Home And Garden Articles

Home Refinance Made Easy - Glossary Terms And Questions

When it comes to home refinance, you need to know the basics. Read these frequently asked questions and selected glossary terms to get a basic understanding of how it all works.

HOME REFINANCE FAQS

Do I need equity to refinance?

Most lenders require a 90% loan-to-value ratio in order to refinance. If you?ve owned your home for a few years and property values have risen, you may have more equity than you think. Even in falling markets, you may have enough equity to qualify.

Can I refinance if I have bad credit?

Although you may receive a higher interest rate if your credit is poor, the main concern is whether or not you have equity and a stable income. If you do, you can find a home mortgage refinance loan even with bad credit.

Can I use cash-out refinancing to pay bills?

After the previous mortgage is paid off, you can spend the proceeds on anything you want. Financial experts recommend using the money for something that will build value, such as college or home improvements. You can also use a refinance as a debt consolidation loan. Simply use the proceeds to pay off your other debts, leaving you with a single monthly payment.

HOME REFINANCE GLOSSARY TERMS

Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate can rise or fall at specified periods, usually annually.

Annual Percentage Rate (APR): The total yearly cost of your payments, expressed as a percentage of the loan, once interest, points, and fees are factored into the loan.

First Mortgage: the primary mortgage on a property. In some cases, multiple mortgages are obtained to purchase property. Regarding repayment of multiple mortgages, the lender with the first mortgage is paid first.

Fixed Rate Mortgage: A mortgage in which the interest rate will never change.

Home Equity Line of Credit (HELOC): A rotating line of credit that borrows against the equity in your home. Funds can be borrowed at any time, in variable amounts, and repaid with interest over time.

Home Equity Line of Credit: a credit line secured by a second deed of trust on a house. These revolving lines of credit work like a credit card, which can be paid down or charged up for the term of the loan. The minimum payment due is interest.

Home Equity Loan: A loan for a fixed amount of money that uses the equity in the home as collateral. It is repaid with interest over time.

Loan to Value Ratio: The difference between the loan balance and the value of the home.

Points: Fees paid at the time of closing to reduce the loan?s interest rate. One point equals 1% of the value of the loan.

Prepayment Penalty: A penalty that is assessed if the loan is refinanced or paid off early. Typically the penalty expires after a certain number of payments are made.

Refinance (Refi): paying off one loan through the means of obtaining another; refinancing is a way to secure a lower interest rate.

Refinancing (Refi): The process of paying off a previous mortgage or mortgages and replacing them with a single new loan.

Second Mortgage: A mortgage now more commonly referred to as a home equity loan.

Get all the details on home refinance at http://www.bills.com/home-refinance/

Debt relief is what you need if you're in debt. Get the debt relief help, information, and resources you need at http://www.bills.com

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

MORE ARTICLES:

5 Most Popular Flowers for Your Garden
When planting a garden there are many questions which you must ask yourself before you begin. Where are you going to plant it, do you have the garden equipment to do so and how big do you want your garden to be? When do flowers bloom and what are their heights? These are all very important questions, however they mean very little if you have not yet decided which types of flowers you want to plant.

Fall Garden Chores for Spring Flowering Bulbs
As the school busses begin to rumble down the road again we are reminded that the gardening season is drawing to a close. For the gardener with an eye toward next spring, however, the season still promises plenty to be done in preparation of a showy spring to come.

Chocolate for the Home and Garden ~ Chocolate Flower Farm Launches New Candle Division
Chocolate Flower Farm, a specialty nursery featuring dark foliaged and flowering plants, launches a new candle division with the acquisition of the exclusive rights to a distinctively different "Essence of Chocolate" candle. The candles along with their popular series of Chocolate Garden Seed Kits will be offered to retailers worldwide.

Wild Flower Garden - Make Amends...Your Plants Will Love It
A wild flower garden, just like any garden you wish to plant, requires good quality soil that will meet the needs of the plants you put in it. That means that your garden soil may need some amendment.

Making Memories with Flower Gardening
Flower gardening is not only about the present, but can be about the past as well. Although this article is ostensibly about flower gardens, it is really more about carrying memories forward.

Flower Gardening
Flower gardening is becoming more and more popular every day. Flowers can brighten everyone?s day, they smell nice, and are a great hobby. Flower gardening is simple, inexpensive, and loads of fun. Flower gardening can be done for yard decoration, simply as a hobby, or even professionally.

Flower Garden: 4 Fundamental Tips on Starting a Flower Garden
Are you thinking to start gardening as a hobby Or maybe you're planning to create your very own flower garden

New Ways to Use Flowering Clematis in the Home Garden
As a lifetime horticulture professional, Vicki Smith (www.LGYP.com) has exciting news and guidance for using Clematis in today's low maintenance landscapes.

Flowers That Beautify Your Home and Garden
To help gardeners choose flowers, various systems for rating hardiness have been developed. A plant is considered hardy in a region if it can grow and thrive there without requiring special protective measures such as insulating with straw mulch.

In Bloom: Manbury Home and Garden Accessories Unearths Garden Delights for Gorgeous Homes
Manbury Home and Garden Accessories now features a variety of attractive, practical garden solutions at www.manbury.nl, where consumers can peruse and purchase a variety of garden tools and accessories.

Edible Flowers in Your Garden
Flowers can be an integral part of cooking. While most of us are aware that violets can be candied and nasturtiums can be eaten in salads, there's a bounty of flower varieties that are both edible and delicious.

The Flower Garden in August
Our flower garden in August can be brimming with activities we can do at this time of year, as we can for most of the year. We have some flower gardening tips to give you and some experiments to try.

Add Rich Color To Your Garden With Blue Perennial Flowers
Blue flowers are some of the most striking plants around and can add a rich splash of color to any garden. Plant them in a cluster of all blue or mix them in with other flowers for a rainbow of color.

Flowering Field Farm of NJ Announces Association with Garden Spot Structures
Flowering Field Farm has announced a new business relationship with Garden Spot Structures of Lancaster County, Pa. The NJ farm is located on Highway 34, just south of the Holmdel border and Route 520. Garden Spot Structures of Leola, Pa. has been delivering fine, Amish-crafted structures for 30 years.