When retail stores open early on Thanksgiving weekend, bargain hunters line up for hours to take advantage of great deals. If you follow the trend of those in the know, you, too, can find great opportunities. Mortgage industry professionals are noticing a trend that can help borrowers who have a chunk of cash in the bank get a great deal, as well – the cash-in refinance.
The trend is your friend
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Canada’s first native-born Prime Minister, Sir John Abbott, was known for telling the following story: “How do you know so much about everything?’ was asked of a very wise and intelligent man; and the answer was ‘By never being afraid or ashamed to ask questions as to anything of which I was ignorant.’”
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The key to successful financial management is saving money wherever possible. That’s one of the reasons that mortgage refinancing has become extremely popular. Rates are lower than they’ve been in 50 years, and savvy homeowners are taking advantage of this opportunity by jumping on the refinance bandwagon. In addition to lowering your rate, there are additional ways to save even more money when you refinance your loan.
Cut your closing fees
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Starting Sept. 7, 2010, underwater homeowners have a new option for refinancing their mortgages. The question is, how many will be able to take advantage of it?
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A lot of homeowners would love to refinance at today’s rock-bottom rates but can’t because they’re underwater on their mortgages. One possible solution: borrowing from a 401k plan to pay down the difference.
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Winston Churchill once said, “there is nothing wrong with change, if it is in the right direction.” The same reasoning applies to home refinancing. You can improve your financial situation with a mortgage refinance — as long as you pursue this change for the right reasons.
Lowering the rate
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