The answer that question really depends on the type of mortgage that you already have. Having just recently refinance our second mortgage I can offer a little bit of advice in this area. I live in Michigan, and you can get Michigan or New Jersey Mortgages which are available for quote through Mortgage Lenders with a quote from PersonalHomeLoanMortgages.com. All you need to do is provide them with some basic information on your home and what type of loan you are looking for, and you receive quotes from sources they represent for you loan.
In our case, we originally had a Home Equity Line of credit loan with a variable rate at 1% over prime. When we first took out the loan 3 years ago, the interest rate was very reasonable and this was a great option. As the economy has improved and the Fed has raised interest rates almost quarterly, that was quickly changing.
Because of that fact, we opted for a fixed rate mortgage which are offered as either 15, 25 or 30-year loans. 15-year loans have lower interest rates but 30-year loans have lower monthly payments because the interest is paid off over a longer period of time. This type of loan has a steady interest rate, and monthly payments that do not change throughout the life of the loan. This type of mortgage is especially attractive to borrowers when interest rates are low because loans are more affordable.
It may be time for you to re-evaluate your current loan and make a change. Remember, it's your money.
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I came across something that I really found as an intriguing approach to paying down your mortgage. At the One Account, they put all of your income and savings to work for your in paying down the balance of your mortgage. The One Account is a company specializing in mortgages that actually work "for you" and not against you. Instead of the extra money that you have sitting in your savings and living accounts every month doing nothing for you, how about having that amount applied to your mortgage balance which in turn lowers the amount you will pay interest on, reducing the amount of time it requires to pay down your mortgage and saving you large amounts of money.
As long as you leave the money in your account, that amount is applied to your balance while it's there. They have a great calculator on the site where you can easily see how much you can potentially save in interest payments and the reduced time it will take to pay down your mortgage. My instincts tell me that this is something that could easily catch on and change the way we pay our mortgages in the future. Check it out today and see how much you could be saving right now!
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You been waiting for the right time to do it, waiting for the rates to be in the right place, or maybe waiting for the consumer confidence levels to rise. Well now is the time. Taking out a debt consolidation loan by doing a Mortgage Refinance is a common way that many people use to lower their monthly bills and payoff large and multiple debts.
Keep in mind that these are not for everyone. Mortgage Refinancing is not the right choice for everyone but if you stop by SecureLoanConsolidation.com, they have a number of available tools and calculators to help you make that decision. If you just can't keep up with those bills or are buried under high interest debt, it might be time to reconsider this as an option. They also provide you with Mortgage Calculator for you to be able to see if this is the right time for you consider a new Mortgage Loan. As with any loan, thoroughly investigate your options before making that decision.
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The home loan process can be a little overwhelming and even confusing. At Lenox Home Loans, they try to do everything they can to make it pleasant and less confusing process. They also realize that this is an expensive process and that dollars counts when it come to procuring a new home loan. At Lenox Home Loans, they believe in providing you with a home loan at a fair, rate, and they also provide their loans with no closing costs and no hidden fees. You get great personal service and the best advice they can give you while you move through the loan process.
If you are in the market for a new home loan, be it a first mortgage or a new 2nd mortgage, Lennox will do their best to help you find a loan option that fits your budget. They keep a consistent eye on the market in order to keep you informed about the latest interest rates and economic conditions. There are a number of factors that can affect your loan and they try to keep tabs on those conditions by keeping that info at your fingertips.
As and added feature on the site, they also have over 145 comprehensive articles about every topic related to home financing and they available to you to help you do your research right up front. Stop by today for a quick quote.
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When you are in search of a loan, the more information you can find the better to help you with making that decision. At Loan.com, you can find a number of rather unique tools that will help you find the information you are looking for. One of the great tools available is a Loan Calculator or Loan Analyzer, which allows you to compare your current loan with your new loan options, making the decision easier as to whether it might or not be the right thing for you to do.
Another great resource of Loan.com, the Truth About Loans section of the site, where you will find 75 plus articles about finding a home mortgage or loan as well as many other facts regarding loans. You can spend time doing a little research with these tools and information available on their site before making your decision as to what kind of loan is best for you. Loan.com provides a solution for both lenders' frustrations and consumers concerns by creating a "Trusted Marketplace" where lenders agree to a set of ethical business practices and borrowers are educated about what to expect during the loan process. Just stop by today and browse through their "ethical lender directory" to begin your process.
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