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financial matters

Thursday, November 30, 2006

HOME REFINANCE

Paying off one loan through the means of obtaining another; refinancing is a way to secure a lower interest rate.

Advantages

1- Refinancing can have lower interest rate

Refinancing a mortgage or other type of loan can change the loan to a lower interest rate. Alternately, refinancing can be used to transform available equity in one's house into ready cash, available for other purposes or expenses.

2- Refinacing can be used to reduce risk associated with ARM

Interest rates on adjustable-rate loans and mortgages shift up and down By refinancing an adjustable-rate mortgage into a fixed-rate one, the risk of interest rates increasing dramatically is removed, thus ensuring a steady interest rate over time.

3- It is tax- deductible

Finally, refinancing a loan or a series of debts can assist in paying off high-interest debt such as credit card debt, with lower-interest debt such as that of a fixed-rate home mortgage. In addition, non-tax deductable debt, such as credit card or car loan debt, can be transformed into tax-deductable debt such as home mortgage debt, potentially lowering one's taxes or shifting one into a more advantageous tax bracket.


Disadvantages

1-Certain loans contain penalty clauses triggered by an early paymentof the loan.

2- In addition, there are also closing and transaction fees typically associated with refinancing a loan or mortgage.

Decision on whether or not to refinance should be taken very carefuly.

home refinance

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