Finance > Insurance > Home InsuranceHome Mortgage Loan Refinance - Refinancing A Fixed Rate Mortgage
Posted by nick_niesen in Finance on October 29th Women's Nike Air Max 90 Dark Grey Pink , 2010


Refinancing a fixed rate mortgage is usually only suggested when interest rates fall, but you can also save money by changing your loan terms. You can also pull out part of your equity to pay bills or renovate.


Lower Interest Rates


In general when interest rates are at least 1% lower than your current mortgage rate, it pays to refinance. But you need to consider other factors, such as the length of your mortgage, loan costs, and how long you plan to stay in your home.


An adjustable rate mortgage (ARM) should also be considered if you plan to move soon. With rates lower than a fixed, you will see lower monthly payments. But you have the risk that your rates and payments will increase over time.


To help decide if refinancing makes sense for you, calculate the difference in interest payments over the course of your loan. Online mortgage calculators can help you find both total interest costs and monthly payments.


Better Loan Terms


Besides lower interest rates, you can save money by converting to a better loan term. A shorter loan, such as a 15 year term, can save you thousands on interest payments, even if you don聮t have a lower interest rate. However, your monthly payments will be 10% to 15% higher.


You can also reduce your monthly payments by refinancing for a longer term. You trade lower payments for higher interest costs.


Access Your Equity


Whether you want to pay off credit cards or pay for your child聮s education, you can pull out your equity by refinancing. One of the advantages of using your equity is that your interest is tax deductible.


However, if you just want to tap into your equity, a better option is a home equity loan. You can pull out your equity, write off your interest on your taxes, and avoid loan fees.


Online Lenders


Online financing companies allow you to research terms and fees from your home. You can receive quotes within minutes online, so you can compare finance packages. You can also apply online and qualify for discounts on closing cost with some lenders.


ZHAMGYIRONG, Tibet, April 30 (Xinhua) -- Trade along the Tibet-Nepal border has collapsed since Saturday's earthquake.


Zham and Gyirong, the two passes connecting Tibet and Nepal, were the hardest hit parts of China. The Tibet Autonomous Region government has evacuated thousands from the border towns due to the risk of landslides.


Xu Yang, an official from the Zham border post, told Xinhua on Thursday that trade in Zham has ground to a complete halt. Just 120 km from Kathmandu, the Nepalese capital, about 90 percent of trade between China and Nepal passes through Zham. China exports daily necessities, digital products, clothes and shoes to Nepal and imports handicrafts and Buddhist items.


Jia Dusheng, 53, originally from northwest China's Gansu Province, made his way to a resettlement site in Lhatse County, some 300 km away from Zham. He has run a grocery store in Zham for over ten years.


"People from Nepal were my main customers," Jia said. "I will definitely go back when it is safe. I can't just abandon everything I've accumulated over the past decade. Goods worth more than 300,000 yuan (48,000 U.S. dollars) are still locked in my warehouse there."


Border trade at Zham Pass was good. Imports and exports valued at 1.6 billion U.S. dollars passed through the town in 2014. Over 150 vehicles were typically registered at the pass every day before the earthquake. Streets in Zham were always filled with colorful trucks from Nepal, some of which had to wait all night for customs clearance.


Li Derong from central China runs a farm in Nepal. He takes vegetables and fruit to Zham to sell. "I took two or three tonnes of produce from Nepal to Zham every week and sold it very quickly," Li said.


Many people like Li, from all across China, have moved to the border town to do business in recent years. Li said Chinese and Nepalese business people got along very well. Cheerful slogans proclaiming friendship were commonly seen on trucks from Nepal.


"It's the selling season for my mangoes. Grapes will ripen in July. I can't sell them without Zham Pass," Li said.


Gyirong Pass is still cut off by landslides. Landslides have flattened the immigration office and customs on the Nepalese side. Chen Yi who works in the frontier station there told Xinhua that Internet and power are still unavailable.


Ma Wanmin opened a noodle bar near Gyirong Pass just a week before the earthquake. Business was very good.


"I will reopen my res