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By: Ruby Jodee
As spring begins, it might be time to look into refinancing your home. Dallas Texas gay real estate can see important savings if refinancing is done at prime rates. Since real estate refinancing rates are best in the spring, it might bring homeowners savings during an economic period that is beginning to recover from the recession.
Refinancing can bring you three main benefits: a) Interest on your mortgage can be made lower. b) the monthly payment can be lowered and c) the number of years to pay off your debt can be reduced to 10 or even 15 years.
Main Reasons for Refinancing
- When the rates fall you may want to save money.
- You want to borrow money against the equity.
- The owner wants to add or remove someone from the loan.
The new rate in the refinanced debt will depend on factors such as:
Your credit score Your income Your debt to income ratio The payment history Before you refinance your debt you should consider the following:
- The closing costs and fees.
- The term of the loan 3.. The time to recover the costs
- The kind of rate: fixed or adjustable
Refinancing Options
Homeowners can refinance at significant savings based upon present interest rates, but condo owners may have to wait until at least 30% of their loan is paid before seeing benefits of refinancing. This is because banks take higher risks with condos than they do on single family homes. The best way to find out if refinancing is a beneficial move is to do the math.
Math 101
Do the math to see if the numbers add up to savings for your Dallas Texas gay real estate. Potential savings are based upon your particularcircumstance as well as the type of loan and any discounts your broker offers. Some homes may be able to be refinanced on a 15 year mortgage if the homeowner can afford slightly higher monthly payments. This can save thousands in interest. However, savings can also be seen on the traditional 30 year mortgage as well. Refinancing your Dallas Texas gay real estate takes advantage of monies already earned in equity to lower the total cost of the home. Spring traditionally brings lower interest rates that can save thousands over the course of your loan.
Savings may be seen through lower monthly payments or in a reduction of total interest paid over the course of several years. Homeowners should consider information and make informed choices concerning refinancing. Homeowners should also be aware of any clauses within their current loan agreement that forbids refinancing. Sometimes there are clauses that forbid refinancing until a certain number of years has been reached. If that is the case, refinancing may increase the total amount paid for the home even with lower interest loans. To save money, current interest rates should be at least a point lower than the interest rate the home was first financed.
Author Resource:->??Refinance your mortgage at::
Dallas Texas Gay Real Estate
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