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Home Refinance Loan News and Advice
Low Interest Rate Refinance Loan
Homeowners refinance for various reasons during different stages in their homeownership. With interest rates at an all time low, first-time homeowners, as well as experienced homeowners such as retirees are looking to lower their mortgage interest rates or to consolidate their debts by refinancing.
Getting a low interest rate on your mortgage loan means that you save money by reducing your monthly mortgage payments. The money you save can be used to fund a new business venture, a real estate investment deal, retirement expenses, travel expenses, education, home improvement projects, etc.
Finding a low interest rate refinance loan in any state, whether you live in Maryland, Virginia, California, Idaho, Nevada, Tennessee or Colorado has never been easier. Even if, you have a low credit score, a history of bankruptcy or debts, you can get a competitive interest rate on your refinance loan.
Cash Out Mortgage Refinance Loan
Cash out refinance loans allow you to take cash out of your home, when you refinance your mortgage loan. For example, if your existing mortgage loan is $300,000 - you can refinance your mortgage loan for $350,000 and take out $50,000 cash for personal reasons.
In addition, a Cash out refinance loan means that you still have one mortgage loan. You replace your existing loan with a new loan. These loans are especially advantageous, if you can lower your interest rate and want to keep your mortgage payments simple and easy - you pay one lender and that't is.
Second Mortgage Refinance Loans - Home Equity Loan or Home Equity Line of Credit (HELOC)
A second mortgage refinance loan allows you to get an equity loan that is second to your existing or first mortgage loan. Using the example above, instead of replacing your $300,000 loan with a $350,000 loan, you would get a seperate second mortgage loan worth $50,000. A second mortgage loan can have a fixed interest rate or an adjustable rate, depending on your personal choice.
Fixed rate mortgages offer security since you always know what your month to month mortgage payment will be - however fixed mortgages have higher interest rates. An adjustable mortgage rate (7/1 ARM, 5/1 ARM, 3/1 ARM) carry lower interest rates but the rates adjust after a period of time. If you need to temporarily lower your mortgage payments, an ARM is a good option.
How Much Money Do You Need?
Lenders offer various "LTV" (loan-to-value) mortgages including 70%, 80%, 90%, 100% and 125% LTV refinance loans. If you have a home with an existing mortgage balance of $200,000 that is appraised at $300,000. You can take out $40,000 - this would be a 80% LTV refinance loan ($300,000 * 80%) = $240,000 - $200,000 = $40,000.
Refinance Loans With Bad credit, Low Credit Scores or Chapter 7/Chapter 13 Bankruptcy History
In most states you can get a refinance loan immediately after Chapter 7 bankruptcy. If you filed for Chapter 13 bankruptcy, you can still refinance your mortgage loan with no problems but you must get the permission of your bankruptcy trustee first.
Low Interest Rate Refinance loans by state
Pioneer Lenders services refinance loans in all major cities including but not limited to:
Baltimore MD, Annapolis MD, Dallas TX, Richmond VA, Pittsburgh PA, Philadelphia PA, Providence RI, Los Angeles CA, San Diego CA, San Francisco CA, San Jose CA, Sacramento CA, Miami FL, Tallahassee FL, Orlando, FL, Fort Lauderdale FL, Jacksonville FL, Sarasota Fl, Tampa Bay Fl, Detroit MI, Atlanta GA, Boston MA, Las Vegas NV, Charlotte NC, Raleigh SC, Memphis TN, Nashville TN, Cheyenne WY, Milwaukee, Minneapolis MN, Chicago IL, Portland OR, Oklahoma City OK, Kansas City MO, Helena MT, Des Moines IA, Boise ID, Louisville KY, Birmingham AL, Phoenix AZ, Tuscon AZ, Little Rock AR, Denver CO, Boulder CO, hartford CT, Washington D.C./District of Columbia, Indianapolis IN, Detroit MI, Lansing MI, New Orleans LA, Augusta ME, Eastern Shore MD,
Lincoln NE, Reno NV, Concord NH, Trenton NJ, Albuquerque NM, Santa Fe NM, New York NY, Raleigh/Durham NC, Greensboro NC,
Fargo, ND, Cincinnati OH, Cleveland OH, Charleston SC, Austin TX, Dallas TX, Houston TX, San Antonio TX, Pierre SD, Salt Lake city UT, Montpelier VT, Seattle WA, Spokane WA and Charleston Wv.