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The following article was published in our article directory on December 3, 2012.
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Is Mortgage Financing Right for Me?

Article Category: Finances

Mortgage financing is simply a loan to pay off a part of or the whole of an existing mortgage. This is also known as refinancing. Why would you consider paying off one mortgage with another? Simple, because there is the possibility of getting better terms, paying off outstanding debts then converting it to future debts, restoring your credit rating, or you just found out your current mortgagor is about to go bankrupt, etc. This may be with the same mortgagor or a different mortgagor. It may include the original security, exclude the same, or there may be a condition for the borrower to supplement the same.

Whatever the reason for wanting refinancing, home equity loans, secondary mortgages, etc., the important thing to remember is that you have to close in a more advantageous position than where you were. This article will discuss important points to remember when seeking a refinance.

Mortgage Financing: Are You Behind on Your Mortgage?

You need to understand that this is not a magic wand that will erase your financial obligations. It is a financial tool to help real estate buyers get back on their feet, especially if the inability to pay is only temporary.

For example, Mr. A has both the financial capacity and the willingness to pay for his existing home loan. The problem was, he underwent chemotherapy. This depleted his savings and he was unable to work for several months. The good news is the cancer seems to be in remission. Mr. A is back, working with his regular employer. A refinance can allow him to pay off his existing mortgagor in full. It is possible that a new lender/mortgagor takes the place of the old. But this time Mr. A has no arrears because the new loan has just started

Mortgage Financing: Compare Loan Terms and Rates

As a general rule the best type of mortgage is a fixed rate mortgage. Of course there are noted exceptions when an adjustable rate mortgage, balloon type mortgage or an option arm is more advantageous, but this rarely happens. Why you ask?

The answer is simple, because if you are approved for a fixed rate mortgage it means you actually have the capacity to pay your loan based on your financial capacity today. Second, you know exactly how much you are paying for the first month to the last month.

Another point to consider is your interest rate. The lower your interest rate (on a fixed rate mortgage) the better. If you took out a mortgage with average credit, or on a seller's market, or with the minimum down payment your interest rate will be higher. However there may come a time when your credit score becomes excellent or you have substantial savings that you can use for a lump sum payment. By utilizing one or both you can bargain for a refinance with the same or different lender. But this time with lower interest rates.

Bear in mind that just because the refinancing lender offers lower rates you should take it. You need to make sure that the lower rates plus the cost of the refinance will result in savings on your part. You can do this by computing the total amount of principal paid plus interest plus closing cost and comparing it to your remaining principal and interest balance.

Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages

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