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A number of people are opting for a home mortgage refinance on their existing home loan to profit from lower interest rates prevailing currently. In suitable cases, individuals who decide on this will see a considerable savings in their monthly mortgage payments. On the other hand, mortgage refinancing is not for every person and several issues are required to be considered ahead of deciding on the refinancing option. This article will show you the ways on how to make out if mortgage refinancing is right for you and how to submit an application for home mortgage refinancing.

To begin with, and most significantly, you have to come to a decision if home mortgage refinancing is the right choice for you. Find a mortgage broker who will suggest you honest information and not shove you into any wrong decision and trick you one-way or the other. (more…)

Some 15% of homeowners are trapped in negative equity, according to a new report.

Fitch Ratings warns that the figure could soar to 23% if its prediction of a 30% peak-to-trough fall in house prices is correct.

Negative equity means that the value of the house is less than the outstanding loan owed.

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Mortgage borrowers could have as much as £25,000 of their loans written off if they agree to move to a new lender.

Several specialist mortgage banks are so desperate to get rid of borrowers and wind down their lending operations that they are prepared to pay off customers as part of their remortgaging plan.

* Could you save by switching your mortgage early?

The list includes GMAC, the 10th largest lender in the UK. Part of ailing US car giant GM, the company issued £10bn in loans in 2007, and is now targeting around 400 borrowers that could not previously afford a larger deposit.

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