Get Your Hands on that Refinance Home - Calculate!

You always hear them talk about it - property value is on a constant rise. This given, you are aware that your home is now more valuable than before. You are aware that it is now mortgaged under its current value.

Available Options

Now you want to know its estimated value. But you don't know where to go and from what you heard, an appraisal analysis is generally expensive. Now you're wondering if there is any other option left.

Yes, there is. You can try a comparative market analysis. It's much cheaper than an appraisal. Now what's the difference between the two?

The Difference between an Appraisal and a Comparative Market Analysis

An appraisal is a calculation of your home's value at a specific time and is done by a certified appraiser. When determining your home's approximate value, the appraiser takes into account the land area in square footage, your home's design, the quality of construction, and the location of your home. The appraiser also considers the neighborhood, the availability of transportation, and schools and commercial areas, as well as the landscaping and view.

A comparative market analysis, on the other hand, is a more informal estimate of the market value of your home. A real estate agent performs his analysis by simply using the sales of other comparable homes in the vicinity as a point of comparison.

You Still Have Another Option

But wait, you still have another option. Yet again, you can rely on the Internet for this. It's called a Home Value Calculator. This tool is only good for informal estimations, though. Your certified appraiser and real estate broker are still more reliable in terms of getting the estimated value of your home.

What do you need these estimations for, anyway? Are you interested in getting a refinance home? If so, then you must try a mortgage calculator. This tool will help you figure out the amount of monthly payments you will have to pay for with your refinance home.

The tool also includes in its equation the Private Mortgage Insurance or PMI for a refinance home with less than 20% as down payment. Also included are the town property taxes and their consequent effect on your monthly payments.

Do not Take Your Refinance Home for Granted

Now that you have started to look into the matter, why don't you delve into it even further? There are still a lot that you need to learn, like which is better - a fixed rate mortgage loan or an adjustable mortgage loan? And would it pay to have lower interest rates and monthly payments if it would mean extended mortgage terms? Also, would it be wise to consolidate your numerous debts into your refinance home? Would it be worth the risk of using your home as collateral?

Your refinance home is definitely not a simple matter and is not something you can take for granted. After all, you have your most valuable asset on the line. So go on ahead and investigate before making a decision.

Calculate the value of your home and find out if a refinance home works for you with a mortgage calculator Visit WhatAboutLoans.com for the latest mortgage rates

All About Home Mortgage Loan Refinancing

Should you refinance your home mortgage or not? In this article, I will give you some tips to help you consider whether a home mortgage refinance is the right option for you or not. The fact is, all of us want to save money if it is possible, and paying more for something you already have is doesn't always make good financial sense.

Depending upon your situation, refinancing your home loan may or may not be the best option for you. With that in mind, let's discuss some indicators to help you decide whether or not this is a smart choice.

First, consider the points. Lowering the rate will almost certainly mean paying more points up front. On the other hand, higher rates will mean that you end up spending more in the long run. It really depends on how long you plan on living in your home. If it is less than 5 years, you may want to reconsider a refinance. Calculate your estimated amount of interest you will pay versus the need to have cash on hand in the short run. Do you really need the money now so badly that you're willing to repay it with more money in the future?

Second, don't enter into any deal until you have all the necessary information. When it comes to refinancing, many institutions have their own sneaky tricks to lock you in to the loan. They may offer you a 0% APR to entice you to sign up. However, you may soon find that after the six month grace period your rate is now so high that you can barely make ends meet.

Hidden fees are something you have to watch for. The rule of thumb is that if the loan sounds too good to be true then it may just be that. Read everything with a magnifying glass and make sure that there are no hidden fees involved.

Third, it is your legal right to get a good-faith estimate. This estimate should be sought after before any deal is made for a home refinance. Here you can analyze your situation in a more sober light to make a logical decision instead of an emotional one.

Fourth, consider other options. A home mortgage refinance is only one way to save money or to get a boost in cash flow. There are other things that you can do as well. Make sure to pursue all relevant options before committing to any one of them.

You can find out more about Home Mortgage Refinance as well as much more information on everything to do with home refinancing at http://www.HomeMortgageRefinanceTips.net

A Fixed Rate Home Equity Line of Credit

If you are looking to get a home equity line of credit, a fixed rate is probably a good idea. This is because when you have a fixed rate, it is not subject to the whims of rising interest rates. Additionally, a home equity line of credit can be a good idea anyway, since you have the ability to get money as you need it, rather than worrying about whether or not you have borrowed an appropriate amount with a lump sum regular home equity loan.

What is a home equity line of credit?

A home equity line of credit is one that works a lot like a credit card. The account is a revolving account, meaning that as you pay it down, you can borrow more. Just like a credit card, you have a specific limit. However, the limit on a home equity line of credit is based upon the amount of equity that you have in your home. You can borrow up to a certain amount, and as you pay it back, as long as the line of credit is still open, you can borrow more.

The advantages of a fixed rate loan

One of the biggest advantages of a fixed rate loan is the fact that the interest rate is fixed. This means that the rate does not change, no matter how interest rates are rising or falling. While it is possible the interest rates will fall during the time of your loan, if you get a low fixed rate, they are not likely to get much below, and far more likely to rise quite a bit above your original rate. If you have a variable rate, this can mean paying thousands of dollars more over the life of your loan.

Advantages of a fixed rate home equity line of credit

When it comes to getting a home equity line of credit, it is advantageous to get a fixed rate if you can. This is because you can combine the advantages of having ready access to your homes equity with an interest rate that will stay steady. You will have the ability to borrow what you need, when you need it, without worrying about having to reapply for a new loan each time, and without having to worry about varying interest rates.

Visit Home Equity Wise to view our Recommended Home Equity Lenders online. Also, visit Home Equity Wise for more information on the pros and cons of a Fixed Rate HELOC.