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Most homeowners have seen an
opportunity in the past five years to refinance
their home at least once because of low interest
rates. Even as interest rates begin to rise again,
they remain at historical lows. For example, a
decade ago an interest rate of eight percent on a
home loan was considered good. Many first time home
buyers have been able to make the leap from renting
to owning with a low fixed rate of interest on their
mortgage loans.
Those refinancing in the past few
years have taken advantage of low rates to switch
from a variable rate of interest to a lower fixed
rate of interest. Home equity loans have been
increasingly popular as well because of low interest
rates. A home equity loan is often a viable
alternative to a cash-out refinance to pay for home
improvements or to eliminate higher interest credit
card debt.
If you need cash to make home
improvements or pay down high interest debts you
might consider either cash-out refinance or a home
equity loan for your own needs. Deciding between the
two is a simple matter of consulting a lending
officer to see which one offers you the best rate
and loan term.
When refinancing and rolling high
interest debts into your home loan it is important
to know the tax implications. The IRS allows you to
deduct interest paid on your mortgage loan.
It is
important to remember with any of our home loan
calculators that they provide estimates only. Our
calculators all require you to input an interest
rate that can only be guaranteed by a firm quote
from a mortgage professional. By filling out our
online application we can connect you with a
mortgage broker licensed in your state to help you
with your home equity, refinance, debt consolidation
or mortgage loans needs. If you are a first time
home buyer, many of our lenders offer low down
payment loans such as FHA home loans. All of our
quotes are no obligation and will only cost you a
small amount of your time.
NC Mortgage Services offers a
variety of links to other valuable services such as
homeowners insurance and student loan finders. If
you have refinanced your home you may also consider
refinancing your student loan debt to a lower rate
of interest as well. If you have only been out of
college a few years you might consider getting your
student loans refinanced and consolidated to a
single monthly payment. Current renters can also
read up on qualification requirements for low
interest, low down payment home loan programs
offered by the Federal Housing Administration.
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