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Mortgage Refinancing Help
: Business: Consumer Goods and Services: Jewelry
: Appraisals (17)
 Changing the term of your mortgage can help in several ways. First, if you were to refinance your current mortgage from 30 years to 15 years, you will accelerate the rate at which you pay towards principle each month meaning your house will be paid off quicker. Also, you will save an unbelievable amount of money in terms of interest because you would likely be taking 10 to 15 years off the life of your loan. Second, you can also refinance a 15 year mortgage to a 30 year mortgage. It seems like it might not make sense to do this, but if you have an immediate need to free up monthly cash-flow and you don't want to take out a home equity loan, this can work out to your benefit. When you take a 15 year loan and refinance it to 30 years you will have the same balance only the payments can be hundreds of dollars less than the 15 year loan. The only draw back to this is you will pay more in interest over the live of the loan.
 See also:
 New England Gem Lab »
Independent team of professional gemologists and appraisers who are not buying or selling jewelry. Offers appraisal of fine jewelry for the public, jewelry trade, financial institutions, probate attorneys and the insurance industry.
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 Karen Jensen Gem & Jewelry Appraisals »
Offers identification and appraisal of gems and jewelry, purchase and sale consulting.
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 Harold Weinstein Gemological Laboratory »
Canadian independent gemological laboratory offering diamond grading, gem identification, appraisals, and gemmological education.
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 Carolina Gem Lab »
Offers appraisal services for fine jewelry. Credentials, service types, and contact information.
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 Northwest Gemological Laboratory and Institute »
Independent appraiser of fine jewelry and gemstones. Provides instruction to jewelers in the art and science of diamond grading and gemstone identification. Bellevue, Washington.
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 GS Laboratories »
Offers diamond grading reports and jewelry appraisals. Located in Toronto, Mubai, Chennai, and Dallas.
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 Gem Evaluation Lab »
Appraises diamonds, gemstones and jewelry for value, insurance, estates. Located on Long Island, NY.
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 Accredited Gem Appraisers »
Diamond grading and other appraisals for the trade and general public. AGA diamond cut grading charts for round and fancy shaped diamonds.
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 Jewelry Appraisal Services »
Independent appraisers of jewelry, diamonds and gems.
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 San Diego Gemological Laboratory »
Independent gemological lab offers identification, grading and appraisal of gems and jewelry. Features gem care information.
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 Jewels By Stacy Appraisals »
California appraiser serving individuals, banks and probate attorneys.
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 Cannon Gem Appraisal »
Provides gemological identification services and professional replacement valuation reports.
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 David's Jewelry Appraisal Service »
Offers example of valuation, credentials, and contact details. Located in the Minneapolis area.
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 Just Appraisers »
Offers diamonds, jewelry, gemstones and watches appraisal in New York and New Jersey laboratories.
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 Forest Jewelers »
Offers sales and appraisal services. Inventory details, online ordering, resource links, and contact information.
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 In Depth Appraisals »
Jewelry appraisals based on researched value conclusions by credentialed individual located in Southern California.
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 Jewelry Judge »
Association of professionals offers appraisal services throughout the United States and Canada.
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 When refinancing a mortgage, as many as 30% of homeowner's cash out part or all of their home's equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home's value, you will be hit with private mortgage insurance, costing you hundreds a year.
Lenders like pristine credit reports. If you have a bunch of open credit card accounts that you never use (and who doesn't?), consider closing them. It will boost your credit score and make you a much more attractive borrower to a lender. Then, a month after you've closed your accounts, go over your credit report with a fine-tooth comb. It should read that the accounts were closed at your request. (You don't want lenders to think someone cut you off and that you're a bad credit risk.)
It's better to follow the 2% Rule which suggests that you can enjoy the benefits of a home refinance if your mortgage refinance rate is 2% lower than that on your current loan. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period). However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. But you can expect comparatively higher rates on such loans. Moreover, these loans are limited when the market is in a credit crunch.
If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one.
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