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Mortgage Refinancing Help: Real Estate
“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.
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Mortgage Refinancing Help
: Regional: North America: United States: South Carolina: Metro Areas and Regions: Greenville-Spartanburg Metro: Business and Economy
: Real Estate (9)
 Stick with a simple loan. It is easier to understand and less likely to get you into trouble. Adjustable-rate mortgages may seem like a way to get a bigger house now or to keep more money now, but when the rates adjust you can get into trouble. Avoid anything with a balloon payment. Just choose a simple 30-year mortgage you can easily afford.
 See also:
 Sandy Brabham - Hartwell Lake Properties »
Hartwell Lake Properties
- Providing professional real estate services to buyers and sellers of lakefront property in South Carolina and Georgia.
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 Coldwell Banker Caine »
Residential and commercial real estate services, realestate agents, and a complete MLS listing for the greater Greenville, Spartanburg area.
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 Journal Homes Report »
Features listings, neighborhood profiles, and school information, for the Greenville and Spartanburg areas.
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 Suncrest Homes »
Home development company in the upstate of South Carolina; includes photos, floor plans, and site plans for communities in Lyman and Taylor.
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 Spartanburg Board of REALTORS »
Find a member directory, tips for buyers and sellers, and details on membership or search the MLS.
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 Upstate Carolina Real Estate Investors Association »
Non-profit club with volunteer leadership to promote investing and networking; includes a forum, links, and a schedule of meetings.
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 The Anderson Association of Realtors, Inc. »
Provides services for buyers and agents including forms and related links.
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 Pinnacle Development Real Estate »
Roebuck based company focused on acquiring, developing and managing commercial property investments in the Southeast. Includes portfolio and contacts.
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 Greater Greenville Association of Realtors »
Provides real estate related information to the public including MLS listings and firm/agent contacts.
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 Fees are a hidden cost of many mortgage loans. By law, lenders must disclose fees within three days of a loan application. Fees can go by many names like - document prep fees, courier fees, administrative fees, and more.
If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.
Calculate the financial benefit of refinancing in one, two, or three years. Does the benefit compare with your plans for staying in your home?
If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.
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