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Bankruptcy Refinance Article
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Mortgage Refinance
from:Not everyone that owns a home has a mortgage, but a large percentage of homeowners have mortgages on their home. Not only do they have a mortgage, but will probably have one for many years. Years ago, when couples or individuals purchased a home, they got a mortgage for the shortest term possible, with many having their mortgage paid off in ten years. With the rising costs of real estate and homes, people are going for long and longer terms on their mortgages. Common mortgages today are 20 to 30 year mortgages. However, interest rates do not stay the same over a 20 to 30 year span so many people do a mortgage refinance on their home. In fact, many do a mortgage refinance many times in the life of their loans.
Lending institutions do a mortgage refinance for many of their customers. In fact, they are quite use to having them come in for a mortgage refinance. Interest rates today are constantly changing and smart homeowners take advantage of when they interest rates are low as a good time to do a mortgage refinance. Even a decrease of 1% in interest may not seem like much, but when you're borrowing a large sum of money over many years, you're paying a lot of interest. Even 1% can add up to a lot of money over the term of the loan. While banks have different ways of amortizing the interest over many years, you can do a hypothetical scenario. If you borrow $100,000, 1% of that is $1,000. Multiply that $1,000 times the number of years you have your mortgage and you have a very large sum. So, you can see why many choose to do a mortgage refinance when the interest rates go down.
When you take out a mortgage for the first time you will be charged certain fees besides the money you borrow. These fees are usually one-time fees for appraisal of your home, title insurance, loan document preparation fees, etc. Sometime these fees can add up to $1,000 to $2,000. Many people decide against a doing a mortgage refinance because of these fees. They feel they aren't saving that much if they are adding additional dollars onto their loan balance at the same time. In some cases, this may be the case, especially if it's an individual that keeps refinancing at different banks. Each time you go to a different bank, they will have to charge the fees, whereas if you do your mortgage refinance at that same bank, you can usually avoid the fees. In most cases, however, the amount you will save on interest will more than pay for your fees in addition to giving you lower monthly payments.
Bankruptcy Refinance News
General Growth Properties gets loan reprieve - Forbes
Troubled shopping mall owner General Growth Properties Inc. is getting a two-week extension on $900 million in debt that had been scheduled to come due last week as the company works to stave off bankruptcy and negotiate longer-term extensions with ...
Read more...General Growth Properties gets loan reprieve - KWQC
CHICAGO (AP) - General Growth Properties has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy. The company says the mortgages cover two malls, Fashion Show and ...
Read more...General Growth gets loan extension - Washington Business Journal
General Growth Properties Inc. , the financially struggling owner of Tysons Galleria and Landmark Mall, has received a two-week extension on $900 million in mortgage loans that came due Nov. 28. The company says it is seeking a longer-term extension ...
Read more...NEW State bankruptcy filings up 40 percent - Yakima Herald Republic
Links SEATTLE -- When Julia Ruedas and her husband bought their first home in Auburn three years ago, they were convinced their days of rent increases and instability were behind them. But it was too good to last. Last year, their mortgage rate ...
Read more...Washington bankruptcy filings rise 40% - Seattle Times
Financial counselor Andrea Misano and bankruptcy attorney Jay Jump will answer questions about consumer debt and the bankruptcy process Monday at noon. Individuals and businesses who can't pay their bills anymore and can't sell off assets to pay ...
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