What is Refinancing: IL refi is simply an organization available to help consumers learn more about their refinancing options. What does it mean to "refinance?" How can refinancing benefit me? What will it cost me? Under what circumstances would one consider refinancing? These are all questions that come to mind when I hear the term "refinance". The purpose of this article is to briefly answer these questions for you and, perhaps, give you some options that you didn't realize you have.
What does it mean to refinance? Quite simply, when you refinance, it means that you are replacing an existing debt obligation with another one but with different terms than the original obligation. The most popular "refi", as it is called, is usually associated with mortgages or second mortgages. One could also refinance several debt obligations and roll them into one; thereby reducing their monthly financial responsibility considerably. When this is done due to some financial distress, it is referred to "debt restructuring" and can help people maintain their financial obligations instead of becoming bankrupt.
How can refinancing benefit me? IL Refi can put you in contact with companies who can assist you with refinancing debts. Refinancing can reduce your monthly payment obligation by either stretching the payments over a longer period of time or by utilizing a lower interest rate for a period of time similar to the original terms of the debt obligation. This could keep you in your home or keep you from losing your good credit rating if you are experiencing financial stress.
What will it cost me? Though the interest rates vary from state to state and from month to month, my research for Illinois mortgage rates seems to range from 4.5% to 5.21% currently. Refinancing can result in more money paid in interest over the longer term of the refinance obligation. It is important to calculate all relevant costs before finalizing any refinancing option.
Under what circumstances would I want to use IL Refi options? Let's create a hypothetical scenario. Let's say you purchased your home five years ago at an interest rate of 10%. Now, interest rates are lower than they have been in years and your bank is advertising mortgage refinance rates of 6%. It would be in your best interest to refinance your mortgage at the lower rate and save money in your monthly payment. IL Refi can help you refinance your original mortgage. Depending on the amount you're financing, you could save hundreds or even thousands of dollars per year on interest paid and monthly payments. In our current economic conditions, the amount you save could help to keep you and your family financially solvent.
Vicki Fassler
[http://www.ilrefiloans.org]
Article Source: http://EzineArticles.com/expert/Vicki_Fassler/467125
Article Source: http://EzineArticles.com/4385558
วันจันทร์ที่ 4 มกราคม พ.ศ. 2559
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