Category Archives: Debt consolidation
There’s some relief coming from the Obama administration for home owners who ower more on their properties than their homes are worth.
Summary: There are three types of home equity loans, the refinancing, home equity loan, and home equity line of credit that you can choose from whatever is best for you.
lls are piling up, and paying them all takes just about all the money you make – or worse, it takes every penny. Not only are there credit card bills screaming for attention, but utility, medical and store card are all due now. Oh, and don’t forget the money you owe your brother-in-law and the fact that you’re going to need to replace your windshield now. It adds up, and will it ever go away?
For the homeowner in search of a home equity line of credit the availability of interest-only home equity credit lines has drawn the interest of many who seek to benefit from the value of their homes. The name itself sounds too good to be true. A look at the details could cause the homeowner to think twice before seeking an interest-only home equity line of credit.
An adjustable rate mortgage (ARM) is one of the most popular options available for both home mortgages and refinancing. Many homeowners do not fully understand the concept of an ARM and as a result may be somewhat hesitant to pursue this type of a mortgage.
Some homeowners opt to re-finance to consolidate their existing debts. With this type of option, the homeowner can consolidate higher interest debts such as credit card debts under a lower interest home loan.
Some homeowners may never re-finance while others may re-finance frequently. This is a decision which is largely a matter of personal preference. Sure there are some financial benefits which may result from re-financing but for some homeowners these benefits are not worth the hassle of going through a mortgage re-finance.
Whether or not to re-finance is a question homeowner may ask themselves many times while they are living in their home. Re-financing is essentially taking out one home loan to repay an existing home loan.
This is a very important question which all homeowners should ask themselves both at the start and towards the end of the process of re-financing
There are several reasons why you should consider a refinance mortgage on your home loan. When you refinance your home, you can cut your monthly mortgage payments. In addition, you can tap into your equity, or your home value, in order to pay off other loans and credit cards. This in turn helps you to deduct your mortgage interest from your taxes.