Refinance Facts - Remortgage

Refinancing may be undertaken to:

• Reduce interest costs (by refinancing at a lower rate)
• Pay off other debts
• Reduce one's periodic payment obligations
• Reduce risk
• Liquidate some or all of the equity that has accumulated in real property during the tenure of ownership.

Please note: Not all loans and lenders are the same. You should shop around for a refinancing deal.

If you are a homeowner who needs money
to pay bills or for home repairs, you may
think a home equity loan is the answer.

The cost of doing business with high-cost lenders can be excessive and, sometimes, downright abusive. For example, certain lenders-often called "predatory lenders"-target homeowners who have low incomes or credit problems or who are elderly by deceiving them about loan terms or giving them loans they cannot afford to repay. When you remortgage - check everything out.

Refinancing refers to applying for a secured loan intended to replace an existing loan secured by the same assets. Also called REMORTGAGE. MORTGAGEES is a often searched on mis-spelling. The most common consumer refinancing is for a home mortgage.

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Home Equity Loans. Borrowing from an unscrupulous lender, especially one who offers you a high-cost loan using your home as security, is risky business. You could lose your home and your money. Bad Credit Refinance Facts

If you decide a refinance loan is right for you, talk with several lenders, including at least one bank, savings and loan, or credit union in your community. Their loans may cost less than loans from finance companies. And don't assume that if you're on a fixed income or have credit problems, you won't qualify for a loan from a bank, savings and loan, or credit union-they may have the loan you want!

Certain types of loans contain penalty clauses triggered by an early payment of the loan, either in its entirety or a specified portion. Also, some refinanced loans, while having lower initial payments, may result in larger total interest costs over the life of the loan, or expose the borrower to greater risks than the existing loan. Calculating the up-front, ongoing, and potentially variable costs of refinancing is an important part of the decision on whether or not to refinance such as raising property tax after refinancing which varied by regions.