December 07, 2001
By: Bev Dodd
Refinancing loan: Varied options with low rates
To speed up your refinancing loan, have your papers together when you start talking to the lender. When interest rates fall, a homeowner should definitely call a lender about a refinancing loan. We'll discuss this more below.
Using the equity in your home to pay off other bills can be a smart thing to do. If you are in the process of refinancing loan, consider taking some money out to pay off credit card bills, auto loans, and any debt which cost you interest that is not tax deductible. You may also be able to write off the interest you pay.
When interest rates fall, a homeowner should definitely call a lender about a refinancing loan, you should discuss your entire financial situation and goals before making any final decision. Is your goal to lower your monthly payment? Consolidate debts? Get cash out for large purchases? Change your interest deduction expense for your taxes? Ask your lender to provide a couple of refinancing home loan options for you, showing how your loan term length, monthly payment and your total interest expense on the loan will change.
A refinancing loan can sometimes take up to 2-4 weeks, but it depends on a few different factors. Do you have a recent appraisal? Are you in an area that appraisers can get to easily? Are there plenty of comparables in your neighbourhoods? Often times, the appraisal is the item that takes the longest to obtain. And during refinancing loan booms, appraisers can be hard to find. To speed up your refinance home loan, have your papers together when you start talking to the lender. By giving them what they need, when they need it.
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