My Mortgage Home Loan - Info on Mortgages, Mortgage Calculator, Rates, Refinancing, Equity Loans, Interest Rate

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THE MORTGAGE INDUSTRY TODAY IS BOOMING! With real estate values climbing and interest rates at an all time low, homeowners are able to obtain great savings through refinancing and also finding benefits in obtaining cash-out from their home's equity.

Today's interest rates for prime borrowers on a 15 year loan starts at 4.25% and 30 year loans are at 4.75%. Sub-prime rates start at 5.75%.

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Many homeowners are refinancing their current mortgage loans to lower their interest rate and lower their monthly principal and interest payment. The way mortgage loans are designed, you pay both principal and interest every month. The key to paying off a loan is to keep the monthly minimum principal and interest payment low. Anything extra goes all directly into principal. By adding to the minimum payment every month you will cut the loan by a few years in the backend.

There are several situations where refinancing becomes a benefit. The rule to refinancing is that when you are able to lower your interest rate by more than a percentage point, you will exceed the cost to savings ratio. But with today's low rates, many homeowners are cutting their rates by more than 4 percentage points.

Some of the main reasons to refinance are:

Lower interest rate
Consolidate 2nd mortgage loan
Lower loan term
Lower monthly payments
Payoff other personal loans and debt
Take cash out from equity

The average credit card will have an interest rate of 18% to 25%. By consolidating your credit cards and personal loans, you can take advantage of the low mortgage interest rate and eliminate those high rate credit cards. Also by lowering your debt you are able to start saving for your future. This is how you make your home's equity work for you.

> > CLICK HERE > > Bad Credit? Refinance your home to Get Cash

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