......by using your mortgage to your advantage in a cash flow or shortage situation......"
Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.
Get the Right Information - Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you be informed about the factors involved.
Everyday people are in need of cash, and fast. May be it is or isn't time to consider your mortgage loan as an option. By taking these few minutes to acquaint yourself with the "A 5 Point Plan: How to Get The Cash You Need Fast!", you will know what options to discuss with your mortgage lender and you will be better prepared to make the right decisions for your unique situation..
- A Traditional Refinance
The initial option for most people to consider is a traditional refinance. This option takes advantage of available interest rates that might be lower than your current mortgage. The benefit of this option is that you can reduce your monthly payment while getting the best possible interest rate.
- A Cash Out Refinance
A cash out refinance works like a traditional refinance, except that you’re able to remove some of your equity in the property. One of the significant benefits of this option is your ability to pay off higher interest loans, make home improvements, or a major purchase, while at the same time qualifying your interest payments as a deduction on your federal tax return. Always consult with your accountant or tax attorney to determine eligibility in your unique situation.
- A Second Mortgage
This works very similarly to a Cash Out, except you get a second financing vehicle instead of refinancing an existing one. A few reasons for a second mortgage are debt consolidation, home improvements, or a major purchase. If you take cash out to buy a car you may be able to deduct the interest from your taxes, similarly to the last example. Remember to always consult with your accountant or tax attorney to determine eligibility in your unique situation.
- Beware of the Quality of Service Provided
You want your refinance to be the least amount of hassle in the shortest period of time. Ask your mortgage broker details of their service plan and performance guarantee.
- Not All Mortgage Brokers are Created Equally
Be sure to ask your mortgage broker about available loan products, terms and rates. A subtle difference can save or cost you thousands.
Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION
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