several payments into a single much lower monthly payment. When you consolidate student loans it makes life easier at a time when you are launching your careerWith certain repayment plans, the student can easily budget out the payment each month to ensure that the loan is retired promptly.
When you consolidate student loans you not only lower the monthly payment, but budgeting your finances becomes much easier. The consolidation process can also potentially lower your interest rate, saving you significant money over the life of the loan. So don't get discouraged when you consolidate student loans, as the student loan company is always there to help.
When you want to consolidate student loans, the Internet is the best place to find information on repayment options. Many options are available to you when you consolidate student loans, so it is important to get as much information as possible to assure you get the best payment plan. Some payment plans even have a sliding scale to compensate for lower income when you are just getting started in your career.
Before you apply for student loan consolidation you should check out student loan forgiveness programs. You can qualify to have your student loans forgiven by:
1) Performing volunteer work:
If you serve for 12 months in AmeriCorps, you receive up to $7400 in
stipends plus $4725 for your loan retirement. Call 1-800-942-2677.
Peace Corps Volunteers can retire up to 70% of consolidate student loans Call 1-800-424-8580 or 1-202-692-1845.
Volunteers in Service to America (VISTA) can earn up to $4725 in debt forgiveness. Call 1-800-942-2677 or 1-202-606-5000.
2) Performing military service:
The Army National Guard offers $10,000 of repayment funds its members.
3) Teaching in certain types of communities:
The American Federation of Teachers maintains a list of loan forgiveness programs for teachers.
Also contact your local school boards to learn which schools qualify for loan forgiveness
4) Medical and Legal service in certain communities.
Many law schools forgive the loans of students who serve in public interest or non-profit positions. Call Equal Justice Works 1-202-466-3686 or fax 1-202-429-9766.
The US National Institutes of Health's NIH Loan Repayment Programs repay up to $35,000/year of student loan debt for US citizens who are conducting clinical medical research.
The more you know about your student loans and the options available when you consolidate student loans, the better judgments and decisions you will make. Most students who do not want to do volunteer work can benefit when they consolidate student loans. If you have small, low interest rate student loans, it is best to keep them separate when you consolidate student loans to preserve the advantageous interest rate.
To consolidate student loans is a smart way of managing student loan debt. Study all the options on the Internet and make good decisions on how to pay back student loans. When you consolidate student loans it does not remove all the pain of repaying your debt, but it makes life more enjoyable while you do.
Bill Stephens is a management consultant that shares his expertise on how to consolidate student loans at [http://www.consolidate-student-loans.biz]
Article Source: Bill Stephens
What is a Life Assurance Quote? Is it the Same As a Life Insurance Quote?
What is a life assurance quote? Life assurance is life insurance; they have the same meaning, which is the protection against the loss of income should the insured pass away. Life assurance is a term commonly used in United Kingdom while life insurance is more common in United StatesFinding a quote nowadays has never been easier. All you have to do is get online and search for a quote provider. You just have to fill out a brief personal questionnaire and submit. Afterward, you will receive a quotation in no time. In the quotation you will find the following: the financial rating of the life assurance company, the type of assurance, and your personal heath rating. The quote you will receive takes all of these into consideration.
Once you get the quote form various companies, you will find that there are subtle differences between policies. By dealing with this online, you are able to get the quote immediately and compare them. Moreover, you will be able to concentrate well and make sound decision in what policy to avail.
In purchasing a life assurance policy, there are several things that you must ask yourself:
- Will you need a term life or a whole life?
- How long will you need coverage?
- How much coverage you need?
- How much can you afford the premium
- What is the financial rating of the company?
- Are you the only one who will need to be covered under the policy?
- Do you have access to other life insurance?
Having the answers to these questions will help you determine the right amount of coverage that is suitable for you. You won't have to contact a sales representative or an agent to make that decision. You already have that information; the next step now is how to make best use of it.
In conclusion, finding a life assurance quote is quick and easy. Just make sure you consider all the various factors above. Cost alone should not be the only thing that influences your choice. Making an informed decision will be extremely beneficial in choosing the right life assurance policy just for you.
Get a FREE Life Assurance Quote when you visit our site. Get the answers to the most FAQ's about Term Life Insurance Click Here.
Article Source: Anna Kowalski
Mortgage Refinancing – Save Money by Refinancing Your Home Loan
Mortgage Refinancing at present, a lot of individuals are experiencing several difficulties in their economic condition. From the time when the global economic meltdown and subsequent credit crisis hit us very hard, we're all short of money. We've been taking out loans in excess of what we could manage to pay for. It has caused us to get in this state of affairs where we have to pay the price of this over indulgenceSeveral people would like to hit upon ways to save a few dollars or if at all possible a few thousands of dollars to be precise.
An excellent means to cut down your debts away in a flash is home loan refinancing. In addition, regardless of what a lot of people believe, you can still refinance your home mortgage even though you have bad credit record. Fortunately so, given that as soon as you are on bad credit and you consider you can save money by refinancing your home, in that case you at first have to get that home of yours refinanced.
Nearly all individuals have heard about refinancing homes. However, not everyone is familiar with how it works. Refinancing basically suggests that, you are taking out a fresh loan to repay the old loan. This might look as if counterproductive. However the money saving feature comes from the truth that interest rates often fall to new lows. As soon as interest rates are substantially less than (a minimum 2% less than) the earlier time you took out a home mortgage, in that case you can swap from your old, high interest mortgage to a new, low interest mortgage. You immediately save thousands of dollars over the entire term of your mortgage.
There are a couple of things you must remember. To begin with, refinancing itself costs money. Therefore take this into consideration while you are calculating the amount you can save on the interest. Next, as soon as you are on bad credit, odds are your lender will just offer a fresh mortgage to you if you are ready to pay higher interest than if you had had an excellent credit score. Accordingly the lower interest rate you've been looking at could be a bit more than you had been looking forward to.
Yet, it is possible to save money by refinancing your home mortgage loan with bad credit if you go on searching for long enough. You can search online for bad credit mortgage. There are several websites at present offering various financial services such as mortgage quotes wherein you can request for mortgage quotes from several lenders listed on their websites. You can then compare these quotes using free online mortgage calculators provided by these websites to opt for the best deal. In addition, they as well offer free counseling to people who are on a look out for mortgage. You can request call back from these mortgage expert who will then look into your condition and will offer you the best possible solution.
Author: Christina Moreno
9 Steps to Get Your Home Loan Approved
Finding the money needed to buy a home is almost always one of the most difficult obstacles new owners face. The most likely capital is usually your own savings, but most buyers turn to banks for getting the money to buy property. Since the economic downturn it has become harder and harder to qualify for a home loan with banks having stricter lending criteria and asking higher deposits. It is thus essential that you follow the rightsteps when applying for a home loan:
1. Become Credit Fit
To get credit fit you need to check where you stand regarding credit. Most people will tell you that debt is the root of all evil but in this case it is good to have debt so you can prove to the bank that you can make and repay debt. You can request a free copy of you credit report from the bank. It’s also good idea to increase your disposable income by consolidating debts to increase you cash flow.
2. Find a Mortgage Originator or Lender
The Internet is a great source of information and will help you find a good mortgage originator. Ask your family and friends for advice. Alternatively you can also get referrals from estate agents.
3. Fill Out a Home Loan Application
There are different types of home loans: a first time buyer’s loan, a variable home loan and a fixed home loan. Your lender will be able to tell you which one will suit you needs the best.
4. Budget for the Additional Costs
Think ahead when it comes to the amount you want to apply for. Transfer fees, closing cost and bank fees could come to a substantial amount so make sure you calculate them into you budget.
5. Compare Costs/Fees/Interest Rates
Once you’ve been to various mortgage brokers you can compare prices and interest rates to ensure that you get the best deal. Remember to consider everything before you make your decision.
6. Negotiate, Negotiate and Negotiate
Feel free to negotiate fees and costs as far as possible.
7. Provide Documentation
Get your documentation ready and present it to the originator on time. Make sure you are well organized by keeping all documentation up-to-date and ready to use.
8. Review Loan Papers
Once you’ve received the final papers you can compare it with the offer to make sure that it is the same quote.
9. Sign Loan Papers
When you are sure everything is in order you can sign the home loan papers and deposit money for the down payment. Take a cashier’s check to the closing and hand it over to the broker/lawyer/title company.
It is important to note that getting your first loan will always be the hardest, as banks prefer to lend money to borrowers who have borrowed at least once and have paid back at least one loan on time. Plan well in advance and make sure that you have all necessary information and documentation in order to speed up the process.
Writer By: Elizabeth McLachlan
Life Assurance Comparison Options To Get Best Plan
When considering a life assurance plan to provide financial security for family survivors in the event of death, many people make the mistake of going with the cheapest coverage. Certainly there are low cost products available, but it is more important for customers to find the right coverage for their circumstancesThere are many types of coverage, with varying terms and benefits
People can compare life assurance options fairly efficiently using an online broker or insurance specialist. Many sites offer searchable databases or the ability to narrow down options. This efficient search process enables customers to learn quickly what life plans meet their needs and what the lowest premiums are to get the appropriate plan.
In order to effectively compare life assurance plans through an online specialist, customers need to be prepared to fill out brief questionnaires and health surveys. Some insurance policies can be obtained simply from data provided by the customer. Other policies and providers require health screenings, such as blood tests, blood pressure checks, pulse rate, and more. By providing thorough and accurate data using an online form, customers ensure a more accurate comparison of policy types, rates, and terms that are available to them.
Brokers specialize in helping customers find the best insurance carrier and plan to meet their needs. They need help from the insurance prospect, however. Brokers do not know the personal history and health assessment of prospects, but given this information, they can usually track down the right product at the lowest available cost.
Another advantage that a broker provides is their knowledge of the insurance market place. Whereas customers do not know about many of the nuances, deceptions, restrictions, and limitations of life insurance policies, brokers to. They are usually aware of important terms that can affect potential benefits and payouts. They can also usually spot red flags or problems that might prevent the likelihood of a hassle-free payout on the event of death of the covered individual.
Sometimes life insurance customers make the wrong choice. They select a provider that does not offer account services and information the customer wants, or the customer realizes the protection is not right. Sometimes, customers' life situations change to the point that new coverage types and terms are needed to ensure proper protection. In other words, it is not just new policy seekers that compare insurances. Some customers are looking for new coverage or add-on coverage.
Insurance specialists are an invaluable resource for those looking to compare life assurance products and carriers. For individuals wanting to provide the best protection for their families, getting expert advice is necessary. Thinking about the hundreds of thousands or millions of pounds at risk for a poorly conceived plan or a plan that does not fit the individual, it does not make sense not to do a thorough comparison of products and insurers. Providing the right types and right amount of benefits to survivors at the point of death is one of the biggest decisions many people make during life.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.
Article Source: David H Thomson
Urgent Refinancing
In times of financial emergency, refinancing can solve a number of problems. Cash out refinancing can pay any arrears on loans, and also pay off loans at higher interest rates. Refinancing for debt consolidation can allow for a lower monthly interest bill, and refinancing a mortgage can often reduce monthly payments significantlymaking the difference between financial struggle and having a little breathing space.
Emergency refinancing is not something one plans to do, but there are times in life when unforeseen circumstances make it necessary to refinance in a hurry to solve a pressing financial problem. Whilst it is preferable to plan for mortgage refinancing and follow the process of refinancing in at your own pace, there will always be a proportion of people who find themselves in need of emergency refinancing.
It is vital to avoid foreclosure. If you think you are in danger of foreclosure, you must act immediately to prevent your lender from starting foreclosure action. Nobody wants you to lose your home, believe it or not, even the bank would rather not foreclose if you gave them any other viable option.
It is very important to be proactive when you start to fall behind with your mortgage payments. In the current economy, the banks will do just about anything rather than put another home on sale in a depressed market. Sometimes, it is a simple as refinancing your home to free up some cash and pay off the arrears. Alternatively, you can restructure your mortgage if you think your financial difficulties will last over a longer period.
Even if you have decided that you can't afford to keep your home, it is better to avoid foreclosure by refinancing or restructuring, and then sell your home later for the highest possible price, without the pressure of a forced sale.
Mortgage refinancing can sometimes be the only way out of a difficult financial situation. Once a homeowner has missed a few mortgage payments, for whatever reason, protecting the home from foreclosure may require refinancing. For example, mortgage refinancing could be used to release some of the equity in the home as cash. Known as cash-out refinancing, this form of mortgage refinancing allows the arrears to be repaid in a lump sum.
If mortgage rates have gone down since the original mortgage was taken out, then mortgage refinancing is likely to result in a lower monthly mortgage payment, too. The savings can be applied to further reducing debts.
Debt consolidation refers to refinancing your home for an amount large enough to repay the balance owing on your mortgage, and any other debts such as store cards, credit cards, and personal loans. These loans are usually at higher interest rates than mortgages, because they are unsecured, so refinancing for debt consolidation is likely to result in a much lower monthly interest bill overall. Again, the savings can be applied to repaying the principal.
If your credit is poor, there is no need to despair. Refinancing with bad credit is possible - you just have to look a little harder to find the right lender. Of course, refinancing after bankruptcy presents some difficulties, but it is not impossible either. Bad things happen to good people, and everyone understands that. The important thing is to stay calm and focus on moving forward. No matter where you start, you can follow the steps to financial freedom.
While we don't like to think we need emergency refinancing, sometimes it can be the best thing that ever happened to us, starting us on the path to getting out of debt completely and enjoying true financial freedom.
Today's Mortgage Rates
Mortgage Payment Calculator
Home owners in the US must take stock at this point in time, and ensure they are well-placed to survive an extended period of higher interest rates. Fixing mortgage interest payments at these historically low rates for a 30 year period may well be the best financial decision a home owner could make.
Mark Bennett is a staff writer for Money Talks, and contributes regularly to other financial sites. This article is part of his series on refinancing, which can be seen at EmergencyRefinancing.com.
Article Source: Mark Bennett
Refinancing Mortgage Loans for the Growing Family
Your kids are growing and your house is getting smaller. Thinking big? Go ahead and get that second loan, but you have to know that refinancing mortgage loans should not be taken lightly. Get to know the best refinancing strategies before you take out a loan. You won’t regret itAre you good enough?People turn to refinancing mortgage loans for different reasons. Some people need bigger homes for their growing family. Others resort to refinancing mortgage loans in order to reduce monthly payments. Yet others refinance to shift to other types of loans, while some refinance to build equity faster. Whatever your excuse is, there are a few things you should know about mortgage refinancing.
Before you head off to your lender to refinance your loans, you should be able to assess your personal eligibility to refinance, if only to spare yourself the pain of being rejected just in case you’re not good enough. Ask yourself basic questions like:
1. How big a house do I need?
2. How long do I plan to stay in my home?
3. How many years are left on my current loan?
4. Do I have enough resources to cover the expenses that come with refinancing mortgage loans?
Answer these questions as best as you can. These questions will not only determine your personal qualifications for refinancing mortgage loans, but will also help you decide the type of mortgage to take on. Depending on your needs, you can choose from the different terms and interest rates offered by a lender.
If you pass your own rigid personal assessment, you’re now ready to face the big guys – the lenders. Based on your income, property value, existing mortgage information, and other pertinent data, the lender will confirm your eligibility for refinancing mortgage loans. They have the final word, so cross your fingers and hope you’re all on the same wavelength.
Do you have what it takes?
So you’ve passed your evaluation with flying colors. You can now begin the process of refinancing. Mortgage loans may be refinanced by the original lender. But it will also be a good idea to contact other companies and compare notes. If you find something better, by all means, switch lenders. Nobody’s stopping you.
Be prepared to shoulder new fees aplenty, however, regardless if you’re switching lender or not. After all, they’re all running a business. Expect expenses such as closing fees, application fees, title insurance and title search fees, appraisal costs, discount points, loan origination fee, prepayment penalties, and legal service fees with your refinancing mortgage loans. The cost of refinancing mortgage loans varies from one case to another. In some cases, a new appraisal will not be required, especially if you’re sticking to your old lender. Other fees may be negotiated or waived, so turn on that charm and you might get lucky.
Want to kiss those fees goodbye?
If you feel that additional expenses are unjustified, put your righteous indignation to use and contact lenders that offer no-cost refinancing. Shop around for lenders that do not require up-front payments for closing fees and applications fees. While some lenders stick to their promise of no-cost refinancing, there are some that don’t.
Take the time to visit possible lenders. Play devil’s advocate and show up armed with a list of questions to ask the lender. After all, asking questions is your right. Compare the offers and other important information gathered, and come up with a shortlist. Keep an eye out for hidden charges and other unnecessary fees charged by the lender.
Working with lenders that use automated underwriting will speed up your application process. If you’re in a hurry, automated underwriting decreases the amount of time it takes to produce a loan approval. It also reduces the initial refinancing fees. Lenders that use automated underwriting do not require property appraisal, so that’s one expense down the drain.
Indeed, refinancing mortgage loans can help you, but if you’re not careful, it can give you more headaches than your kids or a hangover. It doesn’t pay to be hasty, so take your time. They’re not going anywhere.
Need those refinancing mortgage loans? Visit whataboutloans.com today. Also check out the information on loan refinance Florida and California home loan mortgage refinancing.
Article Source: Rony Walker
Benefits of Mortgage Refinancing
Reconsideration of refinancing mortgage is such an important decision that can turn your life in a new enjoyable way, Mortgage Refinancing is applying a new loan to pay off an old one. If you have a mortgage for which you have to pay high amount of money each month for a long time, you may refinance by taking another loan to pay off the current loanHowever, it is imperative to first know your reasons or needs to go for mortgage refinancing. Once you know the benefits it will be easier for you to take a decision. The benefits of mortgage refinancing are manifold.
Mortgage Refinancing Benefit #1 - The first and foremost benefit of mortgage refinancing o cut down the amount of monthly payment that you make for your loan. Suppose you have purchased a house with a loan which has 3% interest rate. But now if you want to lessen the amount of these monthly payouts then shifting to a loan with an interest rate of 2% will work to your benefit. As the interest rate lowers, the amount to be paid decreases, and thus the monthly payment lessens. Mortgage refinancing offers you the scope to cut off your monthly expenditure in a big way.
Mortgage Refinancing Benefit #2 - The second benefit of mortgage refinancing can be shortening the duration of payment. Suppose you have a loan to be paid in 15 years. But if you can transfer the duration to 10 years it will be advantageous in future. In some cases, paying off the debt as soon as possible can ensure the future security.
Mortgage Refinancing Benefit # 3 - There are two types of mortgage loans in consideration of interest rates available - (i) Fixed Rate Mortgages (FRMs) and (ii) Adjustable Rate Mortgages (ARMs). FRMs are appropriate when interest rate is too high or when there is a future security for monthly payment. On the other hand, ARMs are useful when the interest rate is low or when the future security of monthly payment is not sure. So, when you have cash down your credit at certain amount, it would be wise to opt for an ARM in exchange of a FRM. By mortgage refinancing you may shift from FRM to ARM and thus reducing your expenditure.
Mortgage Refinancing Benefit # 4 Another benefit of mortgage refinancing is cash-out refinancing and by this way accessing some extra cash. When a person recognizes that the value of her or his asset - say for a home that has increased in value or where the principal has been paid down to such an amount that one can now re-borrow on that principal. Then the homeowner "cashes out" this equity in the home. By this way one can refinance for an amount higher than the current principal balance and take the extra fund as cash.
Mortgage Refinancing Benefit # 5 - Last but not the least, for those of you, who are paying Private Mortgage Insurance (PMI), now can free yourself from these extra payments, by simply refinancing your mortgage. It is a smart investment decision to improve your financial worth and your asset base.
Martin Lukac represents RateTake Mortgage Loan mortgage marketplace. RateTake matches consumers with multiple lenders offering low Refinance Rates from our network of accredited lenders.
Article Source: Martin Lukac
Home Refinancing Tutorial
Considering home refinancing but not sure about how to proceed? This article is for youRefinancing your home is an obvious decision if you wish to reduce your interest costs, lower your mortgage payments, or cash out. By "cash out," I mean using your home equity as collateral for a low-cost loan which you can then use to finance other things, like a vacation, a new car, or a child's education.
Here are the three steps in home refinancing:
1. Do some Internet research and locate a new mortgage that offers you better terms than your current one.
2. Submit your application for the new mortgage.
3. Pay off your previous mortgage.
Four Warnings
First, you should be aware that refinancing is only one of a number of ways you can tap into the equity in your home? You may also wish to consider a second mortgage, a home equity loan, or a home equity line of credit. It's a good idea to talk with your broker or lender about these options before going the home refinancing route.
Second, also realize that there's often a huge difference in the terms you can get from various brokers and lenders. It's vital to not jump too fast. Shop around for your refinancing deal. Yes, you should definitely contact your present lender and give them a chance to keep your business. But also apply through several other lenders as well. Even a seemingly tiny difference in your loan terms (such as a quarter or half point in the interest rate) can amount to a very large difference in your monthly payment or the total interest you pay, or both.
Third, be cautious about advertising pitches about refinancing offers that promise extremely good terms. Usually, these pitches are applicable only to people with excellent credit scores (700 or above). In any case, home refinancing is a decision you should make based completely on whether it will be financially beneficial to you, not on what deals are out there at any given time.
Fourth, watch out for prepayment penalties. Does your present mortgage have a prepayment penalty built in? This may render refinancing uneconomical. Research this out before proceeding. And try to avoid agreeing to any such penalties in your next mortgage.
Refinancing Primer
You'll quickly find that refinancing is not a lot different from the experience you had in getting your original mortgage. You'll have to jump through most of the same hoops all over again. Your goal, presumably, is to get a significantly better deal the second time around. For this you'll need one or more of the following:
-A significantly higher income than you had when you applied for your first mortgage
-A higher credit score
-A build-up of equity in your home
-An untarnished history of on-time mortgage payments
The bottom line is: unless you can get a better deal, forget it. You will almost inevitably incur substantial closing costs in refinancing. Unless you can recoup the costs of refinancing, and do so quickly, it's usually not in your best interest to refinance. (An exception would be if you absolutely need to lower your monthly payments, even if it costs you some money to do so.)
Note, however -- and this is a point a lot of people overlook -- it's not necessary to get a lower interest rate. You may be able to get a better deal by switching to a different kind of mortgage, such as a variable interest mortgage, or maybe you can extend the term of the mortgage and thereby lower payments.
Understanding the Nitty-Gritty of Home Refinancing
The Internet can help a lot in unraveling the complexities of refinancing. Financial calculators are widely available which can help you crunch numbers and quickly figure out how long it will take you to break even -- i.e., recoup your loan costs -- for a given mortgage. You can also check out mortgage rate data nationwide and get referrals to lenders and mortgage brokers nationwide.
One of the better sites for researching refinancing deals is Bankrate.com, which is the Internet's leading financial rate information website. But in addition to any research you do at Bankrate.com, it's also a good idea to discuss your specific situation and financial goals with a reputable lender/broker before signing for a new mortgage, which, after all, is one of the most important decisions of your life.
You'll need to sit down and calculate exactly what terms you must get in order for a home refinancing package to be beneficial to you, given your specific goals. There are, as I said, financial calculators on the Web which can make this reasonably painless. One is at Home Finance.
Let's assume for example you now have a $200,000, 30-year, fixed-rate mortgage at 7.25 percent. Given this mortgage, your monthly payment is (as the financial calculator shows) $1,364.35 and the total interest you'll pay over the term of the loan (30 years) is $291,166.
Now suppose you receive an offer from a lender for a 6.75 percent loan for the same $200,000. That's just a half a point lower than your current mortgage. However, the financial calculator reveals that your monthly payment would drop to $1,297.20 and the total interest you'd pay would drop to $266,992. So you'd save $67.15 per month and also $24,174 in total interest paid in 30 years.
The important question is, Would this amount of savings be worth the time, effort, and cost of refinancing? For most people, probably yes.
Of course, to benefit in this way, it's not necessary that general interest rates decline. You may be able to refinance and obtain a somewhat lower rate even if rates have held steady provided your own credit standing has improved or you've built up a good deal of equity in your property. Another possibility is to take out an adjustable rate mortgage that offers lower rates. This need not involve greater risk. Suppose you plan to move in three years and you can find a mortgage whose interest rate is fixed until the fourth year, at which time the adjustable rate feature kicks in. Then you don't really care -- you're selling the property at that time anyway.
Paperwork Requirements
Remember the paperwork hassle it was when you took out your first mortgage? The second will be a repeat performance plus one or two additional irritations. But if you prepare the documents you're going to need to get the loan ahead of time, the hassle will be greatly reduced. Here's what you'll need --
- All the following: the current value of your home (the lender will arrange an appraisal to verify your estimate); amount owed on your mortgage; terms of your mortgage, including interest rate; your credit report and credit score
- Pay stubs from at least the last month
- W-2 forms for the past two years (or, alternatively, tax returns for the past two years if you are self-employed)
- Your bank statements for the past two months (three months is even better)
- Investment and IRA account statements for the past two months
- Copies of your present mortgage documents which you received at the closing
Main Points to Remember about Refinancing
-Refinance only if it makes financial sense, given your particular goals. Most people's goals involve one or more of these: obtaining a lower interest rate, shortening or lengthening the duration of the mortgage, cashing out the equity in the property.
-Always shop around for the best deal. The Internet can help a lot here.
-Do the numbers. Use financial calculators to figure out what your break-even point is given various financial scenarios. Bankrate.com is a good source for these tools, as well as much additional information.
-Remember that most refinancing ads are targeting unusually credit-worthy individuals (those with credit scores above 700). Average consumers usually won't qualify for the great deals they're promoting.
-Never focus entirely on the interest rate or the monthly payment. You must also figure out the fees involved. When comparing the refinancing deals offered by various lenders, always focus on the loan's APR, which reflects the total cost of the loan.
-Today, much or all of your home refinancing-deal comparison shopping can be done via the Internet. It's no longer really necessary to personally visit banks and other lenders, unless you are more comfortable doing it that way.
There are numerous refinancing businesses online. Spend some time researching them to find the one likely to be of most benefit to you.
Joseph L Ryan is editor of Web Search Guides (http://www.websearchguides.com)
Article Source: Joseph_L_Ryan
Refinancing a Mortgage - Considering Refinancing?
There are many avenues of refinancing available to homeowners who are deliberating whether to refinance their home. To help in deciding the best route, homeowners should first assess what their needs are. After these goals have been calculated, a refinancing expert should be consulted. The refinancing expert will assist the homeowner to wade through the plethora of choices and simplify the process of obtaining refinancing. With this information in hand, the homeowner can decide whether refinancing is indeed the best choice for their situation.Assess Your Needs
The first step a homeowner needs to take is assessing his needs, along with determining his purpose for refinancing. There is no right or wrong answer to this question. In fact, there may be several answers. The essential determination is whether refinancing will assist the homeowner to obtain his financial objectives. Frequent reasons for considering refinancing include:
· Lowering monthly mortgage repayments
· Consolidation of outstanding debts;
· Reduction of mortgage or loan interest paid to a lender
· Reduce the term of the mortgage or loan
· Earn equity sooner.
These are not the only purposes a homeowner might have when considering refinancing but they are among of the most common. They have been listed to assist the homeowner in beginning the evaluation process. You may conclude your refinancing goal falls within one of these categories. Likewise, you may realize you have an distinctly different objective. Once again, figuring out your purpose for refinancing is the most important aspect. If you do not decide why you are refinancing, you , or your financial advisor, will be unable to chose a refinancing option appropriate to your needs.
Refinancing Expert Consultation
The next step after you have determined what your ultimate goal with refinancing is, is to have a consultation with a refinancing expert. The expert will offer advice on which options will satisfy your goals while still remaining fiscally responsible.
It is not recommended that you forego a consultation with a refinancing expert, even if you consider yourself knowledgeable about the refinancing market. There is a wide selection of offers available on the market. A homeowner, however educated he or she may be about the subject, may not be informed about the latest products or concepts lenders are presenting.
Refinancing May Not Be the Best Solution
If you are thinking of refinancing, you will have researched the options available and determined your end goal. Sometimes, however, the best course of action is to not refinance. You should always explore this thoroughly before committing yourself to refinancing. This is known as the "do nothing" option because it is associated with where your mortgage circumstances will stand if nothing changes.
There are several items you should evaluate when you investigate potential refinancing options. These are:
· Estimated amount of monthly payment;
· How much interest you will pay over the life of the loan;
· The length of time (i.e. years) it will take to repay the loan; and
· How long it will take for you to recover the refinancing closing costs.
You should compare amounts from the above items with the costs of your present mortgage. This may help you to decide which plan is best. While most often these answers will make the obvious choice apparent, you may have to further assess lesser features as well to come to a conclusion.
Discover more about choosing refinancing options as well as doing comparison shopping for refinancing terms when you visit http://www.mortgagerefinanceguidelines.com, the premier resources on steps to refinancing a mortgage.
Article Source: Myron_E._Hunter
Details about Refinancing a Second Mortgage
According to the Mortgage Bankers Association, 2009 will see the amount of mortgage refinances rise from about $850 billion to over $1.9 trillion. While most of those refinanced mortgages will be primary mortgages, there are many good reasons to consider refinancing a second mortgage on your home.
If you are making payments on a second mortgage, also referred to as a home equity loan, refinancing could save you a good deal of money on your loan repayment.
Why Refinance a Second Mortgage?
The reasons for refinancing a second mortgage are no different than the reasons for refinancing a primary mortgage. When refinancing a second mortgage you can potentially lower monthly loan payments, get into a fixed rate loan from an adjustable rate loan, shorten the term of your loan, and even get cash back at the closing. In addition to these reasons, refinancing for a second mortgage also helps to combine your first and second mortgage into one loan, so that you will have only one payment to make. Refinancing for a second mortgage can also help to get rid of private mortgage insurance. It is most important to know that refinancing for a second mortgage is essentially the same process as refinancing for your primary mortgage.
Does Refinancing Your Second Mortgage Make Sense?
There are many factors to consider when deciding whether or not to refinance a second mortgage. Before you apply for a loan, you should carefully weigh the costs versus the benefits, to see if it makes financial sense for you. In order for a mortgage refinance to make sense, most financial experts suggest that you follow some basic rules of thumb:
- A mortgage refinance may be a good idea if the interest rates have dropped at least one percentage point below your current second mortgage rate.
- A mortgage refinance only makes sense if you plan to remain in your house for at least four more years.
- The costs of taking out a new loan plus any penalties for early repayment of your old mortgage are less than your savings if you refinance.
- Your financial circumstances have changed enough that you can qualify for an interest rate that is at least one percent lower than your current second mortgage interest rate.
How to Refinance a Second Mortgage
Before you decide on a second mortgage, you should first assess your own financial health. Check your credit report to be sure that it accurately reflects your current circumstances. If there are inaccuracies or discrepancies on your credit report that may lower your credit score, contact the credit bureaus to have the situation dealt with and removed.
If your credit is shaky, do what you can to rehab your credit score. Try to pay off credit card balances as much as you can, and bring all of your accounts to current standings. In certain cases, you may have to resolve to make regular payments on all of your accounts for several months before actually applying for a mortgage refinance loan.
You also want to decide what your aim is for refinancing your second mortgage in order to figure out what kind of new loan to seek. For example, if you want to lower your monthly payment and save money on your overall mortgage, look for a mortgage refinance with a lower interest rate. If you want to lower your monthly payment but the overall mortgage is not important to you, try to refinance into a longer term second mortgage. If your intent is to pay off your mortgage more quickly, look for a mortgage with a shorter term. Your monthly payments will be larger, but you will save a considerable amount of money over the life of your loan. Lastly, if you want to combine your primary and second mortgage, look for the lowest interest rates and shortest term that you can afford.
You will also want to get loan quotes from several lenders in order to find the best deal. You do not have to refinance your current second mortgage with the original lender, although your current lender may offer you the best terms. Since each lender has their own criteria for approving loans and deciding on interest rates, the loans that you are offered can vary by as much as a full percentage point. It is to your benefit to shop around and compare several different loan quotes. Not only will you have a wider variety of choices of loans, but you will also have bargaining power if you choose to negotiate with a particular loan company.
Lastly, you want to choose the best second mortgage refinance loan that you are offered. Once you have all of your loan quotes in line, compare them carefully to choose the best one for your needs. Be sure to count in the closing costs and any special incentives offered by the various loan companies into your calculations. When you have made your choice, contact the winning lender and finalize the arrangements for your mortgage refinance.
Mortgage Refinancing – Reasons To Avail Refinancing Facilities
A mortgage is a type of loan, primarily used to purchase property, in which a lender or mortgagee provides credit facilities or finance to a borrower or the mortgagor, after obtaining a legal protection in the form of an official commitment, according to which the lender holds a legal right to sell or carry out transactions or
activities to recover the loan amount, in the event the borrower becomes delinquent and is not able to repay or redeem the borrowed capital. In simple language, a mortgage is a loan undertaken to buy property in which the borrower gives official powers to the lender to sell his or her property if it is not possible to repay the borrowed amount. Majority of the banks and building societies offer mortgages and mortgage facilities, as well as mortgage companies.
Refinance
Refinancing means the process or activity in which the existing debts or financial obligations incurred due to a loan or financial borrowing is replaced with a new loan or credit facility having different terms and conditions, lowered interest rates, and a restructured loan or debt repayment plan that is based upon the borrower’s monthly income and cash inflow. Refinancing of existing loans is carried out to reduce the interest rate or interest costs by rearranging the loan terms to repay the entire outstanding loan amount at a reduced interest rate, and extending the debt repayment time. The basic objective is to reduce one's periodic payment obligations by increasing the loan term or tenure, and re-avail the credit facilities at affordable rates. People undertake refinancing activities to raise cash for investment purposes, consumption, or the payment of a dividend or a preexisting loan.
Mortgage refinancing
Mortgage refinancing means paying off your existing real estate mortgage loan with finance availed from another mortgage loan, which is specially structured to help you save money by reducing the net payable mortgage interest rates as well as extending the tenure with lowered monthly repayment schedule. There are many reasons why individuals opt for refinancing options and avail mortgage refinance facilities. The interest rate imposed upon a mortgage is directly tied to its associated monthly mortgage repayments. Lower interest rates usually mean lower monthly payments. It is recommended you avail refinancing facilities when your credit score has improved, or when the market offers an attractive repayment rate. A lowered down interest rate also helps in rebuilding the equity for your home.
Reasons for refinancing
Individuals prefer mortgage refinancing programs because of following reasons:
1. Reduced monthly payments
One of the major reasons to go in for mortgage refinance is to avail reduced or lowered monthly dues. When you pay less it becomes possible to save some money. It is difficult to save money when you have fixed overheads, and you are paying high monthly installments. By decreasing the overall payment and interest rate, it is possible to avail a difference in your net payable monthly amount. This amount can be saved by depositing your money in a savings account, where you get a dual benefit of maintaining your savings as well as availing interest on it.
2. Avoid Balloon Payments
A balloon payment is the final payment, which results into the termination of the debt, and the amount paid is substantially more as compared to previous installments. Balloon payments are a good way to lower your initial monthly payments and rates. At the end of the fixed rate term, which is usually around 5 or 7 years, if borrowers still possess their property in their individual names, the entire mortgage balance would mature out for a final payment. Balloon program provide a facility through which the borrowers can easily switch over into a new fixed rate or adjustable rate mortgage.
3. Avoid private mortgage insurance (PMI)
The PMI is undertaken primarily to protect the lenders when debtors have unacceptable credit ratings or who are likely to become delinquent while repaying their debts. When the outstanding loan amount decreases over a period as the debtor pays off the monthly dues, the degree of encumbrances reduces on the home offered as a security, and it becomes possible for the debtors to avail certain benefits. However, to avail the benefits right from the start at the inception of the loan, mortgage refinancing turns out to be a good option since you do not have to pay the PMI. The inherent risk is covered by the credit facility itself, and the lender does not need to ask for special protection. It is possible to avoid PMI through mortgage refinance programs.
4. Generate home equity
Generally, as time passes, most homes will increase in value, and are therefore excellent choices for investments. Increase in the net resale value also increases the potential to avail loans of greater amounts. However, when a mortgage is carried out, the lien sets in and prevents the potential from being used by the debtor. Mortgage refinance makes it possible to avail the advantage of an increase in the home resale value. Through refinancing, it becomes possible to generate some liquidity or hard cash, which can be utilized for some fruitful purpose such as renovating your home or paying off a credit card debt.
Steps Involved in Refinancing a Home Mortgage
Over the past several years, many people have become involved with home mortgages that carry high rates and difficult terms. Now that interest rates and home prices have fallen, it makes sense to explore the option of refinancing a home mortgage. If you are considering refinancing your mortgage, the steps discussed below are crucial to take when refinancing your home mortgage.
Decide if refinancing your mortgage is right for you.
While there are many perks that make refinancing your home mortgage attractive, there are also costs associated with refinancing. Before you decide whether or not to refinance, it is very important to understand what it will cost you in fees, evaluations, and penalties, for early mortgage repayment. There is a standard rule of thumb for deciding whether a refinance is worth considering: if you can refinance into a new mortgage that is at least one full percentage point lower than your current mortgage rate, and are planning to remain in your house for at least two years, it is most likely worth it to refinance your home mortgage. Also, most banks will require that you have at least ten percent equity in your house before they will even consider refinancing your mortgage.
Calculate how much you will save by refinancing your mortgage.
The main reasons for refinancing a mortgage are to lower your monthly mortgage payment, or to reduce the overall amount you will end up paying for your house and loan. Before you can decide if a refinance makes sense for you, you will need to figure out how much you will actually save by refinancing to a lower rate, or a longer term. Depending on your ultimate goal, it may make sense for you to pay more in the long run by refinancing to a longer term in order to get lower monthly payments. It might also be beneficial to pay higher monthly payments in order to pay off your mortgage sooner, and pay less over the full term of your loan.
Shop around for the best mortgage rates on a refinance.
As with any other loan, not all refinance mortgages are equal. Check with your current mortgage holder and shop around online before settling. There are websites where you can compare mortgages and loans side by side, or request mortgage refinance quotes from multiple lenders. Once you have several quotes, you can sit down to compare the costs and figure out if refinancing your mortgage makes sense and if so, which loan makes the most sense for you.
Figure out how much it will cost to refinance your mortgage.
Refinancing your mortgage will involve many of the same costs as getting a mortgage in the first place. You will probably need to pay for an appraisal, as well as typical closing fees. In addition, there may be a pre-payment penalty on your current mortgage that will add to the cost of refinancing.
Fill out a prequalification application.
Depending on the bank or lender, you may have to fill out a prequalification application in order to get a quote for a refinance on your current mortgage. In fact, you will find most of the refinance process to be familiar, since it is very similar to the original mortgage process.
Complete a mortgage application.
After you fill out a prequalification application, a representative of the bank or financial institution will contact you to discuss loan options. The loan officer will be able to give you more details about the costs and the process you can expect. Usually at this point, the mortgage company will lock in the interest rate on your mortgage refinance to protect it against any fluctuations in the market interest rates.
Get an updated appraisal.
Most banks or financial institutions will require you to get a new appraisal of your property. If you are refinancing your mortgage with your current bank, the bank may be willing to forego the appraisal, which can save you both money and time.
Review the loan documents.
After the appraisal is accepted, and the loan officer grants final approval, you will receive a set of loan documents to review. Look them over carefully to make sure that the terms of the loan are what you agreed to. In most cases, you will actually sign the loan documents in the presence of witnesses, usually at the bank or financial institution.
Other possible requirements for refinancing a home mortgage.
Be prepared for typical loan closing fees. These fees might include a loan application fee, loan origination fees, closing costs, private mortgage insurance, and miscellaneous costs including copying and administrative costs.
Making Home Affordable Refinance Program
If you are looking to refinance your mortgage because you are in danger of defaulting on your mortgage, you may be eligible for assistance through the Making Home Affordable Refinance Program, part of the Economic Stimulus Recovery Bill. Check with your bank or with your local government offices to find out if you qualify for assistance through this program.
Choosing Between Loan Modification Vs. Refinancing
Struggling homeowners in American are now able to receive help with keeping their homes by choosing between refinancing or lowering their monthly mortgage payments through a loan modification. Known as the Home Affordable Plan, it is available to qualified applicants. Here are the facts on the plan:
* Under the Home Affordable Modification Plan, homeowners facing financial hardship are able to obtain a lower interest rate despite plummeted property values or bad credit. In turn, lenders receive incentive payments for the modified loans. You can be looking at a 2% reduction to your existing rate, a loan term extension to 40 years, and principal deferral. This is especially important to those homeowners whose property values have suffered and who cannot otherwise sell or refinance.
* Have you been unable to refinance? The new plan offers qualified homeowners with a new loan at the current market rates. With Fannie Mae or Freddy Mac, they require your mortgage be at least 105% of the current value, and that you have not been more than 60 days late in your payments the past 12 months.
* Did you know the Hope for Homeowners refinance plan can now help more homeowners? So far, this FHA insured plan has completed only 70 loans, so there are now new guidelines to allow more homeowners to qualify. Your lender will be provided an incentive payment by the government by creating a refinanced loan at the existing market rates.
You can find more information about the various plans by visiting the site http://www.makinghomeaffordable.gov. To apply for any of the modification programs, you must first complete an application and submit a financial statement. The best thing you can do to improve your chances of being approved for any of the plans is to be prepared and have all your documents ready for review. You only have one opportunity to apply, so use this chance wisely!
