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The mortgage industry has left home owners with fewer refinancing choices

 

The average mortgage in the United States is typically in place for about six years..

The majority of the mortgages that are taken out in the U.S. have traditionally been refinance in just a matter of a few years. Home owners have grown accustomed to their homes appreciating in value and refinancing their mortgages to help cover their discretionary spending expenses.

The reality of a declining real estate market is that there are fewer refinance options available for almost everyone. Home owners who lack equity in their homes but have high interest revolving debts, may want to explore a personal loan. These types of loans are based strictly on a borrowers credit and income and doe not require collateral or home equity for qualification. Most personal loans are offered through banks and credit unions and can be approved within 24 hours. If you have an established banking relationship, this may help you to obtain more favorable terms for your personal loan. The disadvantage is that the interest is not tax deductible and personal loans will need to be repaid in 5 to 7 years as opposed to 30 years with a mortgage loan.

Home owners with equity in their homes may want to consider downsizing into a smaller home & mortgage as opposed to refinancing. The housing crisis has served as a major wake up call for millions of home owners who are realizing the declining home value is compounded by there financial budgets that have lax on savings and aggressive on utilizing credit cards. This may provide a great opportunity to downsize your home and mortgage to help balance your finances and lifestyle.

8-22-2008 ? LoanNetwork.com

 

 

 

 

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