Is It Th Right time to refinance?

Is it the right time to refinance your mortgage in Spokane Wa? You may be able to reduce your monthly payments or reduce the life of your getting a lower interest rate or a new loan term. You may also be able to save even more if you use your refinancing to pay off credit card debt or other high interest debt. That’s because interest on your mortgage is tax-deductible, and the interest on other loans is not.

There are a lot of mortgage companies in Spokane, so be aware and shop around. The only way to know if you’re getting the best rate is to shop around. Discussing your loan with several Spokane mortgage companies is a great way to also learn about different kinds of loan programs and lenders.

Some key reasons to consider refinancing:

- Get a lower-rate mortgage.

- Convert an adjustable rate mortgage to a fixed rate mortgage.

- Consolidate a first and second mortgage into one lower rate mortgage.

- Get cash for family needs and expenses.

The advantages of refinance:

- Lower your Rate

- Consolidate your bills

- Get extra cash

- Refinancing is tax deductible

Rates are low and home values are at all time highs here in Spokane wa. Now is the best time to get a low rate and low monthly mortgage payments. If you would like to know more about Spokane mortgage or Spokane refinance please click on the links.


What Home Refinance does for you

Whenever interest rates drop, as they sometimes do, homeowners might have the opportunity to save money on their loan payments. As a rule of thumb, lower interest rates translate into lower mortgage loan rates. Home refinance allows you to take advantage of low mortgage rates. With a new loan for a relatively lower interest rate, you can save a few bucks on every monthly payment that you have to make.

The decision-making process of home refinance involves one basic calculation. And that is if your savings from reduced mortgage payments are greater than the up-front costs. This then is where the basics of home refinance decision lie.

Use a Home Refinance Calculator

Nearly all types of financial calculator require a simple rule of thumb. Often, when we want to calculate our loan finances, we are told to look for a minimum interest rate improvement of, say, two percentage points from our existing mortgage before getting serious about home refinance.

However, when it comes to home refinance mortgage, such rules of thumb can be very misleading. The cut in interest rate which you need in order to come out ahead with your home refinance venture may vary dramatically. More often than not, interest rate cuts depend on how long you plan to hold the new mortgage, how many years you have already paid on the current mortgage, and the increasingly available opportunities for cutting closing costs.

Thus, it is hard to come up with just one rule that can cover all possible scenarios involved in home refinance with reasonable accuracy. So how do you know when it's right for you to refinance your home?

Do a little math

You can take the specific numbers that match your unique situation. Find out how much remains on your loan and what rate you are currently paying. Input all these figures into an online calculator (you can find lots of websites that hosts these useful tools for free).

For instanceFree Web Content, you can use a calculator to find what your home refinance costs might be. You can then use the figures you get as a guide when you're surveying potential lenders for the loan that's just right for you.


Refinance Benefits - Refinancing Could Save You Money

1. Refinancing to Lower Your Monthly Payment for an Existing Loan.
You can refinance your existing loan at a lower interest rate thus reducing your monthly loan payments. With interest rates at their lowest for years, you can find some excellent rates - sometimes far much lower than what you're paying for your current loan or mortgage. Refinancing your mortgage or loan when rates are down could save you hundreds of pounds every month and thousands over the life of your loan.

2. Refinancing to Consolidate Debts.
You may choose to refinance in order to consolidate debts and replace high-interest loans with a low-rate loan. The loans being consolidated may include higher purchase loans, student loans and credit cards. You can clear all your existing credit cards, loans and other debts and replace them all with one low cost cheaper monthly payment. On a £12,000 loan some homeowners can save in excess of £250 a month which is a considerable saving. A debt consolidation loan is a smart solution for anyone who has many outgoing monthly payments. A Refinance loan allows you to repay existing loans from the proceeds of a new loan - the loan is usually secured on property or your home.

3. Refinancing to Reduce the Term of the Loan.
Reducing the term of your loan can help you save money over the life of the loan. For example, refinancing from a 7-year loan to a 3-year loan might result in higher monthly payments, but the total of the payments (or total cost of the loan) made during the life of the loan can be reduced significantly. You’ll also be able to build up your equity faster. Use this free loan calculator to see how the total cost of the loan reduces when the repayment period is shortened. A refinance loan can save you thousands in interest charges over the life of your loan.

4. Refinancing to Switch From Variable to Fixed Rates.
You can also refinance in order to switch from a variable rate loan to a fixed rate loan. The main reason behind this type of refinance is to obtain the stability and the security of a fixed loan. Fixed loans are very popular when interest rates are low, whereas variable rate loans tend to be more popular when rates are higher. When rates are low, you can refinance to lock in low rates. When rates are high, you may prefer the short term discounted variable rate loans to obtain lower payments. A major benefit to refinance is the ability to lock in a low interest rate for the duration of your loan.

5. Refinancing to Switch from One Lender to Another.
Some lenders offer better mortgage or loan deals than others. They may offer better customer support services, more flexible loan repayment terms or just a service that is more suitable for your needs. Refinancing your loan can allow you to drop your current lender and switch to a new one with a better loan or mortgage package.

You should carefully consider the savings you can make by refinancing against the costs and penalties. Any homeowner can refinance Article Search, but the point is to find a deal that will improve on your existing mortgage or loan.


Refinance Advisors

The Refinance process may sometimes be too time-consuming and even frustrating to some people. Some people may like the refinancing to be handled by experts. Such people prefer to hire a Refinance Advisor to handle the process.

Refinance Advisors are individual professionals or firms that specialize in helping the Refinance applicant to secure the Refinancing loans. They are known by different names, such as mortgage professionals, mortgage brokers, loan officers, consolidation advisors and more.

Their most important function is to initiate the applications and process them for submission to lenders. Each Advisor may work for several borrowers and lenders.

How do these Advisors help the applicant? They explain every aspect of the loan [including the interest rate, how much is to be repaid and in what time duration, the amount of the borrower\'s late fee in case there is any delay in repayment, methods to handle late fees etc], study the applicant\'s credit situation, create a credit portfolio, estimate the credit score, and submit all the documentation to the lender for approval. In case the application is not approved, for instance due to bad credit, the Advisor may guide the applicant to fix the problem.

The main source of income for a great majority of Refinance Advisors, whether they are individuals or firms, is the business commission they derive from each customer. So securing a Refinance loan is as important to them as it is to the borrower. However, just like in buying a new carScience Articles, a borrower needs to do some window shopping so that he or she can get the best deal.


Foster Home Uses Pay Option Mortgage Loan For California Refinance

“We recently received an application from Angela P. who needed to refinance her California home. While finding out her specific goals for the refinance I learned that she was a foster mom and cared for multiple "crack" babies that had been taken away from their mothers at birth because of testing positive for an illegal substance during labor,” states Gary Rees of

“She was trying to utilize the equity in her home to remodel and add a bedroom to make it more comfortable for the two teenage and two newborn children her and her husband care for.”

“For their situation I decided that a Pay Option mortgage loan program would give them the cash flow needed to cover shortfalls. It also lowered their mortgage payment over 1500 a month,” continues Rees.

A Pay Option Mortgage Loan allows the complete flexibility to decide, every month, which of four mortgage payments you would like to make.

This program is ideal for anybody that has fluctuating income such as the self-employed. Pay Option is also an excellent choice if you are looking to buy a new home and want the lowest possible monthly payment, or if you simply just want to lower your existing mortgage payment.

The Pay Option Mortgage is a relatively new product that allows you four payment options each month.

1. 15 year payment- Pay your loan off and build equity faster as well as save thousands of dollars in interest

2. 30 year payment- This option will let you know how much to pay to have your home free and clear in the standard thirty years

3. Interest only option- This option allows you to pay only the interest portion of your monthly payment so you can increase monthly cash flow

4. 1% Minimum payment-This option allows you to pay your mortgage at a 1% rate of interest for maximum savings

The Pay Option Mortgage is the absolute best adjustable mortgage product available today. It has built in features that protect you
from the typical worries associated with an adjustable rate mortgage.

One is the fact that your payment cannot increase more than 7.5% above the previous year for the first five years. Another gives you the option to convert to a fixed rate mortgage after the first three years. With these features in place you can rest easy with your new adjustable mortgage.

Here is an example of what a Pay Option Mortgage could for you

Estimated Current Monthly Payment - $1663.26
New first year payment - $833.13
Estimated increased monthly cash flow- $830.13
Estimated increased yearly cash flow - $9961.52

Disclaimer-First years interest rate 1.25%. Interest charged at 3.45% for the first month. APR 3.74% subject to increase monthly. 30-year loan.

This loan may have negative amortization. Max increase/decrease in monthly payment is 7.5% per annum for the first five years. This is an ARM product.
Example payments based on 7.0% interest rate and $250000 loan.

“During the loan process I got a chance to visit her home and was really impressed by the cleanliness of both her home and all the kids. I have three of my own and I can tell you it’s a challenge to keep up the house and the kids and the homework.”

“Clearly a great family! We decided to waive our fees and pick up the costs involved in this transaction for Mr. and Mrs. P who are providing love and shelter to the innocent children victimized by addiction."

“It was the least we could do for this amazing family that breaks even after buying clothes and food for the kids. For Angela and her husbandHealth Fitness Articles, this is truly a labor of love!” concludes Rees.

For more information on Pay Option Mortgage Loans please call 1-866-398-4664 or go to


Car Refinance

Car Refinancing is the process by which someone pays off an existing car loan by borrowing a new loan. On his part, the new lender pays off the old loan on condition that the title of the borrower\'s vehicle, for the purchase of which the first loan was taken, is transferred to the new lender until the loan is repaid in full. Just as in mortgage refinancing, consumers go in for refinancing to get their interest rate or monthly payments reduced.

The first thing that the borrower needs to do is review his existing financial situation. This determines the chances of a Car Refinancing loan. The borrower can do this by calculating total expenses and income, and finding the difference.

Concerning refinance processing fees, there are two types: Transfer of lien holder fees (which is usually from $5 to $10) and state re-registration fees (which may come anywhere in between $5 and $75). These are only estimated fee figures. These two fees differ from lender to lender and state to state.

The amount of savings accomplished in Car Refinancing depends on factors such as the current balance amount on the already existing loan [the first loan], the difference between the old interest rate and the new interest rate, the term period of your new loan, and so forth.

Like in any other type of refinance deal, it is always advisable to shop around major banks, accredited credit unionsFeature Articles, or online lenders to strike the best deal. This will enhance the borrower\'s bargaining capability.


Bad Credit Refinance

Creditors give first preference to borrowers who have a good credit rating in their credit report. However, for borrowers who may not have a perfect credit score, refinancing is not out of reach. In this article we\'ll see what is meant by a Bad Credit report and how to improve your credit profile.

Most lenders use FICO credit scores when assessing the borrower\'s credit report. The FICO credit score system, the most popular system in Refinance industry today, derives its acronym from `Fair, Isaac and Co\'., the company that developed the system in the 1950s. The main advantage of the system is that all the information provided by the borrower in the credit report is analyzed, and a single score given.

There are 5 factors that are weighted by lenders when assigning the credit score. They are: Borrower\'s Payment History [Punctuality of repayment of any earlier loan/s] (35%), Amounts that are owed by the borrower on various accounts (30%), Credit History Length [Length of Payment history] (15%), Borrower\'s existing credit types and how they are used (10%), and New Credit [Number of recently opened accounts, and the ratio of these new accounts to that of total number of credit accounts] (10%). Though the weight is only 10%, the last mentioned factor is very important. The lender may disapprove a loan if the new credit ratio is high.

If the borrower\'s credit report scores low, the borrower can still get the score improved by: Paying all bills in time, keeping existing credits under control [by having minimum number of accounts or by using `Debt Consolidation\'], limiting the number of credit inquiries and paying off unnecessary debt.

According to experts, a credit report review at least once a year, especially before applying for RefinancingArticle Search, can be of immense use to the borrower.