When you have decided that a home mortgage refinance is the right thing to do, you then need to research your refinancing options. There are different options for you depending on your personal financial situation, such as a cash out refinance, or a no cost closing costs. Having the right questions to ask a potential mortgage lender is the key to not getting yourself into a costly decision. If done right, with mortgage rates at all time lows as they are now, you will save a lot of money.

Do not neglect any long term financial goals that a refinance can effect. Sometimes a good deal can be had for short term financial gains, but usually these type of dealings will throw off your long term plans. Sometimes a no cost or low cost refinance may not be the best option, or save any money for you.

Most of the time, a lender who advertises free or low cost closings are actually overcharging you in other areas. A lot of the time these extra costs are buried in fine print and most of the time you will never notice them without careful examination. A real no cost closing would mean that the mortgage lender will pay all closing and associated fees without jacking up your interest rate, or otherwise increasing the total value of the loan.

You can save thousands of dollars if you can refinance into a mortgage rate that is as little as 1% (Hopefully more) and get a true no cost refinance. Make sure to double check all contracts and agreements throughly before signing anything. This way you are aware of the true costs and make sure there are no hidden expenses.

Refinancing out of an ARM (Adjusted rate mortgage) and into a stable fixed rate mortgage is a popular option for a lot of homeowners. Usually, this can be a good decision, especially with the low mortgage rates available right now. However, it is not always the right choice. For instance, if you are only going to live in your home for a few years, it might be smarter to keep the low ARM rate and sell the house before the mortgage adjusts too high.

So when is it not a good time to refinance my home mortgage then? To truly see the benefits of home refinance, you must live in the home long enough to see the savings of a refinance. This is commonly referred to as the”Break In” time. The break in period is the amount of time it takes for the lower interest you got through refinancing makes up for the costs of the mortgage lender.

Refinancing your home mortgage can be one of the most important decisions you can make. If it is done wrong though it will cost you thousands of dollars. However, by doing proper research and asking the appropriate questions of potential mortgage lenders, you will save money. The money you save can be used for anything you wish, and can often be the few extra dollars you need every month to tie your finances all together.

-M Petrone

Even with bankruptcy, refinancing a home mortgage can put more money in your pocket every month with lower mortgage payments, or to finance a large purchase. However, sometimes a bankruptcy can hurt your chances of refinancing at a lower rate than you have now, making a mortgage refinance pointless. So make sure to research a variety of different mortgage lenders to know your options and the lowest quoted rates.

Good Reasons to Refinance a Home Mortgage.
There are many good reasons to look into refinancing. Mainly, people refinance to get a lower interest rate than they currently have. If you can refinance at just 1% (Hopefully more) lower than your rate is now, you may save hundreds of dollars. Ultimately, the goal of refinancing a home loan is to have extra money every month. Although some home owners do choose a cash out refinance where they end up increasing the cost of their home. A cash out refinance is just borrowing money from the equity of your home. This can appeal if you want to reduce debts, home repairs, home improvements, or other big purchases.

Repair Your Credit Rating Before Refinancing.
The chances of getting a good low mortgage rate immediately following a bankruptcy are pretty low. Therefore, it is advised to improve your credit score as much as possible before refinancing. You should get your own copy of your credit score before applying with different lenders. Use this report to fix any errors you encounter and to see where you can eliminate old debts and improve your credit score. Usually paying off store credit cards, credit card, auto loans is a good way to quickly improve your credit rating. Do not get yourself into more debt before a refinance, or get new lines of credit.

Research Potential Mortgage Lenders.
There are a lot of different mortgage lenders who specialize in bad credit, or post bankruptcy refinancing. Sub prime mortgage lenders are especially good at this and have a wide variety of options to help you. You can research potential mortgage lenders using the internet. There are a lot of websites out there from lenders trying to get your business. Make sure to shop around to find the best rates, terms and conditions you can. Once you get a rate quote you like you can shop that quote around to other potential lenders.

-M Petrone

Mortgage rates are currently at record all time lows all across the country. This means many homeowners can save money by taking advantage of these low interest rates, and have smaller monthly mortgage payments. Cash out refinancing is another option you will have. This is refinancing a mortgage for more than you owe and pocketing the difference. You can use this money to pay off debts or for home improvements, whatever you want. There are different mortgage lenders depending on your personal financial situation. Choosing which lender is a perfect fit for you though mainly depends on your credit rating.

A prime mortgage lender will be the best choice for people with perfect or near flawless credit history. They will help you secure the lowest available rates with a good credit rating. People with bad credit issues, or someone looking for very flexible mortgage conditions, a sub prime lender is probably your best choice to get a decent mortgage rate.

Advantages of using a prime lender.
Typically, a prime mortgage lender offers the best mortgage rates and the lowest closing costs or fees. They are only of use to people with good credit. You can not have any late payments on your mortgage for the past 2 years. Also, your debts should be 35% or less of your total monthly income. You may still be able to use a prime mortgage lender if you missed some payments but will generally have to pay a percentage or two more than the low advertised rates. This can be offset by having a large down payment, or a lot of equity in your home.

Advantages of using a sub prime lender.
Obtaining an approval from a sub prime lender is a lot easier than a prime mortgage lender. Even bankruptcy or foreclosures that have happened in the not too distant past should not affect your ability to refinance with a sub prime lender. Getting a sub prime mortgage may also allow you to avoid paying private insurance premiums. Most prime mortgage lenders will require insurance if you happen to have less than around 20% equity in your house. Also, with a sub prime lender, you can get a bigger variety of different loans, terms, and conditions.

Choosing the perfect mortgage refinance lender for you.
Although there are two types of lenders, there still will be a big difference in the range of quotes. Request written mortgage refinance quotes from different lenders and shop the best one you get around. Often mortgage lenders will match or beat the offer you brought in to them. Sometimes even a conventional lender will be able to get you a sub prime mortgage, so do not count them out either.

-M Petrone

Right now is an amazing time to refinance your mortgage. Across the country mortgage rates are at all time lows. Homeowners everywhere are hurrying to refinance their home mortgages. If you can just refinance at 1% or more lower than your current rate you can save hundreds. Or, you can refinance out of an adjustable rate mortgage and into a fixed rate mortgage. Cash out refinancing is a popular choice for people who need large sums of money fast. This is just taking out a loan for more than you owe on the mortgage and keeping the rest for yourself. Another reason for refinance could be to shorten the mortgage length thus saving on unnecessary interest payments. Sometimes people forget to add in the closing fees and costs when calculating a refinance. Be aware of any fees before closing on the refinance. Some mortgage lenders advertise a no or low cost closing fee. Be aware that often these low fees are made up for in the mortgage rate. Mortgage brokers can be useful for people who happen to have less than perfect credit. Use the internet to search for different mortgage lenders. When you get a lender you like and a good quote, shop it around to different lenders for comparison. Typically, a mortgage lender can beat or somehow meet the quote you bring in to them. Do not ever hesitate to walk out on a would be mortgage lender if you feel the need to. If you do the right research and work a refinance will save you money. It is not easy but it will save you a good deal of cash. Typically, a mortgage calculator can be found on potential lenders websites that will give you a ballpark estimate of the savings you can get through a proper refinance. Use the internet for most of your research on mortgage refinance options. With mortgage rates at all time lows there is no doubt that a proper mortgage refinance will save you hundreds of dollars.


Refinancing your mortgage now is a great idea. Across the country mortgage rates are at all time lows. There is a rush of applications from homeowners looking to refinance their homes. If you can just refinance at 1% or more lower than your current rate you can save hundreds. Or, you can refinance out of an adjustable rate mortgage and into a fixed rate mortgage. A cash out refinance is another popular choice for needed money. This is when you get a loan for more than your house is worth and pocket the extra cash. Shortening the length of the mortgage is another good reason to consider refinancing a mortgage. Although refinancing a mortgage should save you money, it will also cost you money. You will need to be aware of all closing fees and related costs and take those into account. Nothing is free so watch out for mortgage lenders who advertise low or no cost closing options. They usually make up for these costs somewhere else in your refinancing. Having bad credit may require the help of a mortgage broker who specializes in this. Take advantage of the net and look for potential mortgage refinance lenders. Comparison shop a mortgage refinance quote you get and like to different lenders. More often than not lenders will match or beat the quote you presented them. Do not ever hesitate to walk out on a would be mortgage lender if you feel the need to. The work on your part in order to ensure a refinance is done right is not that hard. A proper refinance will save you a lot of money if done correctly. There usually are mortgage calculators like the one on my site, on mortgage lenders web sites. They will give you a rough idea of how much you tend to save through refinancing. The internet is your best friend when it comes to refinancing information. Use it. Do not forget that currently mortgage rates are at all time lows all over the place. Odds are you will save money through refinancing.


A lot of homeowners feel a need to refinance their mortgage, even though they have bad credit. Most of the reasons to refinance a home mortgage are financial. Here are 5 reasons that people with bad credit should refinance their home mortgage.

Low Mortgage Rates:
Refinancing a home mortgage will give you the chance to take advantage of all time mortgage rates. By refinancing in to a mortgage with lower rates, even by just 1% can save you hundreds of dollars. Or you could choose to shorten the length of your mortgage, and still have the same payments, due to the savings on the mortgage rate. Refinancing with bad credit can mean extra steps, including getting a mortgage broker, but is still beneficial to many homeowners out there with mortgage rates at record lows.

Quicker Ownership of Home:
If you recently got an extra sum of cash and are looking to spend it wisely, refinancing to pay off your home is a great option. This way, you can pay off a large portion of interest and principal right away reducing your future mortgage payments every month and help get out of debt quicker.

Improving Credit Rating:
Refinancing into a lower rate can save you money every month and with that you can pay off other high interest debts. Paying off a credit card, or car loan, or other debts will free up extra money for you and improve your credit score. With the money you save you can pay extra on your mortgage and save even more on the principal and long term interest payments.

Refinance out of an ARM loan:
ARM (Adjustable rate mortgage) loans are popular right now. Many homeowners got into them when the economy was kicking butt and rates seemed like they were set in concrete. Not so anymore. Refinancing out of an ARM loan and into a stable fixed rate mortgage is a financially decision to make. This will give you constant mortgage payments, at lower rates. Peace of mind and saving money.

Cash out refinance:
If you are in a financial emergency you may want to choose a cash out refinance. You can refinance for more than you owe on your current mortgage, if you home has equity in it, and pocket the difference. This money can be used for anything but is generally used only for an emergency situation.


Predicting mortgage rates for 2009 and beyond is pretty complicated. The mortgage industry seems to be having a hard time right now with a lot of homeowners facing foreclosure and few people looking for new homes. Mortgage rates have recently reached all time lows across the country which is good news for people looking to buy a home or people looking to refinance. Mortgage rates are derived from current rates at which banks get money to loan out, your credit score, the lender, and all types of things. The following factors play a big role in determining mortgage rates for 2009.

The Mortgage Lender:
The mortgage lender has the ability to lower the rates they offer based on competition they face in order to increase business. With the mortgage crisis however, some lenders are scared of lending people with bad credit. When this happens the markets rates drop trying to entice good credit customers into buying or refinancing their home. What they will also do is raise the rates a few percentage points for people with bad credit in order to cover their losses should you default on your mortgage. So even with mortgage rates at all time lows, you may not be eligible to get those rates due to a low credit or fico score.

Market Conditions
Mortgage rate predictions will be affected by the current market. It is possible for mortgage rates to go down if the Federal Government cuts the mortgage rates again. This means that the government will borrow money at near 0% to banks who in turn will lend the money out to the public, hopefully at reduced rates. As everything else though, when people start rushing to take advantage of the low rates they will inevitably go back up. It is the classic supply versus demand system. This means that even if the Federal Government does attempt to force down mortgage rates the rates might not necessarily trickle down to the general public.

You, The Customer.
Mortgage lenders will play favorites. That is if you have a good credit score and stable good paying job you will get better rates, terms, and conditions. A person in this situation can usually finance 100% of their home or only have to put very little money down. The opposite applies to people with bad credit. Their rates, terms, and conditions will only get worse as their credit and fico score decline.

So in predicting mortgage rates for 2009 besides the customers credit history, the market trends, and the mortgage lenders policies all play a role. Keep in mind however that a rise or fall in interest rates of just 1% - 2% can mean thousands of dollars in savings or costs for you and your mortgage.


Is your mortgage payment pushing your finances to the limits? Has an adjustable rate mortgage been increasing in rates and you can not do anything about it? If these are some situations you are facing you may be a great candidate to consider a home mortgage refinance. Refinancing a home mortgage will allow you to take advantage of record all time low mortgage rates across the country and get in to a more stable fixed rate mortgage.

Refinance a mortgage for predictable monthly payments.
An adjustable rate mortgage (ARM) does just that. It adjusts the interest rate you pay based on market conditions. It is not unheard of for a homeowners mortgage to nearly double when the full effect of an ARM kicks in. The ARM loans are not good if you thought your payment would be around $800 monthly and now you must come up with $1400 when the rate gets adjusted. On top of that, there is a economy in trouble right now in America and getting or holding on to a good job is hard enough as it is. Refinancing a mortgage into a fixed rate you will pay the same exact payment every month regardless of market conditions. Your $800 dollar payment would stay at just that, $800 until the mortgage is paid off. Fixed rate mortgages are a financially stable thing to get into due to their ironclad payment guarantees.

Cash out mortgage refinancing.
Refinancing a home mortgage will often give you the option to get cash in addition to the mortgage refinance. You can use this money for anything you wish. Although, it is smart to use this to further reduce other debts such as credit cards or car loans and strengthen your financial future. You can however use this money for vacations or another home. However you want to just make sure you are smart about it.

Make sure you know the final closing costs.
When getting into a mortgage refinance, be aware of any closing costs and fees you may have to pay. Sometimes there are prepayment penalties worked in to your current mortgage. Your loan documents will have this information in them, check to see what they say. Sometimes a mortgage lender may say they have no cost or low cost refinancing. Do not fall for it. Usually these fees are added on in the form of higher interest rates. Plus you should try to pay any fees upfront in order to avoid wasting money on interest fees on these costs, which would happen if you add the fees to the loan amount. Start a search for a potential mortgage lender online. Once you get a quote you like get it in writing. Shop that exact quote around to other potential mortgage refinance lenders and see what they do. Often they will beat or match the offer presented to them, which gives you options. Take your time and good luck!

-M Petrone

Predicting where mortgage rates are headed in 2009 can be a little tricky. Especially lately, the financial markets that directly effect the mortgage rates are in chaos. There are a lot more people facing foreclosure which scares the banks. Luckily for you, the Government has poured billions of dollars into financial lenders at near 0% interest rates. The trickle down effect from this has mortgage rates right now currently at all time lows across the country. With the banks getting money to lend at next to nothing, they can pass the savings on to you in the way of a low mortgage rate. Mortgage refinancing applications have skyrocketed in recent months as homeowners look to take advantage and refinance in to a better mortgage with better terms, rates, or conditions. This leads us to try and predict where mortgage rates will head in 2009. Keep in mind the further into the future you try to predict the bigger margin of error there will be. The next few months will be a great source of information as to where mortgage rates will be headed. If foreclosures are not as high as expected due to people being able to refinance into a better mortgage, or if less people default on their mortgages than anticipated it could make mortgage rates go up. However, if people foreclose at the expected rate than look for mortgage rates to stay the same or even drop a little more. The government will not allow the housing market get much worse without injecting billions of more dollars if necessary. Even should they have to do another round of bailouts this should definitely be enough to cover all foreclosures and loan defaults and let the housing market restart with fresh footing. Good luck out there whatever you do. Once you get a refinance mortgage quote you like, shop those exact numbers around and see who can better it.

-M Petrone

Similar to getting your first mortgage, refinancing a mortgage requires work on your part, as well as knowledge and patience, if you intend to get the best deal. Begin research with your own credit score. Obtain a free credit report from any of the big 3 credit bureaus and start reviewing it promptly. You can correct any errors and try to right any credit wrongs you have committed prior to refinancing. Next, research mortgage trends across the country. Currently, mortgage rates are at all time lows across the country. Homeowners are rushing to take advantage of this situation and refinance their mortgage. Then be sure to do all the appropriate math and make sure the type of refinancing you are going to pursue is the financially smart thing to do. Most lenders websites, and even my own site here, have mortgage calculators on them in which you can get a rough estimate of your savings should you refinance. Learning the basics of your financial situation, and simple mortgage refinancing processes and necessary things does not have to be too difficult on yourself. You need to be confident enough in the different refinance options and various terms and conditions associated with refinancing a mortgage and know the effects financially it will have on you long term.

The first decision you should make when deciding to refinance a home or condo mortgage is the length of the new mortgage. A 15 year mortgage may have higher monthly payments, but it has much lower interest payments over its life. Alternatively, a 30 year mortgage has lower monthly payments, but you pay more interest in that extra 15 years. Make sure you know your reasoning to refinance and make the correct choice in terms of length and what you can afford in monthly mortgage payments.

The next thing to be concerned about when refinancing a home mortgage is interest rates. Interest rates determine how much you will ultimately pay to borrow the money to refinance your home. Basically, the higher the interest rate, the more the loan will cost. The lower the interest rate, the less you are wasting on interest fees with every monthly payment. If you are refinancing into a lower rate and want to actually benefit from the savings, you need to do the math and see how long you must make payments for before you break even on your refinance. Sometimes the savings to be had through refinancing a mortgage take years to actually be beneficial and that may be to long for some people. Make sure you are positive of your reason to refinance as well as your financial needs.

Do not forget to take into account the fees and costs associated with refinancing a home mortgage into account. Some mortgage lenders, especially in bad credit refinancing situations, add on enormous fees and costs. Hopefully you find a lender who give you a flat rate quote on a mortgage refinance. Fees and costs should always be disclosed ahead of time and carefully examined. This can save you money from avoiding shady and greedy mortgage lenders. Once you receive a mortgage refinance quote that is acceptable to you get it in writing. Shop that exact mortgage quote around to other potential lenders and see if they can match or beat it. More often than not they will. Good luck and be sure to refinance your home mortgage the right way.

-M Petrone

There have never been as many people facing financial difficulties all at the same time as is happening now in America. Credit cards, auto loans, mortgage payments, tuition, all types of debt really have the ability to hinder you financial future if ignored. Or worse yet, you may find yourself just not able to make ends meet every month and some bills have slipped by without being paid. A possible solution to this, and something that will no matter what free up extra money every month, is refinancing a mortgage. Mortgage refinancing applications have sky rocketed over the past few months due to homeowners looking to take advantage of the all time low mortgage rates sweeping the country. Guess what... refinancing a home or condo mortgage with bad or risky credit is possible too, though may require some extra work on your part. Just because you have a bad credit score does mean there is nothing you can to to fix it. Bad credit refinancing requires patience and persistence.

Many people have gotten themselves into a mortgage with sky high rates. A lot of people during the housing boom got themselves into a new home with little or no money down. This resulted in their mortgage rates being higher then necessary. Now they are having a hard time paying that higher payment and are looking into refinancing. It is very hard to get out from mountains of debt with a high mortgage payment. Sometimes when you initially bought your home, your credit score was worse than it is now a few years after home ownership. However, most homeowners tend to improve their credit since purchasing their home. If this is the case for you, you are a prime candidate to save a lot of money by refinancing your mortgage.

In the search for potential loan companies to pursue a refinance with, you will want to check that they have a special department, or certain individual, who works with homeowners with bad credit and lower FICO scores. The reason it is important the company you are looking into specializes in this is because these companies should have the contacts and experience necessary to work with someone with bad credit and still use their experience and industry connections to get you the best refinance terms possible. Although, it may cost more to use special bad credit mortgage services, these extra costs are almost always negated in the savings acquired in the refinancing. These lenders will be able to get you the best rate possible, even if you have applied for bankruptcy or are facing foreclosure on your home. Even refinancing out of an ARM (Adjusted rate mortgage) into a more stable fixed rate loan is not out of the question. Many people have been stuck with an ARM loan and have recently seen their mortgage payments dramatically increase as the housing boom came crashing down. If refinancing into a fixed rate mortgage, make sure to use the time in between mortgages to fix and pay off any credit problems you can. Even improving your credit score a lot can save you hundreds in unnecessary interest fees.

Refinancing a home or condo mortgage with bad credit can be done. Although it is harder than typical mortgages, it is not impossible and is often a good first step to financial stability. Refinance your mortgage today and take advantage of the all time low mortgage rates in 2009.

-M Petrone

If you happen to have bad or less than perfect credit and are looking to take advantage of current all time low mortgage rates by refinancing a home or condo, you may think that it is a near impossible task. Rest assured however that you should be able to find lenders, some who specialize in high risk bad credit lending, who are more than willing to work with you, almost regardless of your credit or financial situation.

The first thing you need to do is make sure if your credit rating is even considered “bad”. Here are some examples of “bad” credit.
-Having a credit score of 620 or lower
-Delinquent payments, especially mortgage payments, in past 2 years
-Missed mortgage payments, emphasis on the past year
-High debt payment to income ratio
-Generally having financial trouble making ends meet every month

Do not worry too much about it if you said yes to any or all of these points. A lot of homeowners are facing the same problems and feel too as if they are alone. Another consideration taken into account by a lender is your ability to repay the refinanced mortgage (which should be cheaper monthly than your current one so generally, yes!), how much you owe on your mortgage, and the current market value of your home. If your home is valued at more than you owe to pay off the mortgage, you are a prime candidate for refinancing. With mortgage rates at record lows all across the country, you stand to save a lot of money by taking advantage.

Refinancing a home mortgage with bad credit may have positive benefits long term and short.
-It gives you a chance to repair bad credit
-Refinancing a costly mortgage may help you avoid bankruptcy or foreclosure
-Using equity in your home you can cash out at the refinance and use that money for home repairs or improvements
-You have the opportunity to consolidate debts and pay off others to reduce your monthly spending even more.

If you are sure that refinancing a condo or home mortgage is the correct financial decision for you, you must do a lot of research. You should get any credit problems, debts, or issues resolved immediately, pay off or reduce other debts, close unused accounts, and try to save some cash. Getting your own credit report is always a good choice. This way you can review what potential lenders will be seeing before you apply for a refinancing. You can check for errors and see what you can do to improve and eliminate some of the negative remarks in it. This will give you the upper hand before you even apply for a mortgage refinance. A lender will do a credit check on you almost every single time. Make sure you know what they will be seeing before the even see it. You control your credit report and should be familiar with it prior to pursuing a mortgage refinance.

Do not ever be afraid to ask questions of a potential mortgage lender. Once you get a quote you like get it in writing and shop that exact quote around. Shop it to different until you find a loan with better rates, terms, conditions, or all of the above. This will save you even more cash every month. Pages like mine here are filled with mortgage lenders websites which usually have mortgage calculators on them to give you a rough idea of how much you stand to save should you refinance a home or condo mortgage.

-M Petrone

I'm willing to bet that when you initially got your mortgage, it took a lot of work, research, and by no means could have been considered a fun part of the home buying experience. So why would you consider refinancing your mortgage and doing it all over again? Mortgage refinance applications, especially in the past few months, have skyrocketed. This is due in large part to the record low mortgage rates found nearly everywhere in the country right now. So the questions has to be asked. Why do people look into refinancing their mortgage? And secondly, Is refinancing my mortgage a financially stable, and money saving, decision that will work for me?

The exact answer actually depends on your personal financial situation. However, with the sharp drop in mortgage rates over the past few months, it is likely that you stand to save a lot of money be refinancing into a new mortgage with a lower rate. If you can find a mortgage rate that is just 1% (hopefully more) lower than your current rate, you stand to save money from unnecessary interest payments. Now is an amazing time to take advantage of the tumbling housing market, and mortgage rates, and refinance a mortgage to save money.

Sometimes, the reasons for considering refinancing a mortgage does not have to do so much with the current rates, as it does the rate you secured when you acquired your mortgage. A lot of homeowners have grown more financially responsible since home ownership, and thus their credit scores have improved. If at the time you purchased your home your credit rating was shaky, or not up to par with the national averages, and has improved over time since then, refinancing may save you thousands of dollars. Using your new and improved credit score, you will be offered much better rates than could have been offered to you before. Your improved credit score almost guarantees that you will secure a better mortgage, with better rates, terms, and conditions. This will save you a lot of money every month that you can use for whatever you wish.

Another popular reason home owners choose refinancing is to get out of a mortgage they are in that has bad terms, conditions, rates, customer service, and other reasons, and get into a better one. For instance, a lot of homeowners who purchased their homes during the housing boom in recent years opted for an ARM (Adjustable rate mortgage) loan. This loan usually offers very low rates, sometimes for the first few years, then however the rates adjust. As the housing market, or even the particular mortgage lenders business conditions sour, your rates and mortgage payments will increase. It is not uncommon for a homeowners mortgage payment to go up by $500 sometimes more per month due to an adjustable rate. In these cases you have no choice but to pay, or refinance into a more stable fixed rate mortgage. Fixed rate mortgages are a financially stable decision that helps you plan out your monthly expenses. The mortgage payment amount in a fixed rate mortgage will never change. This is also good for peace of mind as you know exact amount required every month for mortgage payments.

Finally. Another popular reason homeowners refinance their mortgage is to get some cash out of the refinancing. Homeowners can use the equity they have built up in their homes over the past years and leverage that in their refinancing to get cash back. For instance, say your home is worth $100,000 and you owe $25,000 over the next 5 years on your mortgage. You can refinance into a new mortgage for say $50,000 that is due over the next 10 years, and walk away with the $25,000 difference in your pocket. This money can be used for anything. Though it is wise to use it to better your financial future. Many people use this money for home improvements, paying off other debts, home repairs, tuition, car loans. However this money can be used for anything you wish.

Refinancing your home mortgage can be a great decision if it is done properly. Do plenty of research on any potential mortgage lenders and do not be afraid to walk away from them. Once you do get a quote that you like, get it written down on paper. Shop this exact quote around to other mortgage lenders and see if they can match or beat the offer. You would be surprised how many lenders will meet or beat it when prior they claimed they had quoted the best rates they could. Be careful and good luck.

-M Petrone

Generally, almost every home is purchased by an individual or a couple and it is financed. This is the reason that getting the appropriate home mortgage for your financial situation is important. The good news is that mortgage rates in 2009 are currently at an all time low all across the country. If it is your first time getting a mortgage, be prepared to due thorough research beforehand in order to save your self money. Luckily, most lenders have helpful websites that can give you a rough estimate of how much you will be paying and what type of mortgage may be available to you.

After doing some initial research about mortgages, you have some decisions to make before filing applying for a mortgage. How long do you want your mortgage to last? A shorter 15 year mortgage may cost more every month but will save you thousands in interest. A 30 year loan is less expensive every month but you will be paying more in the long term in interest. Generally, a 30 year term is the norm for a home mortgage. You need to also decide between an ARM (Adjustable rate mortgage) and a fixed rate mortgage. You may be enticed by the low looking rates of an advertised ARM loan but often this is not the best route to take. In most cases it is suggested that your mortgage be a fixed rate mortgage. This way regardless of market conditions your monthly mortgage payment will remain the same throughout the course of the loan. Often ARM rates rise and never go back down to where they were, leaving the homeowner with the mortgage payment hundreds of dollars higher every month with no alternative.

Make sure to take your time and research a variety of mortgage lenders. Once you do receive a mortgage quote you like try to get it in writing. Take this quote around to other potential lenders and have them try to meet or beat it. Usually they will in order to obtain a new customer. The proper mortgage can save you thousands of dollars in un necessary fees and interest, where as an improper loan can cost you dearly. Do not make hasty decisions and walk away form any deal you do not completely like.


Mortgage rates are based on the rates at which banks or financial lenders will lend money to you to purchase a home. A big part of what determines what rates the bank can offer is at what rates the Federal Government initially borrowed money to them. Lately, the Government has been loaning banks a lot of money at near 0% interest rates. This means that right now, as reflected in the record low mortgage rates around the country, is a great time for a lot of homeowners to refinance their home mortgage. There are however other things that will ultimately determine your mortgage rate, and luckily, you have some say in a few of these things that will directly affect your mortgage rate. That is why searching different lenders for the lowest mortgage rates is essential. Sometimes, you may find an amazingly low rate, but there are fees and hidden costs involved that in the long term will be more expensive in wasted costs or fees. Having the best credit rating you can before searching potential lenders mortgage rates is crucial. Your credit score will help determine your mortgage rate. The better your score is the better rate you will receive, and vice versa. A good credit score can mean better home insurance rates, and lower nesscary down payment. Finding out your credit score, and improving even 1 or 2 things on it can be very financially beneficial, especially in the long run.

Mortgage lenders are plentiful. You can find their websites all over the internet. Most of the time these lenders sites offer contact information, local branch information, special services that particular bank may perform, and a mortgage calculator to get a rough idea of how much you tend to save if you refinance. Once you find a mortgage rate quote that you like, shop that exact quote around to different potential lenders. They will get competitive and try to beat each others estimates wherever they can. They may charge a slightly higher rate but the closing costs and fees might be significantly less.

Make sure you are refinancing your home for the right reasons. Although mortgage rates in 2009 are currently at an all time low, this does not mean that a refinance is appropriate for everyone. Make sure to do proper research as it pays a lot to be knowledgeable when looking into a refinance. Know what your financial situation is and what you can comfortably afford to do. But make your decision soon as I do not believe these rates can stay as low as they are now.

-M Petrone

When one has finally decided to apply for new mortgage rates or decide to refinance mortgage rates the most important thing that you must obtain a low interest rate. If you have good credit and history it is a whole lot easier to find a mortgage rate with low interest rate, however if your credit is bad and have a history of defaulting payments it is no that simple. By refinancing mortgage you can reduce the monthly payment of that loan.

High Risk Lenders? What are they?
If you are one on the many with a low credit score you are more likely to be given a loan from a “high risk” lender or sub prime loan. These lenders target those with bad credit that are looking for a refinancing mortgage loan. These refinancing mortgage lenders offer you an opportunity to build up your credit.
The mortgage prediction in 2009 is hopeful for those looking into refinancing mortgage rates. If you have bad credit and are contemplating bankruptcy look into a refinancing mortgage loan.
Low Mortgage Rates
Prior to applying for a refinancing mortgage rate make sure to do your research. Some lenders that offer sub prime or high risk loans sometimes will try to charge fraudulent fees. A good lender will not try to take advantage of you by charging crazy fees. A mortgage refinance loan can help you with your large debt and in the end help rebuild your credit score.


It is hard on those people that look to refinance a home mortgage, but can not get approved for a loan. If you have credit card or any other type of debts and have already been red tagged as a credit risk do your research before you by into any type of loan that promises the impossible. Not saying that there are not good loans available out there, but you must be careful before committing to any thing that sounds to good to be true. You must always protect yourself from being taken advantage of, make sure to do your research before choosing the company you want to work with. It may sound daunting looking for a refinancing lender but it is possible to find a good loan. If your looking to refinance your mortgage to try and get out of debt, here are five tips that will be helpful in avoiding getting into any more financial trouble.

1.)Look Around
Make sure to shop around! There are many lenders out there that will be more than willing to take advantage of you. Some lenders that target people with bad credit know that people are in a desperate need for loans, so the try to rush you into a loan that may not fit your situation or you don't feel comfortable with. Always compare different lenders so you make sure that you make the best choice. So make sure that before deciding on a refinancing lender you do your research and remember to be patient.

2.)Understand any FEES
Beware of multiple fees that you don't understand! You may see fees like express mail fee, processing fee, affiliate consulting fee or settlement fee, these fees are what they call “junk fees” these are fees that you should not have to pay. If you do have to pay them the lender should only charge you one single lump sum fee. Make sure you do not overlook and unnecessary fees.

3.) Sub-prime Interest Rates
Those people with bad credit and that are considered a credit risk are referred to as “sub-prime borrowers.” If the loan that the lenders are offering you is more than 2% higher than the prime rate you should not take that loan. Not sure what the prime rate should be? The most current prime rate is available online. If the interest rate is to high it won't help you get back on track, because the payment will be to high every month. Those with bad credit are a risk for lenders because they are more likely to fall behind or default on their payments, so their main concerned about getting their money back as fast as possible. Look out for those lenders that are only concerned about themselves and not you.

4.)Understand Your Contract
Remember that everything matters. Do not let the lenders decide everything for you. This is your money and your credit score that is at risk. If you pay back the loan to the lenders early you should not be charged a fee.

5.)Look Out for Bad Interest Rates
Some lenders may want to give you a loan with a Adjustable Rate Mortgages (ARM) or Interest-Only, DO NOT take this type of loan. When refinancing you must get a fixed rate home mortgage. If you decide to agree on an adjustable rate it will seem good now however it most certainly increase when you can least afford it. Make sure to lock in a fixed interest rate so you can not be surprised in the future.

So in the end it is possible to refinance and get a loan even with bad credit. You must do your research so you are not taken advantage of and you must be patient. Refinance and build up your credit score.

If you are looking into refinancing your mortgage into the record low rates available but have filed for bankruptcy since you purchased your home, you will quickly realize that it is much harder to do. However, it is not impossible. There are plenty of mortgage lenders who will be willing to work with you, in fact some specialize in it.

If you are looking to refinance, and have filed for bankruptcy here are some tips to help you:

*The current record low mortgage rates do not mean that you will get a lower rate on your mortgage when you try to refinance.
Even though current mortgage rates are at record lows across the country, you may not be able to refinance at a lower rate lower than you have now. Having filed a recent bankruptcy, you mortgage rate is eligible to be higher than it was. Use mortgage lenders websites to research the costs with a mortgage calculator and see if it will be beneficial to refinance or not.

*Know about any prepayment penalties.
Always check the terms and conditions to know if you will have to pay a prepayment penalty. Even if you do qualify to get a mortgage rate that is lower than the one you have now, the cost of a prepayment penalty may ruin the better mortgage rates. Ideally you should not be locked in to anything. You should have the freedom to choose your mortgage lenders, terms and conditions, of your home loan at will, even with bankruptcy.

*Watch out for predatory mortgage lenders.
Lately, due to the low mortgage rates, the number of people looking to refinance their home has increased a lot. Due to this there are lenders out there looking to take advantage of people who do not know better, and stick them with a horrible mortgage with bad terms, rates, conditions or all of the above. Be careful of fly by night lenders.

*Use the internet to search for potential lenders.
You should get get at the minimum 3 different mortgage quotes from different lenders, especially when looking for a refinance after bankruptcy. Find your lowest quote and shop that quote around, especially with a bankruptcy, this will pressure mortgage lenders to meet, or hopefully beat, the quote you showed them.


Here I will break down the 4 most important factors that are considered during a home mortgage refinance. Mortgage rates in 2009 are at all time lows across the country, refinancing can save many homeowners a lot of money every month.

*Your credit score
Credit ratings play a key role in home refinancing. It will directly affect your loan approval, rates, terms, and conditions. You should request a free credit report from all of the major credit bureaus yearly and review it for any inaccuracies. If you have filed for bankruptcy and 7 years have passed that information should not show up on your credit score. This is an example of why you should be familiar with your credit score, and make sure it is up to date and accurate. The biggest factor of your credit score is your payment history. If you have made timely payments since you have established credit, you will only gain a positive credit rating. Other things that are taken into account are the type of debt you owe, the number of new applications for credit you have applied for, how much you owe, and the length of your credit history.

*Payment history on your mortgage.
Having a bad credit score does not mean that refinancing a mortgage is out of the question. If you happen to have a bad credit score, or even a good one, and have made every single mortgage payment on time in full, or ahead of time more than was due, you still can save through a refinance. Your mortgage provider knows that with them, with your home, you have a 100% credit rating, and will take that into account when trying to find a refinance that is right for you, that will save you money.

*How much you owe on your current mortgage.
How much you owe on your existing mortgage also will affect your mortgage rates. If you happen to be over 50% paid on your mortgage, and have been good with timely and in full payments, you are almost assured to refinance into a much better rate and save some money monthly doing it. However, if you are looking to refinance a relatively new loan the opposite applies. There will be a lot more questions from your mortgage lender if this is the case. He will want to know a lot about your financial situation, your plans, and extremely detailed financial reports. Which is understandable considering the lender will be taking on a lot of potential debt if you mortgage is newer.

*Choosing the right mortgage lender.
You need to take into account the type of mortgage lender you are working with. Big companies that have been around for a long time have the resources, contacts, and knowledge to provide some of the lowest rates possible. They can afford to take bigger risk loans and can handle the cost of a little negotiation from you on percentage points. However, it is usually harder to get approved from the big guys without great credit history, or a lot to lose. Smaller companies tend to take less risky chances with their limited funds and risk handling abilities. You must choose wisely, use the internet to research potential lenders.

-M Petrone

During the recent housing rush, many people got themselves into an ARM (Adjusted rate mortgage) loan did not realize what the consequences of getting into this type of loan involve. Now, when the market gets rough, their ARM rates go sky high, leaving you the homeowner helpless and barely able to make ends meet. The best alternative in this situation may be to look into a home mortgage refinance.

Refinancing a home mortgage is a very popular thing to do lately with mortgage rates at record lows across the country. This is also the most popular type of loan modification that people perform who are in an ARM loan. If you are able to refinance into a fixed rate that is just 1% or hopefully more lower than what your rate is now, you stand to save thousands of dollars over the course of the loan. However, not all people are going to be eligible for refinancing. When the housing boom was all around us, people were able to get a home with no money down, and even get money back at the closing. At the time an ARM loan seemed like it was Gods gift. Rates we're low and everyone in the housing market seemed to think the boon times would not end. They did with the sub prime mortgage crisis that ravaged markets across the country, leaving those in ARM helpless and facing rising costs they have no control over. Today, all over, people with ARM loans are searching everywhere for an alternative as they can not keep up with the sky high interest rates.

Most people have heard about the Federal government dumping billions of dollars into banks in order to stimulate the economy and soften the blow for the housing industry. This money should technically make it easier for people to refinance into a rate that is affordable. The government, banks, and lenders, would rather have you refinance into a lower rate in which they make less profit, than for you to have to foreclose on your mortgage. The governments money has lowered interest rates to record lows across the country. The rapid decline in mortgage rates has allowed homeowners a little breathing room and give them the option to refinance into a manageable monthly payment. This can be a great thing if you are stuck with a rising mortgage payment, and are helpless to do anything about it. Refinance now into a stable 30 year fixed rate mortgage and ensure you future financial stability.

-M Petrone

If foreclosure on your home seems inevitable than you should consider refinancing your home mortgage.

Thousands of Americans are facing foreclosure on their homes and are desperate to save their homes. There is some good news though, with the high number of people facing foreclosure lenders can not afford to have this many foreclosed mortgages. Luckily for you this puts pressure on the lenders to do almost whatever is necessary to help a homeowner avoid foreclosing. Combine that with mortgage rates at record lows across the country and you could save hundreds per month and save your home.

Before all of the financial hardships in the past few years, banks and lenders would only be so willing to work with you due to their massive power. However, with banks struggling to stay balanced, they would rather lose some money from you on interest rates than lose you altogether thus making them more flexible when working with you in a refinancing situation.

Refinancing your home the right way is a great chance to save money every month on mortgage payments, and avoid having your home foreclosed on. Even if you have missed a mortgage payment, the banks will work hard to help you. They can not afford to lose you just as much as you can not afford to lose your home. Do research with your current lender first, than compare other lenders using the internet. Get any quotes that are financially beneficial to you on paper, shop those exact quotes around to other potential lenders. Often they will match or beat the offer presented to them.

Make sure to let the bank or potential lender know that you believe that the only way to avoid foreclosure on your home is to refinance into a better monthly rate. This is sure to get their attention right off the bat, and they will most likely roughly outline your situation over the phone before asking you to come in to discuss the options available to you.

Home mortgage refinance is really not too complicated on your end. You need to know basic facts, and your financial situation more than anything. Leave it to the lenders and banks to work their rates and fees down to accommodate your needs. Do not be like a surprising number of homeowners who are facing foreclosure and do nothing about it. This is a horrible financial mistake that you do not have to let happen. Refinancing today may save your home in the future.

-M Petrone

Not even 1 month into the new year, experts still insist on predicting what will happen with mortgage rates in this new year. Opinions vary from, rates will rise, rates will fall, home prices will rise, home prices will fall, foreclosures will rise, home prices have bottomed out, etc..

The only sure thing I know is that know one knows. It is near impossible to predict what will happen in the future. What is possible however is to compare today's mortgage rates with rates from the past. Mortgage rates right now are at record lows all over. Homeowners are looking into refinancing their home mortgage in order to save money. Whatever happens with the market in 2009 the rates cant get much lower than they are now.

Before you listen to so called experts advice on where the mortgage rates will be going for 2009, make some personal financial decisions for yourself. Make sure you try to predict where you will be throughout the year to know if it is something to look into


Refinancing a home mortgage now is a great way to take advantage of all time low mortgage rates. However, you must be sure to avoid the common mistakes that homeowners make when refinancing. This article will reveal 8of the most typical home mortgage refinance mistakes, and most importantly, how to avoid them.

Common and costly mortgage refinancing mistakes list.
*Not doing enough research on potential lenders
A lot of people are pretty happy with their current mortgage lender. You should realize that when refinancing a mortgage, you have the option to choose any lender you prefer. You should comparison shop a variety of lenders to ensure the best rates, terms, or conditions are offered. Once you get a quote you like with a lender you have researched and comfortable with, shop that exact quote around to other potential lenders. Often, they will match or beat the offer you brought them, especially if it is in paper.

*Know how long it will take after a refinance you will break even.
When you have done the research on potential lenders, hopefully you got an idea about closing costs. There will be closing fees and costs associated to refinancing a home mortgage. Initially, these costs will seem high and not worth the effort. Most of the time though, these costs are negated by the monthly savings of the refinance within a year. Try to pay closing costs up front in full, or at least as much as you can, to avoid paying interest on those fees. See when your break even time will be by calculating the expenses versus the savings monthly and do the math.

*Not receiving a good faith estimate from a potential mortgage lender.
Potential mortgage lenders should always be able to provide, upon your request, a good faith estimate. This estimate will include any closing costs or fees and any other expenses related to the refinance. This should usually be given within 3 days of the estimate but you should be able to get it almost immediately if you ask your lender.

* Do not consider the assessed value of the property
The assessed value of your home and property is given by the local municipality as a taxing measure. Your home loan amount will not be based on this amount though. Your home will be valued by what is known as the cost approach.

*Appraising a home with little value
Sometimes homeowners know that for whatever reason the value of their home is pretty low. Do not pay to have your homes value assessed. Ask your lender if they will use the AVM model to appraise the current value of your home. AVM method uses the value of homes in the neighborhood surrounding your home to get an estimate.

*Throughly read everything prior to signing.
Always properly review anything you are going to sign. Make sure to pay special attention to the terms, rates, and conditions before signing anything. Ask for a copy of the loan prior to the closing in order to have a good chance to give it a good review and write down any questions that you have.

*Provide any necessary documents in a timely manner.
Have all the proper documents and other related materials ready and organized before you submit your mortgage application. This will speed up the process a lot and lock in rates when they are their lowest. Delaying for too long will just increase the chances of higher mortgage rates.

*Get everything in writing
Although there are plenty of trustworthy mortgage lenders, when it comes to this amount of money, a mortgage, get anything quoted to you in writing. Sometimes a lender will talk of super low rates and fees but upon closing will attempt to raise the price, do not let them. Have everything written down prior to closing on a mortgage refinance.

-M Petrone

Especially lately, information about mortgage refinancing is heard everywhere. Mortgage rates are at a near all time low across the country and look to stay pretty much the same throughout 2009. A lot of homeowners stand to save hundreds per month, or thousands over the course of the mortgage, by taking advantage of these record low rates. As long as you make smart financial decisions and do not get too risky, there is never a bad reason to refinance a home mortgage loan.

Generally, the most popular reason to refinance is to change your existing rate into a new rate which is lower. Even refinancing into a loan that is just 1% (Ideally more) lower can save you a lot of money. Another popular reason is to get out of an ARM loan (adjustable rate mortgage) and into a more stable fixed rate mortgage. As I said with mortgage rates at near or all time lows all over the country, it is very probable that you will save a sizable amount of money you saved from not paying unnecessary interest rates.

A home loan refinance is also done to free up extra cash from the equity in your home to make a sizable purchase or expense. A home equity loan however is typically an adjustable type of loan, which many people should be wary of. However, it is possible to refinance into say a longer term mortgage, and walk out of the refinance with the difference in cash, in your pocket. You should use any money gotten from a refinance to pay off other debts or things with interest payments. This will save you additional money every month while rebuilding your credit. You can use the money for whatever you wish, it is just recommended to use the money in a financially wise way.

There are some homeowners seeking a refinance in order to remove a name from the mortgage. In divorce for example, if one of the parties gets the house, they may want to refinance in order to remove their ex does not have any kind of ownership of the home. Or, if the home remains in both peoples name, but only one person lives there and cant pay, both people will pay the price in the longer run. It is usually a safe, wise decision to refinance in this case as to not be liable for your former spouses expenses or debts.

Refinancing the correct way can really save you a lot of money. This is extra money that you would have been otherwise spending every month on interest. Start your search for a quote with your current lender, get a written quote and shop that quote around to potential mortgage lenders. Often, they will match or beat the offer in some way to gain your business.

-M Petrone

Homeowners in general are feeling the affects of the collapse of the housing market. Whether you have a fixed rate or an APR (Adjustable rate mortgage), odds are that your homes value has been hurt by the current housing market. The question then is what to do about it? Luckily, mortgage rates are at an all time low across most of the country which makes a lot of homeowners the perfect candidates to refinance their mortgage. Most experts agree that refinancing into a new mortgage with a rate that is just 1% lower than yours, hopefully more, that you can save thousands of dollars over the course of your loan.

Due to the harsh economic times, the Federal Government, offered banks loans at near 0% interest rates. Hundreds of billions of dollars we're loaned to banks for next to nothing to stimulate the economy. Fortunately, as a side effect, mortgage rates have steadily declined month after month as this money makes its way around the country and into actual peoples pockets. Leaving right now an amazing time to refinance a home mortgage and almost guarantee that you will be getting the best rates ever. If you are still paying monthly mortgage payments, you should definitely look into refinancing. This can save you hundreds of dollars per month, and thousands of dollars in total savings.

Homeowners like you can use the internet to research the potential savings of a mortgage refinance. You should research any potential lender, their rates, general terms, customer service, and better business bureau record. You can also use an online mortgage calculator to get a rough idea about how much you tend to save through refinancing. You can easily get an estimate for different lengths, terms, monthly payments, all through most lenders sites.

Who should refinance then?
Well if your credit has stayed the same or improved since you bought your home, you probably stand to save a lot through a home mortgage refinance. Even if your credit has gone down sine your home purchase, with mortgage rates at record lows, you most likely will save a lot of money. If you happen to be in an ARM loan, than you should for sure refinance into a stable fixed rate mortgage. With this mortgage your monthly payments will stay the same regardless of the market conditions. This is one of the best reasons people have to refinance.

This all sounds great, but be careful. Make sure you do proper research on any potential lenders. You should start with the lender you currently have, then take the quote you get from them and shop it around to other potential mortgage lenders. When you bring in an actual quote on paper to another lender, they will often match or beat the offer you have. Ask lenders any question that comes up. Check their customer service to make sure you get a good, quick, response from the mortgage company. Always remember to account for any closing costs or associated fees. These fees usually add up to thousands of dollars and should not be forgotten about. Try to pay all of these fees, or at least as much as you can, up front. By paying upfront, you avoid paying interest on these closing costs every month. Do not be in a rush to do anything as many lenders prey on people looking to refinance for an “emergency”.
-M Petrone

Mortgage rates have dramatically dropped to near all time lows across the country. Mortgage refinance applications have gone through the roof as homeowners look to take advantage. Some people are predicting that the Treasury Department is considering lowering the rates again to people who are refinancing, rather than have people forced into foreclosure. These rates however, will not be around forever. As people begin buying homes again, and begin to see the benefits of refinancing, the money will start to circulate in the housing economy again, making mortgage rates start creeping back up. Although right now it seems that people are hesitating to get into real estate anything until the market bottoms out. I do not think though that the rates will get much lower, if lower at all, than they are now. Refinancing a mortgage to get just a 1% or 2% better rate will save you thousands over the course of the loan, and money every single month.

Most homeowners who have been making their payments have equity built up in their homes. Most of those homeowners would or could use the extra money they stand to save through a refinance for other debts they have gotten themselves into. You can use the money to pay off credit card debt, car loans, tuition, or whatever other bills you have. You do not have to use this money for bills, you can use it for whatever you please. It is recommended though that you pay down and off other debts before anything else.

If you have the same or better credit since you have purchased your home, a mortgage refinance will almost all of the time save you a lot of money. Even if you have less than perfect credit, or bad credit, a refinance is still possible just more work is involved, and possibly more expenses. It may be nesscary to work with a mortgage broker if your credit is not good. They do cost more but these fees can often be offset by the savings they can get you. Mortgage brokers know who to contact and the exact procedures for how to work with a bad credit refinance.

Refinancing a mortgage into a lower rate is easier to do than ever thanks to internet. Most lenders will have a website you can research and get a rough quote from. These are great sites to get background information, contact information, and research from a variety of companies quickly. Once you get a quote you like, get it in paper. Shop that quote around to a variety of lenders and see what they offer. Often lenders will match or better the quote in some way to get you as a customer. Also, do not take customer service for granted. You will need to have a lender who offers a friendly, quick, good response, to any questions you should have. If you ever feel like someone is not being honest or giving you the run around, leave. There are plenty of lenders to choose from who are happy to have you as a client.


Here are some ways to save money with home mortgage refinancing:
Lower the mortgage rate.
A quick way to save and pay less money for a mortgage refinance is to pay as little as possible to borrow the money. Interest fees are usually associated with the rates lenders pay to their investors. If you can acquire an interest fee that is just 1% lower than your current fee, that would be hundreds in dollars of savings on the mortgage. Your credit score will play a big role in your mortgage rate. Keeping a credit score of 700 – 800 is ideal for getting the best rate available.

Shorten the length of the loan
Shortening the total number of monthly mortgage payments is yet another good way to reduce the cost of a mortgage refinance. Payments over the course of say 15 years in stead of 25 years will be higher but the savings had from finishing paying your home off will usually outweigh the higher monthly mortgage payment costs.

Pay as much as you can every month.
Even if it is not financially possible to refinance into a shorter mortgage, you should add as much as you can to each mortgage payment to pay the principal down. Even adding even small amounts of extra money to each payment could save you thousands in the long run. Try to avoid a refinancing loan that has what is called a pre-payment penalty. This will take away from the savings you have earned.

Pay your first mortgage payment upfront.
Something that is smart to do is make a 1 month prepayment. At the closing, make your first mortgage payment as this will be an advance payment on the principal and will save you a lot over the course of the loan. This will help you save yet again with a little amount of money and long term thinking. You must think long term and before you know it you will own the home and be mortgage free.

Shop a quoted mortgage rate around.
Once you get a quote you like, and it is in writing, shop it around. Shopping a quoted mortgage rate to lenders gives credibility to you and that potential lenders banks. Often, a lender will match or better the terms in one way or another to get you as a customer. Remember you are not limited to the lender you currently have. Use the internet to get quotes and contact information from potential mortgage lenders.

Luckily for you, due to recent economic conditions, mortgage rates are near or lower than they ever have been across the country. Everyone is looking to save money, and these low rates offer a great chance to do just that. Refinancing your mortgage could save you hundreds per month, while owning and paying off your home with a lower monthly payment, fewer payments, or both.

Refinancing a mortgage to get better monthly payments is one of the best reasons to do it. Some people could just benefit from the extra cash every month, while others who are facing financial difficulties can use a refinance to help get out from under their debts. Sometimes a refinance can be longer than the length of the mortgage you currently have, although these extra payments are typically made up for in the overall savings acquired. Recently, mortgage refinancing applications have rose to record all time highs due to people seeking to refinance. Some are using that money they could save to help pay off other higher interest debts such as a car loan, tuition, credit cards, or whatever else you owe.

A lot of homeowners are refinancing out of their APR (Adjusted rate mortgage) which had low interest rates in its beginning but those rates have since risen, into a more stable fixed rate mortgage. This gives homeowners some stability in knowing that their payments will remain the same no matter what the market holds. A balloon type loan or mortgage payment is also a good thing to get out of now while mortgage rates are at all time lows.

Sometimes, it is actually a good decision for a homeowner to refinance into an APR. If you know you will not be living in your home for too many more years it may be right. Some APR mortgages have a fixed rate for the first 24 months or so depending on the loan and lender. These rates are usually extremely low and can help you if you know you will be moving. Beware though as you do not want to get stuck in a APR mortgage if plans to move fall through.

Also common, is refinancing in order to get a shorter term on your loan. If you are fortunate enough to be able to pay off your mortgage sooner than expected, you should. Owning your home should be your over number one goal. It is most likely the most expensive thing you will ever own.

You can also refinance to get cash back. It is not recommended as anything you borrow against your house will always need to be paid back, and your monthly payments will no doubt rise, or be extended by a long time. In some emergency situations it may be acceptable, but be careful and do not endanger your home for something that is not life threatening.

-M Petrone

If you have a bad credit rating and are past due on credit payments or loans but own a home with some equity in it, you should consider a home mortgage refinance to help improve your financial situation. Mortgage rates are currently at near all time lows across the country, now is an amazing time for many homeowners to refinance and save hundreds per month. Paying off your past due debts or loans will improve your credit score, which will help you get the lowest interest rates possible in the future.

Here are 3 key things to know when looking for a home mortgage refinance that is right for you.
*Make sure you research any potential lenders.
If you are have troubles getting a refinance that is right for you from a general lending company or bank, than you can consider a specialist. A mortgage broker or lending firm that specializes in bad credit refinance has the connections and knows who to work with to get you the best rates. They cost more but the savings they can find in a bad credit situation will more than make up for their fees. Also, check with the better business bureau to see the lenders file and any negative claims. See how long they have been in business and make sure they are a registered lender. If for whatever reason the company does not show up at all, look for a new lender.

*Comparison shop a quoted loan
When you find a lender who you would like to work with and has offered you a good refinancing deal, get that quote on paper. Shop that exact quote around and see if other lenders can meet or beat it. Many times a mortgage lender will work their quotes down, either in the rate or the closing costs, to meet or better the quote you bring in. You do not need one but it sure brings credibility to the situation and makes the lender work that much harder to meet or beat the quote.

*Make sure their will be quality service
Make sure the lender is good at responding to questions and concerns in a timely and efficient manner. Does the lender have a fax number, email address, office line, cell phone. Does a live person answer or is it a message system? Do they respond to your questions and concerns with good advice which is delivered in a timely manner? Sometimes a low rate or quote is offset by sorry customer service. You want good contact with your lender should anything ever come up. You do not want to have a lender for probably the most expensive thing you will ever own in your life.


Home mortgage refinancing is just replacing the mortgage you currently have with a new one. Ideally with mortgage rates at record lows right now you will get better rates terms and conditions, saving you hundreds per month.

It is not complicated to figure out the math and know roughly how much you stand to save through a home mortgage refinance. You will need to know how much the closing costs and any associated fees are and your new monthly mortgage payment to get an estimate. Assume that you have a $1200 per month mortgage payment and can reduce that by just $150 per month that is $1800 per year of the loan in savings.

A mortgage refinance will cost around $4000. It is a lot of money to spend but ideally will be recovered through the savings that you will get in the refinancing. Find out what the break even point is in your mortgage estimate, with the costs included, and see how many months it will take.

When the break in period is over it is all on you how long you desire to stay in the home. If you stay in your home after te break even point, you will save that much per month times how many months the mortgage term is. That is thousands and thousands of dollars in savings, to own the same home.

Home mortgage refinancing is not always the best option for everyone, it is not always easy or cheap, but could be worth looking into. Mortgage rates have not been as low as they are right now. A refinance into a mortgage at just 1% lower interest rate can save you tons of money and make a refinance a financially smart thing to do.


Do not choose a lender for refinancing your home just because he has the lowest APR (Annual percentage rate) on paper. Their are a variety of other things you must take into consideration along with that rate. Such as...

-The Type of Interest Rate
Basically, their are two different kinds of mortgages. A fixed rate mortgage is where you lock in a interest rate for the life of the loan. Your payments will never change due to market conditions. An adjusted rate mortgage (ARM) however is a different type of loan. This type of loan often has a very enticing rate at the beginning, but in time, this rate will go up and their is nothing you can do. Your mortgage payment may fluctuate from month to month depending on financial and housing markets. Generally a fixed rate loan is considered safer and more stable, although it is not the correct answer for every person.

-Terms of The Mortgage
This is how long the mortgage will last. Typically a shorter term will mean higher payments but less over all interest paid. A longer mortgage affords smaller payments spread out over more time but more interest will be paid. Which choice is correct for you is dependent upon your specific situation.

-Know What Points Are
Points can sometimes be called either origination or discount fees. These are fees you pay the mortgage lender or broker you choose. Sometimes a no cost or low cost closing offer is available but generally this is not a good idea. You want to pay as much or all of the fees you can upfront. Otherwise, you will be paying interest on these fees for the length of the mortgage. One point is equal to 1% of your loans total amount, keep this in mind when calculating costs.

-M Petrone

Owning a home means that you have a very powerful financial tool at your command. Using your home as equity, you can do a second mortgage or a refinance of your current home mortgage and use some of your built up credit to cover your financial needs. This will help to right your financial wrongs by having to pay less money on your monthly mortgage payment. You can use the money you saved to pay other bills down and improve your credit standing, or use the money anyway you would like. With mortgage rates at all time lows across the country a lot of homeowners will save hundreds monthly on their mortgage. Here are some reasons that refinancing may be a good reason.

*You can refinance your current mortgage into one with a lower rate. This is probably the most common type of refinance. Lowering your monthly payments will generally happen if the current rate is around 2% or more lower than the rate you currently pay. You need to do the math to get exact savings estimates, but now is a really good time to pursue a refinance.

*You can consolidate other debts using a second mortgage or the money from a mortgage refinance. This can be a great method to reduce other debts which carry higher interest rates and waste money monthly. Credit cards, auto loans, tuition, hospital bills, can all be paid down using your home. You may be able to pay off all your other debts at once while only owing the single monthly mortgage payment. You will save money due to not having to pay interest fees on these bills and you can use that money for whatever you want.

*Use your mortgage and refinance in order to remodel your home, or other home improvements, you can get capital to start a new small business, or to inject funding into an existing business. It is a good idea either way to invest the money into other money making things such as a business or improving your home.

*If a great investment opportunity that presents itself. You can use the equity in your home to invest in other making money chances. You do not have to miss out on the opportunity of a lifetime if you refinance your mortgage correctly.

Refinancing your home mortgage can be a great decision for a variety of different reasons. There are different types of refinancing options available to you depending on your needs, credit score, home value, and how much you owe on your mortgage. A mortgage lenders web site will help you get the specifics about that companies policies and fees. If you have bad credit or problems doing your own research, it may be worthwhile to get a mortgage broker. A mortgage broker specializes in finding the best rates and terms for people who are in unique situations. There are fees associated with a mortgage lender, but these fees usually are outweighed by the additional savings that can be had. Goto your current lender first and get a written estimate. Shop that estimate around to the different mortgage lenders available all over the internet. Most of the time a lender will try his best to match or somehow better the estimate you brought them.

-M Petrone

There has never been a time like this when so many people are in debt. Whether you owe credit cards, car loans, mortgage payments, tuition, medical bills or plenty of other financial burdens your financial stability becomes an issue. What if you want to start to spear head your financial problems with a mortgage refinance but have bad credit? It is possible to refinance a mortgage with bad credit, it just takes a little more patience and research to ensure the best terms and rates for a refinance. Just having bad credit does not mean that you are forever stuck, you just have to work harder and know what to do to right the situation.

A lot of people want to refinance their home mortgage due to the high interest rate it carried with it because of their bad credit. With higher than necessary interest rates, you are wasting money every month that could be used to help fix your financial problems. With a mortgage refinance, you have the chance to consolidate all of your other debts and high interest payments into a new loan with lower interest.

When researching for a lender to refinance with, make sure to ask if they have a specialist or a special department for people with less then ideal FICO credit scores. Usually, a lender who specializes in bad credit refinancing has the contacts and vital knowledge to make a refinance even more profitable for you.

You will be able to get a better interest rate, regardless of credit or if bankruptcy has been claimed, if you find the correct lender. It is a good time to look into mortgage refinancing with mortgage rates at record lows across the country. If you are in an adjustable rate mortgage (ARM) and your payments keep rising every month, refinance now into a stable fixed rate mortgage. The longer you wait, the more money you will be throwing away with unnecessary payments for interest.
If your payments have remained pretty stable for the past few months, you have more time to search for the perfect loan and perfect terms and conditions. If you have enough time, it will help a lot to improve your credit score anyway possible before the refinance is pursued to get the lowest rate, and therefore cheapest payment possible.
Something you can try to do if time permits is pay off some credit cards. Pay off the credit cards that are at their limit first, followed by the cards with the highest payments. This will show that you are credit worthy and aware of your debts and have a plan to pay them. It shows in your credit report when cards that are at their limit get paid off.
A lot of people attempt to get a credit card with a lower interest rate then transfer their other higher interest debts onto that. This sounds like a good idea but can not be wise if you are going to try to refinance your mortgage. The more credit accounts you have open, the less chance of approval with better rates or conditions you will get. Refinancing with bad credit requires confronting debts and reducing them as much as possible. Be aware of your current financial situation before refinancing a mortgage. Ask a lot of questions and never be afraid to leave.

-M Petrone

Everyone wants, needs to save money. I have never met a person who likes spending more money than necessary on bills. Lately, with mortgage rates at record lows, a home mortgage refinance is becoming more and more popular. Depending on your personal financial situation, a home mortgage refinance may be the answer to saving you hundreds of dollars per month in unnecessary payments. Here are 5 tips that will help you in the refinancing process and to help ensure you get the best rate possible.

Points or No Points
You will need to figure out the benefits of paying points up front or having the low low interest rates available. Depending on how long you plan to keep the mortgage, you may end up paying a lot more. This needs to be taken into consideration to see if it is even worth your time and money to refinance.

Playing Games With Interest Rates
Unless you have a specific detailed plan of escape, do not fall prey to the advertised 0% apr. There are brokers who will lure you in with crazy low rate offers only to raise the rates way up within a few years of the refinance.

Hidden Fees and Costs
When something seems to be too good to be true, it probably is. If your mortgage rate seems insanely low than odds are you are paying for that somewhere else. Make sure to ask questions regarding all of the associated fees and costs and your options to pay them. You do not want to get stuck paying interest on these associated fees for up to 30 years.

Good Faith Estimate
Legally, you have the right to a good fate estimate. You should request and get one from any potential lender before moving forward with them. Go over this document very carefully, read and reread until you are confident you understand what you are paying for, how much, and for how long.

Let The Clock Begin.
You must consider how long you plan on staying in your house versus how much you are looking to save through refinancing a home mortgage. Do not ever forget to add closing costs and fees into your totals when doing the math.

Right now across the country mortgage rates can be found for under 5%. Although it is not the right choice for everyone, a lot of people can save a lot of money through a simple home mortgage refinance. Do not forget you have the choice of lenders, you can start with your current lender and shop that quote around to others. Once you get a quote you like, shop that one around still. Many lenders will lower their closing costs or find another way to match the offer you bring them. This allows you even more freedom in choosing the correct lender for you.

-M Petrone

Thanks to mortgage loans, owning a home is a reality that millions of Americans enjoy. Without the option for a long term monthly mortgage payment, most people would not be able to afford their homes. Most people who earn an average income can not ever dream of paying a few hundred thousand dollars in cash to own a home.

A home mortgage though is not only useful for the average person. It can be a great tool, even if your in a financially good position. Debt can be a good tool in using the cash you do have wisely. Say you did have the money to outright purchase a home. You need to know if the benefits of that outweigh the risks. With mortgage rates currently at an all time low, it might be a better decision to invest that money and pay off the home monthly. You should earn enough interest on the money you saved, that that will be higher than your mortgage rate.

There is one thing though that is certain if you are in debt, you will be expected to pay additional fees and expenses in the refinance process. This is usually done in the interest rates given to you. This will increase the loan total but this will be paid monthly so the pinch is not so hard felt if spred monthly over the course of a few years.

With mortgage rates constantly changing due to different market conditions. If your interest rates have risen, and you have not found a lender offering you better terms, rates, or conditions, you should find one. You can also get your home mortgage refinanced into a longer term mortgage. If you have a hard time making monthly mortgage payments, you may consider increasing the length of your mortgage. Doing this will reduce your monthly payments, but you will have more payments though. This is just another home mortgage refinancing option.

If you refinance into a shorter loan, you will be building equity faster than ever. Plus you will not be paying out as much in interest fees. This will most likely increase your monthly payment on your home, but if you can do it, it may be worthwhile to look into.

Remember that a general rule of thumb is to look into a mortgage refinance when you notice rates are around 2 % or more lower than your mortgage rate.
All mortgages and situations are different. Take your time and do good research. Start with sites like my own and look for mortgage lenders there. Once you find one, get a quote. Shop that quote around and see if other lenders can better it. Most of the time they will offer you a mortgage refinance option with better rates, terms, fees or other money saving methods. Ask plenty of questions to any potential lender. You should start first with your current lender unless you have a problem with them. You have a relationship with this company already as they gave you your first mortgage.
-M Petrone

Even though the mortgage lending industry is closely monitored by federal agencies, there are still a lot of different things that could make a mortgage refinance a costly, disastrous decision. The problems may not be necessarily from someone trying to scam you, or wring you dry for as much money as they can get. It could be a fault of the particular mortgage lender you are using. Either way, before refinancing a mortgage you need to be knowledgeable about the subject or be prepared to pay the price.
It is your responsibility to pick the correct mortgage lender for your refinance.

There are all sorts of places offering refinancing advice, especially when it comes to mortgage refinance. There knowledge though may not be so good on the subject. You need to review multiple sources for common traits and trends. You should basically know everything the lender would before going into their office. You should educate yourself about the different types of mortgage refinancing available to you and their benefits and related drawbacks.

Mortgage Refinance Myths

*Your interest rate will be sky high if you have anything but perfect credit
*A 30 year fixed rate loan is ALWAYS the best choice
*Interest rates will only go up from here, you better hurry in and refinance now
*ARM (Adjustable rate mortgage) loans should be avoided like the plague
*Bankruptcy can not ever be recovered from

Of course, there are different answers depending on your personal financial situation. The best thing you can do before going into a lenders office is to learn as much as you can before hand. Use the internet to get rough estimates using online mortgage calculators found on many lenders websites. Once you get a quote you like and meets your terms, conditions and the like, compare that exact quote to all different lenders and see who bites. Chances are you can find a lender who will lower his closing costs or better the deal in another way.


Everyone is wondering where mortgage rates will go throughout 2009. Currently, mortgage rates are at a near all time low. In many markets, the mortgage interest rates are under 5% for a fixed rate 15 year mortgage. However, the only homeowners who can take full advantage of the lowest of the low rates have a FICO score over 700 and 20% to put down on the mortgage. Refinancing yo can expect a rate around 5.25% if you have good credit and good finances. Even with what I said above, many homeowners will be able to benefit financially from a mortgage refinance.

Mortgage Rates: 2009
Although nobody can be 100% sure where the rates will go, I do like to think I have a pretty good idea. I predict that due to refinance applications currently coming to lenders offices at record paces, that mortgage rates will temporarily increase. This is due to mortgage lenders being back worked from processing all of the paperwork coming in. While the temporary rate increase goes into affect they will be able to catch up on paper work and realize that they we're a lot busier with the lower rate being advertised. Over all I predict that home mortgage rates for 2009 will take a temporary .5% increase followed by steady steep declines throughout 2009.

It is generally a good idea if you are looking into refinancing to do it now. Get a locked in quoted rate on paper and you can potentially save hundreds of dollars per month.


After the government lowered the rate at which it borrows money to banks to near 0%, mortgage rates consequently dropped to all time lows. In many parts of the country right now the mortgage rates are below 5%. The first step in the Governments plan involves stimulating the housing market. With mortgage rates this low, it can save people hundreds of dollars per month on their mortgage by refinancing.

Getting a refinance now before the market corrects itself and adjusts is a probably a good decision. The mortgage rates will probably not get much lower than they are now. If you are in an adjustable rate mortgage, than you should without a doubt look into refinancing into a stable fixed rate mortgage. Currently, there are an estimated 1 million homeowners that could benefit from a mortgage refinance. There are a lot of resources available to you on the internet that will allow you to get a rough idea of how much you stand to save. Check your current lenders offer first, than shop that offer around to other mortgage lenders. Do that same routine every time you get an offer that is better. Do not be afraid to ask plenty of questions and never hesitate to walk away from a mortgage lender.


There are many different reasons and options that are available to you should you decide to refinance. There are a few things that can make refinancing a home mortgage more successful. These things include, maintaining a good credit history, having enough equity, and to keep your mortgage payments current. These are some key factors that we will talk about that will help you refinance into a better mortgage and save hundreds per month.

Make sure you have enough equity.
The first thing you should look into when considering refinancing is to make sure you know what the equity currently is in your home. This will give you a rough idea of how much you can borrow against when you refinance the mortgage. This amount is figured out by how much you have already paid on the loan, how long you have owned the property, and how long you plan on living in the home. Finding out that you do not have enough equity in your home, this is a good thing. If you have troubles finding out how much equity you have, a mortgage lender will usually always help you figure out the acutal amount of equity that you have.

Keep your mortgage payments up to date.
A mortgage lender is much more likely to work with you and give you a better term if you have a good history of paying your mortgage on time. The more mortgage payments you have paid on time, or even early, is a big plus sign for the lenders. In their eyes you are more likely to continue paying on time, especially if the mortgage rate is lowered, which is a very good possibility.

Maintain or better your credit rating.
Lenders do not look at only the equity you have available in your property. They will also check into your bank accounts, and credit history and score. Negative credit reports coupled with a mortgage payment, is a warning sign for lenders. This will raise red flags, and then all kinds of verification will need to happen for the refinance to get approved. Maintain your credit, better yet, work on increasing your credit worthiness.

Currently, mortgage rates across the country are at all time lows. A home mortgage refinance is not the answer for everyone, however there are around 1 million homeowners who could really benefit from one. Ask plenty of questions when you meet your potential lenders. You should not have a question that they will not be able to help you with, if they cant answer a question you have, leave them. Once you get a quoted mortgage rate in paper, shop that rate around to other lenders. They can possibly match the offer, or better it.

-M Petrone

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