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As current market trends present lower rates, people consider mortgage refinancing their home loans in order to saving thousands of dollars in interests. This article gives a brief overview that allows one to determine whether mortgage refinance is a suitable decision. Important information is explained regarding the process of mortgage refinancing as well as tips on how to choose the right lenders and loan options. Mortgage refinance means getting a loan in order to pay off an outstanding housing loan. Both loans will be secured with the same asset thus the repayment is done immediately and the loan amount cant be used for other purposes, unless of course there is cash remaining after the previous loan is cancelled. The new loan can be obtained from the same lending institution or from another.

There may be other reasons why one would opt for mortgage refinance. Among the spectrum of reasons include making home improvements, reducing monthly amortizations, converting an adjustable rate into a fixed rate, etc. In particular, if one wants to make home improvements, one can apply for a mortgage refinance with a higher amount than the remainder of the outstanding loan. Mortgage refinance therefore allows one to generate extra cash for carrying out any home improvements.

In order to reduce the monthly payments one can extend the loan repayment period. The key is to apply for a home loan with similar rates but longer repayment periods. Consequently, the monthly amortization will be substantially reduced, and even if the interest rate is a bit higher, one can still reduce monthly payments by extending the loan period length. It is however advised to balance loan period length and interest rate, so that one does not end up overpaying. It seems inequitable for people to overpay just because they want to utilize their income for other non-essential purposes.

For the risk-averse person who fears that interest rates may suddenly rise in the future, one can refinance a home loan and opt for a fixed rate in exchange for the variable rate of the outstanding loan. Fixed rate mortgage refinance option offers a relatively secure way that guarantees protection from future fluctuation of interest rates because the amount of monthly amortization remains as settled in the contract. A more risk-taking person can opt for a variable rate. The positive side of variable rate mortgage refinance option is that one can take advantage in situations when interest rates fluctuate to your advantage. There is a random chance that interest rates plummet down to really low levels. However, one must also be ready for situations when rates fluctuate to really high values. As the saying goes, No pain, no gain.

As one can see, home mortgage refinance is a beneficial strategy in cutting off ones debts. One can take advantage of better market conditions and end up in a better financial position with a very simple financial transaction. The key to be successful in mortgage refinance is to pick the right lender. There are several lenders available on the Internet to choose from. By applying to lenders online one will be able to compare rates, periods and other conditions conveniently.

Nevertheless, mortgage refinance should not be taken lightly. A new housing loan will be a burden that one has to carry for many years. The best thing that one can do is to get this burden as weightless as possible so one does not have to make sacrifices in order to meet the monthly amortizations. This kind of financial transactions, due to the length an amount, will determine ones future financial situation for many years.

Earl Juanico http://florida-mortgage.xon.us

Most people do not know what to look for is a used car. Thats ok, you dont have to be an expert to come across as one. With the following used car buying tips, you will feel like a regular pro and wont feel disadvantaged when walking onto a car lot. Take this small checklist with you to remind you what to look for.

Tires-Tire treads wear evenly. If the car doesnt have even treads on all four tires or if a few of the tires are different makes, it could mean that the previous owner took the cheapest way out when servicing the car. Good maintenance would require all four tires be replaced at the same time. If the tread on one of the tires is worse than the others, it indicates that the car is out of alignment in some respect, or in need of adjustments or parts.

Headlights- Do the headlights match? By this I mean is one of them yellow or pointing in the wrong direction? This could give you a clue that the car was hit on one side. If they dont match, look for these other clues of an accident.

The body lines are uneven. The body lines are where different parts of the car come together. If on one side of the car the gap in the body line is larger or smaller, it could indicate an accident.

Paint is a different shade. The car was probably painted in the area of an accident and the paint shade would be different.

Paint overspray is present. Open the hood, and take a look at where the paint ends and the metal on the engine begins. If there are specs of paint on the typically non-painted parts, it may indicate an accident. While the hood is open, take a look at the gaps on the right and left front of the car (where you were looking for the overspray). Is the gap in parts larger or smaller on one side? If it is smaller, the car was probably hit on that side.

Interior Are there little holes in the cloth upholstery on the door or seat? They are most likely cigarette burns. In a leather interior car, look at the head liner, if the color is faded or stained, it was a smokers car. Check to see if the seats are stained or the ashtray was used. A smokers car often smells like smoke. If you are a non-smoker, you may not like that the previous owner was.

Inspection When does the inspection expire? If it was just recently inspected, the car passed the states requirements for safety and emissions. If the inspection is due in the coming months, be sure to do a pre-inspection with your mechanic to give you an idea if the car will need anything come next inspection, and adjust the price accordingly. A car with an expired inspection means it either failed last inspection or was never put through. Have the dealer obtain a new inspection before you purchase. This way you know there will be no other unforeseen out of pocket expenses when you drive off the lot. If the dealer refuses to do the inspection, you should question the reason. It may cost an awful lot of money to make it pass.

Oil Check the oil using the dipstick in the engine with the handle on it. When you pull out the dipstick, check for the level and the color of the oil on it. The level indicator is at the very end of the dipstick. There are two lines with a shaded area indicating an upper and lower limit range, if it is lower than that, the car needs oil. Now check the color; it should be a transparent golden brown. If the color is black and tar like, it means the oil hasnt been changed in a while. Someone who maintains their car typically has an oil change sticker on the upper left side on the inside of the windshield showing when the last oil change was and when the next one should be.

Power windows and Locks Check to make sure they work

Keys - Make sure master key fits in both the door lock and ignition. If they dont work in both, it could mean the steering column was replaced.
Windshield Are there cracks or chips in it? If they are small, they could get bigger and you will need a new windshield.

CarFax It is an independent company that details the history of the owners, inspection records and accident reports on the car. Every dealer should have this for you on demand when looking at a car on their lot.

Warranties What does the warranty cover? More importantly, what doesnt it cover?

Test drive Do you fit in it? Does the seat adjust to your comfort? Can you see over the hood?
These are a few or the things to look at when you are looking for a used car. Use these used car buying tips on a used car lot and the dealer will think you know exactly what is going on, even if you dont. While you are at it, go ahead and kick a tire or two.

Tom Carey is owner of http://www.ThatsMyNewCar.com. A Pennsylvania dealership dedicated to educating its customers about the car buying process. Tom can be reached at Tom@ThatsMyNewCar.com