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Mortgage Refinance Rates from RateEmpire.com
By RateEmpire.com
Dated: Jun 22, 2007
Refinancing your existing mortgages has many advantages like lowering the monthly payments or interest
rates paid.
Refinancing your existing mortgages has many advantages like lowering the monthly payments or interest
rates paid. The latter is in fact one of the most important reasons for opting for refinance. Thus a vital point
to be considered while taking a mortgage refinance is mortgage refinance rates.
Mortgage refinance rates depend upon various market factors as well as your personal factors as a
borrower. But mortgage refinance rates mainly depend upon the interest accrued on the refinance loan. The
mortgage refinance rate is expressed as the Annual Percentage Rate (APR). APR is the total amount of
money repayable by the borrower to the lender on a loan, per annum.
It will also depend on the kind of mortgage refinance loan you would choose. The different kind of
mortgage refinance options available can be broadly classified on the basis of:
-Fixed mortgage refinance rate: Various fixed rate refinance include 30 year fixed mortgage refinance, 20
year fixed mortgage refinance, 15 year fixed mortgage and 10 year mortgage refinance, etc.
-Adjustable mortgage refinance rate: This category includes 1 year ARM (Adjustable Rate Mortgage), 3/1
ARM refinance, 3/1 interest only ARM refinance, 5/1 ARM refinance, 5/1 ARM interest only refinance,
etc.
Few ways by which you can reduce your mortgage refinance rates are: -Keep a check on your credit score:
Your credit history will have a great impact on the mortgage refinance rate you will be offered. Making
payments late or missing payments will decrease your credit score. Also, take care to see that you don't use
your credit cards and line of credit loans to the maximum credit limit available to you. Doing so will again
decrease your credit score. Having a bad credit score will not stop you from availing a mortgage refinance.
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