San Diego, CA (PRWEB) March 20, 2014
Looking for home loan refinance help? A new article from LoanLove.com provides some helpful tips and an easy to use refinance rate finder for home owners. LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love.
The mortgage refinance guide says, “Today’s interest rates remain at all-time record lows, and that means it might be a good time to consider refinancing your home loan, especially if you’ve had it for several years. Refinancing your mortgage with only a tiny 1% decrease in your interest rate can help you save tens of thousands of dollars over the life of your loan. Of course, every homeowner’s situation is different, and there are a lot of factors that can determine whether or not refinancing is the best choice for you.”
The article then gives some insight into different scenarios where a refinance may be in order. Scenarios include:
- If interest rates decrease
- If the home owner’s credit score has improved
- If the home owner can handle a higher monthly payment
- If the home owner intends to move in a few years
- If the home owner wises to get rid of Private Mortgage Insurance (PMI)
- If the home owner’s ARM is about to adjust
Loan Love then gives a walkthrough of how the refinance process usually plays out. It says,
- “Refinancing is very similar to the process involved in securing your current mortgage:
- Begin by shopping around for the best rates and terms for your budget and lifestyle.
- Gather financial documents like tax returns and paystubs.
- Fill out paperwork (in most cases, this can be done online or with a phone call).
- The lender will review your paperwork, evaluate your creditworthiness and, usually, conduct an appraisal of your home’s value.
- Go to closing and sign your loan. Loan funds will be distributed, your old mortgage will be paid in full and your refinance mortgage will become the mortgage of record.”
Lastly, the article says, “Today’s lenders have made the refinancing process simpler than ever, and most loan approval decisions are made the same day you apply, which means there’s no long, nerve-wracking waiting period. Take a good look at your situation, and if a refinance seems like it might make sense for you, go ahead and take the plunge, you may end up saving thousands of dollars!”
For more information, and to use Loan Love’s free rate quote tool, click here.