Franklin Financial Group Blog Refinancing into a lower rate and/or longer term mortgage January 23rd, 2009 3:22 PM As the effects of the lagging economy continue, many people find themselves at a risk of losing their employment. I have had numerous discussions with some such individuals and suggested refinancing into either a lower rate or longer term mortgage, or both, if possible while they are still gainfully employed. Cutting the interest rate and/or lengthening the term of the loan can possibly free up some funds which might assist in getting through some periods where unemployment is a possibility. When a mortgage is refinanced the borrower(s) typically skip making a month's mortgage payment. With interest rates being as low as they are, even lengthening the mortgage term compared to a present term might not be a bad idea, especially if at some point the borrower(s) regain employment, as the loan could always be paid back using a shorter term payment. If nothing else if might just provide the "breathing room" necessary when going through a hard time. It is easier to be proactive, than reactive, so someone thinks they might lose their job at some point in the future, the sooner they pursue the potential to refinance, the better. Posted by Kevin Ary, President on January 23rd, 2009 3:22 PMPost a Comment (0) * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

Recent Posts: USDA Rural Development Loans 2010 GFE Update 2010 New Good Faith Estimate Now In Effect 2010 RESPA Changes Are Mortgage Brokers Better Than Lenders or Mortgage Bankers? Home Valuation Code of Conduct (HVCC) - It IS Costing Consumers! RESPA changes to the Good Faith Estimate When Will Mortgage Rates Rise? Home Valuation Code of Conduct (HVCC) - It's going to cost consumers! Converting Second Mortgages into Investments Archive: March 2007 The "Break Even Point" of No Closing Costs Loans or Mortgages Posted by Kevin Ary, President on March 6th, 2007 3:47 PM February 2009 Effects of Consumers of the Home Valuation Code of Conduct Posted by Kevin Ary, President on February 20th, 2009 9:10 AM January 2009 Refinancing into a lower rate and/or longer term mortgage Posted by Kevin Ary, President on January 23rd, 2009 3:22 PM December 2008 Government-Imposed Mortgage Rates of 4.5% Posted by Kevin Ary, President on December 19th, 2008 8:12 AM October 2008 Future of the Mortgage Industry Posted by Kevin Ary, President on October 3rd, 2008 9:07 AM July 2008 Should You Lock In Your Interest Rate or Float? Posted by Kevin Ary, President on July 11th, 2008 7:01 AM May 2008 Down Payment Required On Purchase Transactions Posted by Kevin Ary, President on May 18th, 2008 12:07 PM April 2008 Being "Above the Line" Posted by Kevin Ary, President on April 12th, 2008 6:56 AM Lending Integrity NAMB Member Posted by Kevin Ary, President on April 9th, 2008 3:11 AM February 2008 Identity Theft - It's not a matter of "IF" but a matter of "WHEN" it will happen to you. Posted by Kevin Ary, President on February 29th, 2008 7:50 AM The Fed Reduces Rates Twice in 30 Days Posted by Kevin Ary, President on February 4th, 2008 4:22 PM January 2008 2008 Starts Off With Some Activity Posted by Kevin Ary, President on January 16th, 2008 11:34 AM Consolidation/Merging of Lenders Continues Posted by Kevin Ary, President on January 11th, 2008 4:48 PM December 2007 Become Mortgage Free in Less Than Half the Time! Posted by Kevin Ary, President on December 19th, 2007 5:08 PM November 2007 Not everything is all Gloom and Doom! Posted by Kevin Ary, President on November 6th, 2007 3:00 PM September 2007 Mortgage Brokers services are extremely valuable during these tough times Posted by Kevin Ary, President on September 28th, 2007 12:41 AM August 2007 Mortgage Industry Going Through Dramatic Changes Posted by Kevin Ary, President on August 9th, 2007 11:51 AM June 2007 Becoming a Better Buyer Posted by Kevin Ary, President on June 4th, 2007 11:18 AM February 2009 (1) January 2009 (1) December 2008 (1) October 2008 (1) July 2008 (1) May 2008 (1) April 2008 (2) February 2008 (2) January 2008 (2) December 2007 (1) November 2007 (1) September 2007 (1) August 2007 (1) June 2007 (1) March 2007 (1) My Favorite Blogs: Sites That Link to This Blog: CENTURY 21 Drews Realty Huntsville Alabama Real Estate / Philip Winburn / Rosenblum Realty Inc. Judy Pipkin - Keller Williams Realty OurHouseForRent OwnerLand Realty

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