Good reasons to refinance
Refinances usually fall under two categories, rate/term and cash out:
Rate/Term: You’re reducing the interest rate, the term (length of your mortgage) or both. This was by far the number one reason to refinance.
Cash Out: The next biggest reason to refinance is because people wanted to get cash at closing to pay for something.
There are countless other reasons to refinance. Below are other “good reasons to refinance” provided in the comments section when potential borrowers filled out my loan request form. They don’t quite fit into the rate/term or cash out categories.
Getting divorced, not getting the house. Don’t want to pay for it either.
Need to get out of current loan before rates go up or before I go broke whichever happens first.
I don’t want to pay my mortgage to this crappy company anymore.
Want to see which company has the lowest Denver mortgage rates? Click here to find out now!My husband doesn’t think we need to refinance, can you call him and convince him that we need to.
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LOL at the last reason — just goes to show that many people look to Realtors to fulfill other duties as well.
RealtyTrac has come out with their October 2006 numbers and the results are in. Colorado leads the way with once out of 337 homes in foreclosure. Vermont had the least amount of foreclosures in the country with only one home in forclosure.
The percentages are the change from October of 2005.
Top 10 States with Homes in Foreclosure October 2006
1 Colorado 1 out of 337 homes (117 % increase)
2 Nevada 1 out of 389 homes (557 % increase)
3 Georgia 1 out of 449 homes (99 % increase)
4 Michigan 1 out of 623 homes (88 % increase)
5 Illinois 1 out of 632 homes (144 % increase)
6 Florida 1 out of 640 homes (49 % increase)
7 Ohio 1 out of 654 homes (55 % increase)
8 Tennessee 1 out of 668 homes ( 99 % increase)
9 New Jersey 1 out of 675 homes (37 % decrease)
10 Utah 1 out of 718 homes (13 % increase)
Let the buyer beware in this real estate bubble,
Caveat Emptor!
SAS