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Best Ways to Save Money in a Down Market

Posted by Chris on September 1, 2011
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Real estate is one of the best investments you can make. In a down market like the one we live in today, one of the best ways to save yourself money and provide some sense of financial security is to own your home outright and live knowing that no matter what happens, you will have a roof over your head. Current homeowners may feel a tremendous amount of stress in their situation. Monthly mortgage payments can weigh heavily on your mind and create a huge amount of worry and anxiety about financial security. Fortunately, there are ways for homeowners to quickly reassess their financial situations and save money on their current mortgage, while at the same time allowing themselves to continue paying off their home and working towards the goal of financial independence.

Streamline Refinance

Owning a home may be a sound financial decision, but if what if you bought a home several years ago when prices and mortgage rates were historically high? Now that times are tough and money is tight, what can you do to save money? One of the best ways to save money on your home expenses is to refinance with a Streamline Refinance. A streamline refinance is exactly what its name says it is; it’s an expedited, streamlined mortgage refinance. A refinance is a reevaluation of your home loan that may result in a lowered interest rate. Because the real estate market has declined recently, interest rates on home loans are lower than they were several years ago. If you refinance your home, you can you’re your loan with a lowered interest rate and save money on your payments.

Traditional Refinance vs. Streamline Refinance

Traditional refinances may take a long time to qualify for and go into effect, and usually cost several hundred dollars in application and closing fees. Streamline Refinances are quick and require no up-front fees. Finding a lender that offers streamline refinances is not difficult. Most lenders offer streamline refinances, so you can shop around and find the one who can offer you the best price and lowest interest rates. You don’t need to stick with your original lender. The best part about streamline refinances is that there is generally no new paperwork required, which saves you time and money. This is the best way for you to begin saving money on your home mortgage as soon as possible.

Where to Find More Information

If you are interested in refinancing your home, the best way to get started is to talk to various banks and mortgage lenders in your area and ask them about details to refinance your home (click here to get started). Each lender will have different rates and options available, and they can educate you further on the application process. Take your time to shop around at different providers, because one may be able to offer you a better deal than another. Once you find a lender who fits your budget, they will evaluate your current home value, local interest rates and other factors and decide if you qualify for a refinance. If you are curious to see if you could save money on your mortgage, start talking to various lenders about a streamline refinance and find one who can offer you the best deal.

Guest post by Jessica Markam at FHA Home Loan.

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