When Should You Refinance Your Mortgage?

People who choose adjustable rate mortgages end up realizing that fluctuating lending rates can be a spanner in the works when it comes to budgeting. Worse still, if interest rates stay consistently high, they may be in danger of paying much more than they initially thought.

That is why when interest rates fall, it is a good idea to refinance your floating rate loan with a fixed rate mortgage to gain more time to repay and avail lower interest rates. Refinancing is a good option if you are paying variable monthly installments and wish for more consistent (and sometimes lower) payments. [Read more…]

Government Foreclosure Prevention Measures Changes Announced

In a bid to keep homeowners in their homes even if they are unable to meet repayments, the Obama government had unveiled foreclosure prevention measures a few months back. The expectation was that once the housing market is given a helping hand to stabilize, by preventing foreclosures and supporting homeowners, it would help the economy regain its footing too.

However, it appears as though the government’s foreclosure prevention measures will not achieve the targets originally set. [Read more…]

Beware of Claims by Debt Settlement Companies

Many people are in huge debts since the housing bubble burst. If you are behind on your mortgage payments or have other debts and interest payments piling up, you might have been lured by advertisements of debt settlement companies that offer to reduce your obligations considerably. Don’t get fooled by these misleading claims as they could do more harm than good to your financial situation. [Read more…]

How to Decide if You Should Refinance Your Home Loan

You are getting a refinanced loan at a lower interest rate – should you grab the deal? Well as it turns out, lower interest rate alone should not be the criteria to switch loans. You need to consider a few other things before making this decision. [Read more…]

Should You Refinance if You Have Bad Credit?

People with bad credit got into trouble for many different reasons. What ever the reason is the person becomes entangled in a very serious financial situation. There is still hope but sometimes the solution will put you into more trouble than get you out of it. When faced with this problem it is good to think it out first before doing any drastic action. [Read more…]