San Diego, CA (PRWEB) November 24, 2013
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 experts at Loan Love are consistently finding new ways to aid their readers with their mortgage loan issues by providing them with helpful home loan planning tips and strategies. One of the websites most recent additions is a refinance guide that helps borrowers to easily understand what they need to know in order to obtain a favorable refinance that will save them money over the long run.
The article explains: “Refinancing can help you get a lower interest rate or allow you to change the length, or “term,” of your mortgage, making it more affordable for you. 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. Here are a few guidelines to help you decide if refinancing your mortgage is right for you:”
Loan Love then goes on to list some of the situations which would make refinancing a good idea, such as:
- Decreased interest rates
- Improved credit score
- A higher income that would enable the borrower to handle a higher monthly payment
- If the owner is planning to move within a few years
- If the owner wants to get rid of private mortgage insurance (PMI)
- If the current mortgage is an adjustable rate mortgage (ARM) and it’s about to adjust
The article gives a little more detail about each of these situations and explains why these make for good refinancing opportunities. Loan Love then explains the refinancing process. 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.”
The guide ends by saying: “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: With the potential to save tens of thousands of dollars, it just might be one of the best financial decisions you’ve ever made.”
For the full refinancing guide, please click here.