Be Good To Your Money Bulletin http://ezezine.com
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DID YOU KNOW?
Many of us, at one time or another, have refinanced our mortgage. I am
just wondering if we understood or knew these known facts about
refinancing.
Did you know....
1. Last year, Americans borrowed $701.5 billion directly out of the
equity in their homes?
2. Each time we refinance, our mortgage is "reset" to 30 years; unless
a 15 year mortgage is chosen, which is uncommon for equity snatchers?
3. Mortgages are "front loaded", which means a greater percentage of
the payment goes toward the interest and not the principal, in the
beginning years?
4. Each time we refinance, we are giving a huge bonus of interest paid
to the lender (unless you shop around for the best deal), and reducing
the dollars applied to the principal? SEE #3
5. Each time we refinance, we pay high closing costs (again shop
around for the best deal); which in reality, is money forever lost,
unless we are a lower interest rate "without taking the equity"?
6. After refinancing, 2/3 of the borrowers just continue to rack up
consumer debt and need to refinance within the next 2 to 5 years?
7. Refinancing your home, to get cash, usually puts you farther in the
hole?
So when and for what reasons should you refinance? You should
refinance for ...
1. a lower interest rate
2. a shorter term
3. and without taking any of the equity (if possible).
Consider these facts before your next refinance.
www.LisaFrye.com
L L Q Publishing Company
631 N. Stephanie Street
Suite 311
Henderson, NV 89014
(866) 750-0188