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Refinance Mortgage Rates Article
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We're in a position today where we almost always have to have loans for one reason or another, whether it's a mortgage loan or a consumer loan. The rising cost of living as well as the high cost of everything has made paying cash for something almost obsolete. In most cases, once we buy a home, it's a one time investment to last us all our lives. Unfortunately, the same can't be said about buying automobiles. Automobiles are so expensive that the majority of the population has to take out a loan to purchase one. Many new cars are almost half the price of a small new home. The major difference between a home and car, however, is that while a home increases in value a car depreciates in value. Another difference is that mortgage loans allow for payments extended for a long time, sometimes up to 30 years whereas automobile loans will go from 24 months to 72 months, but seldom any longer.
from:In many cases, by time the auto loan is paid off (after 5 or 6 years), the car doesn't have much value, especially if there are a lot of miles on it. The person then starts all over buying another car with the help of an auto loan. With the rate of interest, we often wind up paying $30,000 for a car that cost $20,000 off the car lot. Because cars depreciate so fast, auto dealer do not give very much for trade-ins. Many consumers find themselves trading their car in for a new model while they can still get some value out of the car. However, in many cases their original car loan is not paid yet so they get an auto refinance loan. With an auto refinance loan, the bank will release the lien on the first car and put it on the second car.
With an auto refinance loan, the remaining balance of the first loan is added on to the new loan for the second automobile. Many people are never without an automobile loan as part of their budget. Consumers will often use an auto refinance loan as an opportunity to take advantage of lower interest rates. When borrowers make their payments on time and build a good credit rating, banks are usually quite willing to offer them lower interest rates on an auto refinance loan.
An auto refinance loan is also used as an opportunity to consolidate other debts. If a borrower had a large down payment when they bought the car or has made large monthly payments on the loan, the value of the car will remain considerably higher than the loan balance. If this is the case, consumers will often borrow more money to pay off other debts and add this to the auto loan. Auto refinance loans are a great way to save some money on refinance charges or get caught up if you've fallen behind on your payments due to hard times.
Refinance Mortgage Rates News
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 e-wisdom.com | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) NAR supports the "Responsible Homeowner Refinancing Act" because it offers relief to responsible homeowners who have good credit and consistently meet their mortgage obligations, but who have been unable to refinance into lower interest rates because ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% Mortgage Refinance in Today's Real Estate Market Refinancing homeowners overwhelmingly choose fixed loans |
Time to Refinance While Mortgage Rates are So Low - FreeRateUpdate.com
 Christian Science Monitor | Time to Refinance While Mortgage Rates are So Low FreeRateUpdate.com After taking a look at these details, many borrowers are going to find that it is time to refinance while mortgage rates are so low even if they refinanced several years ago. For those with adjustable mortgage rates, it is the perfect time to switch to ... Record-low mortgage rates spur refinancing MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... Mortgage applications up on refi demand: MBA |
Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... - World Property Channel
 e-wisdom.com | Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... World Property Channel "Mortgage rates again dipped to new record lows in the survey, which spurred more borrowers back into the refinance market. As a result, applications for refinance loans have increased for the third straight week and are at the highest level since ... No Drop in Refinancing Expected Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances Today's Mortgage Rates: Bank of America, Chase and Citibank Refinance Rates ... |
Real estate industry pushes Senate on refi bill - MarketWatch
 Washington Times | Real estate industry pushes Senate on refi bill MarketWatch “Refinancing should be one of the strategies [to attack the housing problem,] particularly for borrowers who are making their payments, whose interest rates on their mortgages are above today's interest rates.” Under the plan, homeowners could take ... Push intensifies to pass home-loan refinancing bill HARP 2.0: Good News For Home Owners Who Are Upside Down Don't HARP on it, refinance program too good to pass up |
Real: FHA streamline refinance gets cheaper - The Republic
Real: FHA streamline refinance gets cheaper The Republic The government is about to make refinancing FHA mortgages more affordable -- and potentially easier -- for hundreds of thousands of homeowners. — The Federal Housing Administration will reduce mortgage fees significantly for borrowers who qualify for ... |