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Mortgage Loan Refinance

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Mortgage Loan Goals

Mortgage loans obtained when refinancing a property should aim to accomplish financial goals. Such goals may include items like cash for home improvements, debt consolidation, and a reduction of monthly expenses. To determine such financial goals for a mortgage loan refinance, one may take a look at their overall financial situation, make a list of desires that can be accommodated through their finances, and then determine changes to financial situation and desires that can be accommodated financially through a mortgage loan refinance. The following is a general list of mortgage loan goals to help you determine reasons for a mortgage loan refinance:

  • Balloon Payment Avoidance
  • Better Mortgage Loan Terms
  • Debt Consolidation
  • Decreased Monthly Mortgage Payment
  • Home Improvements
  • Investment Opportunities
  • Medical Expenses
  • Personal Usage
  • Retirement Funds
  • Unpaid Obligations
  • Vacations

Though the above list is very broad and general, such goals for a mortgage loan to accomplish can help direct the type of mortgage loan program to aim for. For example, if your financial goals include debt consolidation you may choose a mortgage loan that is fixed with interest only payments for the first two years. In this example the equity available in the mortgaged property is used to consolidate debt and possibly even pay for mortgage loan payments for a set period of time. If handling multiple debts and making all payments on time, this usage for a mortgage loan refinance will surely help to increase the credit score of the individual who has many debts to consolidate. Furthermore, if the property had not been appraised in a long time a new appraisal may verify an increased value for the property and therefore may not be negative compared to the terms of the original mortgage loan. Also, by freeing up credit and simplifying debt with one low consolidated payment for the first years of an interest only mortgage loan, one can look forward to a brighter future from the increased credit scores with lower interest rates and better mortgage loan terms when the time comes around again to refinance their current mortgage loan. Also, consolidating debts in a mortgage loan is beneficial because mortgage loans are tax-deductible, whereas debt for high interest credit cards usually are not. A mortgage loan acquired that accomplishes such a feat is sometimes known as a "band-aid mortgage loan".

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Mortgage Loan Timing

Mortgage loans acquired by consumers are usually obtained for reasons pertinent to the time at which they apply for them. For example, a mortgage loan consumer may apply for a mortgage loan when they wish to make additions to their home, or if they require cash to make a purchase they would not otherwise had they didn't have the equity in their home to get the cash they needed. Then there are times that mortgage loans are acquired by consumers through the efforts of mortgage loan professionals to obtain new clients. Though this is not necessarily the wrong time to obtain a mortgage loan, the consumer to a mortgage loan should be aware of the intentions that may be present by various advertisements such as telemarketing, mailers, and popup internet ads. The following is rationale for NOT obtaining a mortgage loan based on timing. Obtaining a refinanced mortgage loan within the period of a prepayment penalty without having a necessity to acquire funds through such a mortgage loan refinance. Another reason for NOT obtaining a mortgage loan is when the current debt of an individual is not at a level where "debt consolidation" could be achieved. This may be determined by summing up the total monthly payments made by an individual and comparing that total with the monthly payment that would be made by consolidating all debt into one monthly mortgage loan payment.

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