To be eligible for this option you must meet the following criteria:įreddie Mac must own your loan. If you would like to refinance but your loan-to-value ratio (how much you owe on your mortgage compared to the home’s appraised value) exceeds the maximum allowed for a standard no cash-out refinance product, an Enhanced Relief Refinance might make sense for you. Cash-out refinances generally have a slightly higher mortgage rate because you are borrowing more money, which is an added risk to the lender making the loan. With a cash-out refinance, you’re refinancing your mortgage for more than you currently owe and, in return, getting a portion of your equity back in cash. If you’ve built up significant equity through your monthly payments and your home’s appreciation, a cash-out refinance may make sense to improve your general financial situation or the value of your home through improvements. Your payments will most likely be higher – even if you refinance into a lower mortgage rate – but you can build equity faster, own your home sooner and pay less in total interest.
from a 30-year fixed-rate mortgage to a 15-year fixed-rate mortgage). If your financial situation has improved since your purchase, you may consider refinancing to a loan with a shorter term (e.g. If your current mortgage is an adjustable-rate mortgage (ARM) and it no longer makes sense for your financial or personal goals, refinancing your loan can put you in a more secure and stable mortgage, such as the 30-year fixed-rate mortgage.īuild equity faster. Move from one mortgage product to another. If mortgage rates are lower than when you closed on your current mortgage, refinancing could reduce your monthly payments and the total amount of interest that you pay over the life of the loan. This is the most common option and may make sense if you’re looking to: With a no cash-out refinance you are primarily refinancing the remaining unpaid balance on your mortgage. The new loan should have better rates or terms that improve your financial situation. G4TechTV Canada seems to have made a genuine commitment to the program and it is getting better and better as they become more familiar with the technical requirements of producing a "How-to" kind of show.Refinancing replaces an existing loan with a new loan that pays off the debt of the old loan. The show has recently re-introduced the segment by Alex Lindsay on Photoshop which promises to be excellent as well. The new MS Office experts are knowledgeable and give very good tips. Amber McArthur's web workshop segments are also very interesting and informative, even though I do not have a web site her comments on designing and planning web sites are excellent. Andy Walker, in particular, seems to favour covering topics that are a little "geekier" than the norm on the old show. Even though the shows are no longer "live" the Canadian production has had more in-depth coverage of topics that are of benefit to the more advanced user. Having watched both the US production from May 2003 until its cancellation in 2004, as well as the New Canadian produced version since its inception in August 2004 I think I am qualified to state that the new version is even better than the original.
0 kommentar(er)
