Ensure Success When You Refinance Home Mortgage

Every one of us should be responsible when it comes to our financial well-being. And aiming to refinance home mortgage successfully is part of the package. To refinance home mortgage may be a complicated endeavor to a lot of people, but to achieve success, one should undertake it in a less emotional way and face it as smartly and as shrewdly as possible.

That’s why, when it’s time to refinance home mortgage, it’s best to listen to the experts. And experts say that one thing you should aim for when you refinance home mortgage is the best rates at the least cost. In order to achieve this, your financial decision-making should be based on facts. Be very honest about your current financial situation so you won’t place yourself under a very risky deal with a high percentage for failure. Here are some suggestions from experts on how to avoid getting burned by a bad refinance home mortgage deal.

Refer to Your Credit Report

Always have an updated copy of your credit report. This is very important, especially when you have definite plans of refinancing your existing home. There are two ways to obtain a copy. First, you can use the services of a mortgage broker to get you your credit report. Or second, you can conveniently secure a copy online. There are a lot of sites where you can get this, and you can even pay an extra fee if you want to take a look at your credit score. It is important to know what your score is since this is one of the key factors that will affect your rate.

Once you have your updated credit report, carefully examine all the information written there. Are there suspicious activities or incorrect entries? If so, immediately mark those entries. Your report also contains the steps on how to call to attention any questionable item there. Seek the help of a financial consultant if you’re at a loss on how to settle the dispute but make sure you do it right away. Record/make copies of all names and contact details and details of your correspondence for easier tracking.

Undergo Pre-approval Process

This is the phase where you’ll know the exact amount that you can afford. Keep in mind that the pre-approval is usually free of charge. At this stage, you need to examine your entire financial scenario and determine just what your long-term and short-term financial goals are. Getting a loan approval for the amount of $400,000 doesn’t necessarily mean you have to get the whole amount. First, you need to ask yourself if after you acquire the approved loan amount, you could still pay off your other bills and still have enough money to set-aside for savings on a monthly basis. If the answer is no, then settle for a figure where you can pay off your mortgage and still live pretty comfortably.

Keep in mind that you shouldn’t leave everything to your broker. Be knowledgeable enough so you can ask all the right questions. When you do your homework, it will be easier for you to be in a position where you can successfully reach your financial goals.

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Budget Home Makeover With Your Refinance Home Loan

Living in a house that’s in sad disrepair can be a drag. It does sap your energy when you look at stained vinyl floors, peeling paint, and a gloomy kitchen. A refinance home loan can do wonders for a house that’s screaming for a makeover.

Double Whammy with A Refinance Home Loan

If you’re roused from sleep by the leak from the ceiling that’s also showing signs of rotting and peeling paint, it’s time to fix the roof, not push your bed to a corner to place a basin on the spot to catch the drip. Perhaps your kitchen is an eyesore with dishes and pans crowding out each other on a narrow counter and a jam-packed crockery cabinet. Don’t let your mortgage sit prettily, get a refinance home loan to give your house a makeover it deserves.

A home loan refinance also gives you a crack at a mortgage with lower interest rates. If your mortgage is on its fifth year, you’ve already deducted thousands of dollars from your balance. This can maneuver a mortgage that’s smaller than your initial loan. A lower monthly payment becomes possible because of reduced interest rates. Plus you can pay off your initial mortgage and have the cash you need to do some home improvements.

The further federal cuts in interest rates may be good for your existing adjustable rate mortgage. Interest rates are at the lowest. This is a good time to get a home loan refinance BUT approval will depend largely on your credit score. However, some banks or lending institutions may be able to work it out with you.

The amount of your home loan refinance will be determined by your credit score and the current assessed value of your home. Of course, you won’t be doing a Hollywood makeover for your little home. But you can do a makeover that will be the envy of your neighbors – without cleaning out your pockets. A dash of creativity and ingenuity can stretch your home loan refinance proceeds.

Home Improvement on A Budget

If your roof has leaks, have it inspected and assessed by a professional. Perhaps it will only entail the replacement of roofing materials on a small area. The affected ceiling can be restored to its previous state with some tricks of the trade.

You can have the kitchen refurbished with more cabinets and the walls freshly painted with warmer hues. Have your cabinet refaced and drawers added. This is cheaper than having a new set of cabinets. Update your lighting fixtures and change the sink and kitchen faucet set. The baths can be buffed up with minimal cost. Change the toilet seat covers and re-grout dingy and chipped tiles. Rid the stained bath floor and install vinyl flooring and a fresh coat of paint on the bath walls will work magic. Voila! The transformation will be incredible.

Make the Switch Now

If the current value of your home is appraised at $200,000 and you own $100,000, your equity is $100,000. With your refinance home loan, you can opt for cash out to do some minor home makeovers. Who knows? You might be moving out of the house with a buyer ready to take over. Just in time when you’ve done a good job with your home improvement. It does pay to be ready for any eventuality.

Talk about your requirements with your loan agent to switch from an ARM to a fixed rate mortgage. You want an interest rate much lower than your current mortgage and the cash out option. Review or repair your credit score so you can get the best rates in town. Mortgage companies are adapting stricter controls and the best gauge to assess if you’re a good risk is your credit score. If your credit score is good, your refinance home loan will be approved without a hitch.

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Got A Haunted Home With Your Refinance Home Mortgage?

You just settled into your new home bought from refinance home mortgage. On the first night, you heard things up in the attic. You shrug it off, thinking it’s only your imagination. The bumps in the night grew louder and things start flying off the wall. You’re living in a haunted house! What to do?

Friendly and unfriendly ghosts

Unlike some home buyers, you see the house first before buying it to check if indeed the house is in good shape. But there are things agents will not tell you because you might back off the deal. Of course, it will depend on your taste if you don’t care a bit or if you are squeamish about ghostly sightings.

A haunted house does have to be Victorian mansion. It can be a townhouse in a posh village or a condo in upscale Manhattan. But the difference lies in what kind of ghosts are around. If the ghosts have been there before the American Civil War, they’re house-broken”, but if you got a house where murders or mass suicides were committed, then that is a different story.

With your refinance home mortgage already signed, sealed and delivered, you can do little if you are denied a cancellation of the purchase. So you either learn to live with the ghosts and turn into a profitable bed and breakfast for rabid ghost hunters, or wait out the first year of the mortgage before you can sell. That is, if there are buyers.

Why they don’t tell

Homeowners selling houses with a complete package of ghost sightings and flying objects are not telling. Haunted houses don’t sell or are sold at low prices so sellers keep mum hoping to get a fair deal and get rid of their property in no time.

If you found a beautiful old house selling for a pittance, be suspicious there could be ghosts around. Spooks aside, there are other things to watch out for before you plunk in your earnest money into a refinance home mortgage.

Check if the house is on an earthquake belt or on contaminated soil. You’ll be smart too to check the foundation of the house and smoke out the presence of asbestos and radon. Do not always rely on the agent’s pronouncements, even if she or he is your brother. Get an independent appraiser rather than be a scrooge. This investment will save you the sleepless nights ruing your mistake.

But if you know what it takes for a home appraisal, then get the home appraisal guide, and go over the house inch by inch from top to bottom.

Before you sign the deeds and agreements

In your enthusiasm, do not forget to ask how you can cancel should things go wrong. Ask a lawyer to review the contract or the agreement and get his advice on cancellation matters.

You have all the right to be careful. Isn’t it your money that’ll pay for the refinance home mortgage? So ask about cancellation upfront. Talk to the agent’s broker if he refuses to a cancellation. If he also refuses, ask for another agent. If things are still sticky, then get a real estate lawyer to get you out of the pickle.

If you’re happy living with ghosts

If you’re clairvoyant, you might as well enjoy your house. A bed and breakfast and a crystal ball will auger well for your chances with a haunted house bought with your refinance home mortgage.

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Got A Hybrid Car With A Refinance Home Loan? Drive Easy

There’s a spanking new hybrid in your garage. You’re itching to speed up on the highways and show off what you got from your refinance home loan, but please wait. Do you still remember how to drive with care?

The hot hybrid cars

The new small and efficient hybrid cars run on gas and battery. That’s how it got its name. It guzzles less gas and you get 10-15 miles per gallon than your old gas-thirsty pick-up. You reason that it’s time now to change to save the environment, that’s why you got a refinance home loan.

Your choice was a Honda Civic hybrid. It runs without the drag and is wind resistant giving a nice feel when you go full throttle. Whether on a dirt road or asphalt, you’ll do fine.

In traffic, your car shuts off automatically; saving you tons of gas money, and anytime you can switch from gas to electric without batting an eyelash. What a nice buy indeed.

Driving safely

A funny guy quipped that safe driving is getting away from the crazy driver behind you and ahead of you. So zoom ahead. But kidding aside, there’s a grain of truth to the joke. Distance between you and the drivers ahead and behind you should give you room to maneuver.

With all those news stories about car accidents and road rage, you should practice defensive driving and shore up on patience. You need to practice your skill rounding the bends and the treacherous curves.

Curves are the most dangerous especially when driving at night. Better stay on the right lane all the time. Don’t be tempted to cross to the other lane no matter how urgent your mission is. It’s your life, your car, and there’s your refinance home loan to settle.

Another driving obstacle is driving along on 4 lane highways. As always, stay on the right hand lane. If the coast is clear you can overtake a car and cross to the left lane. If an oncoming car loses its brakes, it’ll veer further to the left. So you’re safe from head on collisions staying on the right lane.

Traffic rules were not put up just for the heck of it. There is science here. So heed these and you’ll enjoy your Honda Civic for years and pay off your refinance home loan body and soul intact.

Other friendly reminders

Don’t drink and drive. If at a party, better sleep your drunkenness on the coach or let somebody sober drive you home. Also avoid making calls on your mobile phone while driving. Don’t get distracted. Keep your eyes on the road and hands on the wheel.

With winter calling, better prep your car. Check the battery, wipers, and the tire pressure. When on the road, you can’t be too careful.

Your passengers’ lives depend on your careful driving, and the life you save be yours. Just because you got a sleek hybrid from your refinance home loan does not mean you can drive recklessly. Your car may be fully paid but your loan is not.

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Buying A House With A Refinance Home Loan? Have That House Inspected First

They say you can do the inspection of the house yourself just fine. That is if you have the time, inclination, and the know-how. Having an appraisal guide may help, but will you be confident of your own efforts? Read on to find out what are the things you should look out for before you buy a house with your refinance home loan.

Not all inspectors are created equal

House inspectors are not all licensed. If you got the average guy who is in the scene to help sell houses, how can you be sure he knows what to look out for? He may not know a thing about plumbing but knows if a tap does not work, or he is not an engineer but says the foundation of the house can sit 20 giants without falling apart. Could you trust him?

Not on your life and your refinance home loan. Aside from the leaking room, busted plumbing, and faulty electrical wiring, there are other things you should look out for like the presence of asbestos, radon, and other contaminants.

Give the house a look-over before the makeover

The house inspector may be going around the house with his checklist. If he is not licensed, he’ll not be smoking out asbestos, radon, lead, termites, and other wood eating bugs, molds, and pests. He’ll just skim along the surface.

If you insist doing the inspection, be prepared that it won’t take just an hour to go over each nook and cranny. Dress for the event in overalls and bring a mask just to be sure you’re not inhaling those invisible and deadly fumes. In case of asbestos, take care to dispose of the articles of clothing. You don’t want Mesothelioma after 25 years.

First, check the walls, floors, ceilings, roof and foundation. For the walls and ceilings look for dry rot and water damage. In the garage, if there are cracks on the flooring that means there’s a drainage problem. Cracks in other parts of the house indicate soil setting, expansion, and earthquake.

Inspect the windows, are these wide enough to wiggle through in case of fire? Are the roof and gutters in good condition? To find out, go to that house on a stormy day. It’ll squeal. Also, see how the house is at night. Are all the electrical components in top condition?

Light up the furnace. Is it working? Perhaps it’s belching carbon monoxide. How about the drainage system? Check the fiberglass insulation behind the walls. If it is gray, remove a sample for laboratory testing. Treat it as dangerous. Asbestos is odorless and colorless, so use protective clothing, gloves, and a mask. Never mind the arched eyebrows. But call an asbestos abatement company to do the job instead. It’s your life and your refinance home loan.

Check the basement. Check the basement for air pressure. If it is lower than the other areas, have the radon levels checked. Like asbestos, radon is colorless and odorless and just as lethal to the lungs.

Buy a house not for the price alone with your refinance home loan

A refinance home loan should be a good lifetime investment if you want a house that will be home to you and your family for ages. So have that house checked before you sign the papers. Your safety comes first.

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