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Refinance Home Mortgage: Compare Quotes
Refinance Home Mortgage: Compare Quotes
One way to put more money in your pocket is to tap into the equity you've built in your home and do a "cash-out" refinance home mortgage.
Los Angeles,
CA,
United States of America
(prbd.net)
23/04/2010
When interest rates are low, adjustable rate mortgages (ARMs) are the housing market's darlings. However, as interest rates increase, that adjustable rate may not look as sweet. It's also possible that you opted for an ARM because your financial future was less secure, or you weren't sure how long you'd stay in your home.
Get Free Refinance Home Mortgage Quotes Today:
www.mortgagerefinance.fm
If, however, you've become financially stable and know that you'll be staying in your home for several years, it may be beneficial to swap that fluctuating adjustable rate for a fixed one. You'll have more security knowing that your monthly payment will remain steady, regardless of the current market environment.
Cash-out refinancing
One way to put more money in your pocket is to tap into the equity you've built in your home and do a "cash-out" refinance home mortgage. In this scenario, you can refinance for an amount higher than your current principal balance and take the extra funds as cash. This can provide money for remodeling your home, paying off high-interest rate bills, or sending your kids to college.
PMI (Private Mortgage Insurance)
If you were unable to make a down payment of 20 percent when you purchased your home, you may have been required to purchase Private Mortgage Insurance or PMI. If your house has appreciated since then, and you've steadily paid down your mortgage, your equity may now be more than 20 percent. If you do a refinance home mortgage, you will no longer need PMI.
To get free refinance home mortgage quotes, please visit Mortgage Refinance at:
www.mortgagerefinance.fm
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