San Diego, CA (PRWEB) June 09, 2013
LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they will love. A new Refinance 2013 guide posted by the Loan Love team discusses how home owners can determine if and when it would be a good idea to refinance their current home loan.
The article explains: “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 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.”
As this article points out, “There are many reasons it might be beneficial to refinance your loan.” These factors include interest rates that are now lower than when the home owner first took out the loan, a better credit score than what was originally submitted to the loan company (this will usually help homeowners to qualify for lower rates), or a higher salary which will enable the homeowner to take on slightly higher monthly payments and thus decrease the pay off time of their loan and reduce interest rate costs. Switching to a different loan structure may also carry many benefits, depending on the current financial situation of the home owner and whether or not they plan to stay in their home or resell it within a few years.
There are many refinancing options available to home owners out there and today’s lenders have made the refinancing process simpler than ever. Most loan approval decisions are made the same day the home owner applies, which means there’s no long, nerve-wracking waiting period. The ease with which most refinances are processed, in conjunction with lower rates than what homeowners are expected to see for a very long while, make refinancing as soon as possible the best choice for many. By shopping around for the best terms that will fit their budget and lifestyle, borrowers can save tens of thousands of dollars and end up with a loan that they will truly love. Even a slight decrease in interest rate can mean big savings so it is worth it for those who have not refinanced recently to look into the many loan refinance options that are currently available.
For more information on the process and benefits of mortgage refinancing, please visit LoanLove.com for the full mortgage refinance guide. Visitors to the website may also benefit from the other resources available, such as the informational articles and guides as well as the mortgage comparison and calculation tools, in order to find the best possible loan options for their particular financial abilities and home ownership goals.