Refinance Mortgage

Refinance Mortgage Free App

Rated 3.29/5 (7) —  Free Android application by FreeApps Inc.

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About Refinance Mortgage

Paying your mortgage each month is investing in your future. It takes commitment, hard work and responsibility. Fortunately, you’re not alone in making sure the mortgage plan you choose is the right one for your financial future.
Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many common reasons why homeowners refinance: The opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home's equity in order to finance a large purchase; and the desire to consolidate debt. Some of these motivations have benefits and pitfalls. And because refinancing can cost between 3% and 6% of the loan's principal and - like taking out the original mortgage - requires appraisal, title search and application fees, it's important for a homeowner to determine whether his or her reason for refinancing offers true benefit.

Securing a Lower Interest Rate:
One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb was that it was worth the money to refinance if you could reduce your interest rate by at least 2%. Today, many lenders say 1% savings is enough of an incentive to refinance.
Reducing your interest rate not only helps you save money, but it increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment. For example, a 30-year fixed-rate mortgage with an interest rate of 9% on a $100,000 home has a principal and interest payment of $804.62. That same loan at 6% reduces your payment to $599.55.

Shortening the Loan's Term:
When interest rates fall, homeowners often have the opportunity to refinance an existing loan for another loan that, without much change in the monthly payment, has a shorter term. For that 30-year fixed-rate mortgage on a $100,000 home, refinancing from 9% to $5.5% cuts the term in half to 15 years, with only a slight change in the monthly payment from $804.62 to $817.08.

Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan or helps you build equity more quickly. When used carefully, it can also be a valuable tool in getting your debt under control. Before you refinance take a careful look at your financial situation, and ask yourself: How long do I plan to continue living in the house? And how much money will I save by refinancing?

How to Download / Install

Download and install Refinance Mortgage version 1.0 on your Android device!
Downloaded 100+ times, content rating: Everyone
Android package: com.mortgage.refinance, download Refinance Mortgage.apk

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Free
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Android
4.0.3+
For everyone
Android app

App History & Updates

More downloads  Refinance Mortgage reached 100 - 500 downloads

What are users saying about Refinance Mortgage

R70%
by R####:

Ads keep popping up, this is worse than anal cancer

R70%
by R####:

Wors app ever just only ads keep coming no use.

D70%
by D####:

looks like a scam website when you open the app

Q70%
by Q####:

Pretty useful. Hope you build on it.

X70%
by X####:

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Rating Distribution

RATING
3.35
7 users

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