1st And 2nd Mortgage Refinance Loan

1st And 2nd Mortgage Refinance Loan

1st And 2nd Mortgage Refinance Loan

Refinancing both your first and second mortgages will result in one low monthly payment that could save you thousands in interest charges. By combining both mortgages, you qualify for lower rates than if you refinance separately. visit here - http://getquickenmortgageloans.blogspot.com

You can see a significant savings with your second mortgage refinance, which is often several points higher than your first mortgage rates. You will also save on application fees and other closing costs.
Strategies To Lower Your Mortgage Payment

You have a couple of options to lower your mortgage payment when refinancing. The first choice is to find a low rate mortgage. So even if you choose the same length for your loan, you will still see a savings in your monthly mortgage bill. Adjustable rate and interest only loans will give you the lowest payments, at least at the beginning of your home loan. But a fixed rate loan can also give you reasonable rates with security that they won’t rise in the future.

The other option is to extend your loan term, especially in the case of your second mortgage which usually is for five to ten years. By consolidating your loans to a thirty year loan, you lengthen your payment schedule for principal, so you have a smaller payment. However, your interest rate and charges will be higher than with a shorter term.
Getting The Best Loan

Once you determine the type of loan and terms you want, do your shopping for a good lender to save even more money.

Lenders will vary in how much they charge for closing costs and interest rates. The APR will tell you how loans compare overall, both in terms of rates and closing costs.

But if you are planning to move or refinance again in the future, then be wary of paying high closing costs. Even if they secure you a lower rate, you will only see a savings if you keep the mortgage for several years.

Don’t base your lender decision based on posted loan rates. Ask for a personalized loan quote based on your general information. With more accurate numbers, you can make an informed choice as to who has the best financing for you.


1st And 2nd Mortgage Refinance Loan


More information here - 1st And 2nd Mortgage Refinance Loan and http://getquickenmortgageloans.blogspot.com

pixvid.me This is your :60 Mortgage Tip with AmeriFirst Home Mortgage. How did Mark Zuckerberg get a 1% mortgage refinance? It’s big news this week. And while you may not have the financial weight The Zuck does, don’t worry. You may be getting a better deal in the long run. Full script: The Mark Zuckerberg Refinance Mortgage — it’s been big news the last few days. In case you haven’t heard, the founder of Facebook refinanced his multi-million dollar home. The interest rate? 1-percent! Yes, interest rates are low right now but THAT is pretty crazy. So how did he do it? Well, it’s an adjustable rate mortgage. Which means it could — and likely will — go up. In fact the cap is almost 10-percent. Would you want to pay 10-percent when the general interest rate with APR right now is in the 3-to-4 percent range? And that’s a fixed rate! But if you have that much money, you can get deals like a 1-percent mortgage rate. For the rest of us, it’s still only a little higher than that. I propose Mark Zuckerberg move to Michigan — we could find a good deal for him. Music: Disinegrating in the Clouds from Dan-O Songs www.danosongs.com
Video Rating: 5 / 5

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