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Refinancing: Loans
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NEWTOWN SQUARE, Pa., March 5 /PRNewswire-FirstCall/ -- GMH Communities Trust (NYSE: GCT) today announced the completion of a refinancing of four Company-owned student housing properties with Wachovia Bank. Under the refinancing, the Company placed an aggregate of $90.0 million in mortgage indebtedness on the properties, with each loan having a 10-year interest-only term and bearing a fixed interest rate of 5.6%. The four student housing assets are University Crescent, Baton Rouge, LA; University Oaks, Columbia, SC; University Centre, Kalamazoo, MI; and The Summit, Mankato, MN.
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Keep in mind that refinancing usually lengthens the time it takes to pay off your house. If you are 3 years into a 30-year mortgage and then refinance with a new 30-year loan, you'll end up making payments on the house for 33 years. Nevertheless, if the monthly savings are substantial enough, you still could end up paying much less over the long haul with the new loan.
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Would refinancing your loan benefit you by saving you money in interest and possibly freeing up some extra cash? There are several good reasons to refinance. If interest rates are lower now than when you originally bought your house, then refinancing can save you money each month in interest or help you pay off your debt faster. If the remaining mortgage balance, including points and closing costs, can be refinanced at a reduced monthly payment and still be paid off within your existing mortgage payment term, then refinancing would be highly advisable.
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SPOKANE, Wash., Jun 27, 2003 /PRNewswire-FirstCall via COMTEX/ -- WestCoast Hospitality Corporation (NYSE: WEH) announced today the successful completion of a $55.2 million mortgage refinancing secured by 10 hotel properties. The 10-year fixed-rate loan was made by Column Financial, Inc., a Credit Suisse First Boston company out of their Los Angeles office, and was arranged by Sonnenblick-Eichner Company. The loan has an interest rate of 6.7% and 25-year amortization and includes a ten-year call.
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Bad credit home refinancing contributes toward consolidating and repairing the credit ranking of a poor credit borrower. Provided that the mortgagor adheres to the specified provisions of repayment, the loan seeker can improve upon an inadequate credit ranking. The poor credit refinancing mortgages you can get online is readily accessible on the Internet. Several mortgage providers offer this kind of mortgage loan at relatively affordable interest rates, even though mortgagors need to research the market to identify the most lucrative offer.
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[One] use of refinancing is to reduce the risk associated with an existing loan. Interest rates on adjustable-rate loans and mortgages shift up and down based on the movements of the various indices used to calculate them. By refinancing an adjustable-rate mortgage into a fixed-rate one, the risk of interest rates increasing dramatically is removed... ensuring a steady interest rate over time. This flexibility comes at a price as lenders typically charge a risk premium for fixed rate loans.
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