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Home Refinancing And The Mortgage Moms
In many households, financial decision-making is closely tied to the nations economy, which, in turn, fuels a majority of our social and political issues. Industry analysts recently identified an important demographic whose voting clout could be crucial to upcoming political campaigns, the so-called mortgage moms. When it comes to major purchases or home refinancing decisions in todays economy, the female head-of-household (or co-head) plays a key role and should not be taken for granted.
According to a recent article in the Washington Post, "Flat wages and rising debt nationally have converged to leave millions of middle-class households feeling acutely vulnerable to bumps in their financial planning. The most visible of these are rising energy prices and a softening housing market. A less obvious but powerful variable is the interest paid by people carrying credit card debt or mortgages whose monthly payments vary with interest rates.
Mortgage moms are committed to finding financial solutions that address their current challenges without ransoming the familys future. A common solution is home refinancing, which enables them to consolidate personal debt, access cash from their homes equity, and trade their adjustable-rate mortgage (ARM) for the stability of a low fixed rate.
With more home loan options widely available, homeowners are using traditional home refinancing for a variety of purposes, including avoiding the interest rate hikes associated with an ARM. While their monthly mortgage payments may increase slightly, they will enjoy affordable fixed payments for the duration of the loan. Even swapping an ARM for another adjustable rate mortgage can provide substantial savings, provided the new loan has more attractive lifetime caps on the interest rate.
Home refinancing can also be used to obtain cash from the homes equity that can be used for just about any financial need. Many homeowners use the cash to pay off higher interest credit card debt, potentially saving themselves thousands of dollars in interest each year. Of course, this radical approach to debt consolidation only works if the family sticks to its budgeting guns and does not return to its old spending habits.
With so much riding on their decisions, mortgage moms can benefit most if they spend time researching and comparing their loan options, prior to making a decision. Home refinancing is just one potential solution, but it is certainly not the only route to stabilizing the nest egg in a fluctuating economy. As politicians gear up for the next round of campaigning, it seems likely that they will listen carefully to the mortgage moms and their concerns, as they play a key role in determining so many financial decisions in middle-class homes.
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More Useful Resource and Updates on mortgage calc refinance home loans
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Sept. 5 (Bloomberg) -- Foreclosures accelerated in the second quarter to the fastest pace in almost three decades as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell.
- Mortgage rates drop slightly in week (Moldova.org)
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- Mortgage rates drop slightly in week (UPI)
WASHINGTON, Sept. 4 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages dropped modestly from the previous week, the Federal Home Loan Mortgage Corp. said Thursday.
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LOS ANGELES ? Mortgage lenders have raised the bar on what it takes to qualify for a home loan the past couple of years, but shopping for a loan online has actually gotten a bit easier, if not necessarily less confusing. Where mortgage-scouting Web sites traditionally required users to enter a swath of personal information to generate rate estimates, the newest sites offer users a way to ...
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Mortgage holders in Mudgee are expecting to save about $50 per month on the cost of an average home loan after this week?s interest rate cut.
- U.S. Mortgage Foreclosures, Delinquencies Reach Highs (Update3) (Bloomberg.com)
Sept. 5 (Bloomberg) -- Foreclosures accelerated to the fastest pace in almost three decades during the second quarter as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell.
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