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Mortgage Refinancing Help: Hospitality
“It is feasible to go for a refinance when you have built up at least 10% equity in your home (For Fannie Mae owned mortgages, the value is 5%). It is also possible for you to choose the option if your equity is less than 5%, but you may have to pay a certain amount of cash in order to make up for the difference in equity.
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Mortgage Refinancing Help
: Business
: Hospitality (2,493)
 Start with your current lender. If you're a good customer-you hold a sizable mortgage, pay on time, and maintain good credit-your existing lender will probably do everything in its power to keep your business. The company may cut you a break on fees for things like appraisals, surveys, and inspections if the information is current and you meet other requirements.
 See also:
 Waterford Group »
Builds, manages and owns gaming, hospitality and leisure properties.
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 Carlson »
Global, privately-held hospitality and travel company. Includes brands, presentations, careers, and company history.
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 Sodexho Alliance »
Provides food and hospitality management services to companies, public agencies, schools, health care institutions, and retirement communities.
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 Wyndham Worldwide Corporation »
Parent company of several hotel chains, travel consolidators and time share properties. Includes company news, investor centre, and business units news.
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 Weigh the costs carefully of how long you will be staying in your home vs. how much of a savings you will be getting in a refinance. Make sure you include closing costs in your decision.
Be specific about the loan you want. The more precise you are, the easier it will be for a loan officer or mortgage broker to find the best rate. For example, do you want a 15-year or 30-year mortgage? Do you need a "jumbo" mortgage (more than $333,700)? Are you willing to pay points to reduce the interest rate? The answers to these questions will depend on several factors, including when you plan to sell the house and how soon you want to retire your debt. Only you know the answers, but the sooner you know them, the better.
Don't fall for the 0% apr unless it fits in with your master plan. A lot of brokers will try to get you locked into a low interest rate that will balloon on you in a couple of years and leave you out on the street.
Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.
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