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Below, you'll find
extensive information on leading home refinance articles and products
to
help you on your way to success.
Second Mortgages Versus Home
Refinance Programs, Which Way To Go?
Mortgage rates are still at an all
time low. On average about 70% of
all mortgage applications submitted the past six months were for home
refinancing. Statistics indicate that 29% of current
homeowners in the
US have not yet refinanced their homes. Part of the reason some have
not applied for refinancing is the desire to hold out for lower rates.
Mark Askew, founder of Financial Marketing Network, Inc., an internet
based consumer friendly loan shopping resource, believes many of those
holding back are looking closely at 2nd mortgage loan options. "And for
good reason", says Mark.
"Lets say you want to do some home
improvement work and you choose to tap into some of your equity to fund
the project but don't want the added expense of refinancing seeing that
your rates are already low. Your alternatives are either an equity loan
or an equity line of credit. Some of the advantages of a
second
mortgage is that the the mortgage interest may be tax deductible. Draw
periods can range from 5 to 25 years. You can use an equity loan when
you need all the money up front or an equity line if you have an
ongoing need for money. Yet fluctuating mortgage rates and receding
refinance activity have left a significant number of potential
applicants hesitant to follow-through with any kind of loan request
process. Some just haven't discovered the time and cost
effective
methods to shopping low rates online", Mark says.
Regardless of the reasons no one has
money to burn. That said homeowners do well to set aside time to
determine if they are in a position to save thousands refinancing or if
funds are needed, taking out a second mortgage while rates are at
current low levels. Mark Askew encourages its users to put
all their
ducks in a row now instead of later. "Get prepared now. Rates may not
be this low much longer", adds Mark, "Whether you're refinancing,
purchasing a home or considering a second mortgage be prepared with all
necessary documents before you sit down to your computer to apply for
rate quotes or a loan. Gather all bank statements for the last three
months; account statements, including stock brokerage accounts, most
recent pay stubs, W2 forms for the past two years." With home refinance
applications reaching lower proportions and
lenders now able to catch up on a
backlog of loan applications, current applicants have a better chance
of meeting the targeted loan funding and disbursement date.
This can save significant amounts in
loan costs as loan processing and closing are completed with-in the
rate lock period. One of the advantages of the online
refinance loan
process is that the consumer can choose from a number of local and
national lenders willing to compete for business. That can mean lower
mortgage rates, incentives and lesser fees. When shopping for a loan www.refinanceloanrates.com
offers low loan rate shoppers these helpful tips. 1. Don't accept the
first or second loan offer. 2. Let lenders know if someone
gave you a
better offer and let them WIN YOU OVER.
3. Next, check rate trends
and
calculate loan rates and payments according to the lowest rates
offered. Firmly hold to the lowest rates within your reach.
4. Don't
give the impression that you absolutely must have this loan now. Your
greatest bargaining position is not desperately needing the product
being offered. 5. Ask about fees up front.
Use the amortization calculator to
figure in fees, insurance and tax payments. 6. Take advantage
of free
quotes, calculation tools and financial resources here. 7.
Consult with
your mortgage professional to see if these programs will work best for
you. Financial Marketing Network, Inc helps home owners
across the
country find time effective ways to shop low rate home loan programs
online. The "Network" is based in Baltimore Maryland. Helpful
financial
resources. www.RefinanceLoanRates.fimark.netwww.equityrefinanceloan.comwww.bcpl.net/~ibcnet
For
Immediate ReleaseMark Askew www.RefinanceLoanRates.fimark.net
e-mail
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