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Home Refinance Articles

Refinancing - Things to Consider
There are three primary aspects to refinancing that must be considered carefully: the interest rate, loan length, and fees. These aspects should be weighed against the existing loan and the amount of time the borrower is planning to stay in their home. When it is not done...
Mortgage Refinance Overview
Our detailed overview will provide you with all the refinance information you need to take control of your financial situation and make an informed decision about your mortgage.. Refinancing a Home MortgageIn a refinance, you take out a new home loan and use it to pay off your...
The Big Home Loan Refinance Checklist
The key to a successful refinance is to be proactive and prepare months in advance. To achieve a lower interest rate and make the reward more than the cost, you will need to have a FICO score above 740 and ensure there is equity in your home. You will also be required to have had 2 years...
Mortgage Refinance Tips
Refinancing your mortgage is a great way to reduce your monthly mortgage obligation, create additional cash flow for savings or other pursuits. You should weigh your options on whether or not a refinance will make sense for your financial situation. Start your...
When Should I Refinance?
Sometimes it can feel as if everyone has a lower mortgage rate than you. If you’re tired of hearing about your neighbor’s 3.875% rate or your co-worker’s fabulous low monthly mortgage payment, don’t rush your decision to refinance. Savvy homeowners...
What is a No-Cost Refinance Loan?
While home refinancing can provide tremendous advantages, borrowers should carefully consider their financial standing to determine whether or not securing a refinance loan for lower rates is worth the associated costs. Some refinances, however, do not include the...
5 Common Obstacles to Refinancing
Refinancing an existing mortgage can be much simpler than obtaining a brand new home purchase mortgage from scratch. Despite this, refinancing can be difficult for some borrowers, especially in the wake of the relatively recent mortgage crisis. If you are hoping to...
Why Choose Cash-In Refinancing?
There is no doubt that the real estate market is changing--and one of the top signs is the new-found popularity of the cash-in refinance. In the fourth quarter of 2010, 46 percent of homeowners who refinanced their first mortgage actually brought money to the table to diminish...
Conventional Versus FHA Refinancing
In today’s difficult economic climate, borrowers need to carefully consider their options and goals when choosing to refinance. Generally, refinance loan options can be split into two categories: conventional mortgage loans and government-insured, most...
What is a Cash-Out Refinance?
A cash-out refinance allows you to pull out cash for spending by increasing the amount you currently owe on your mortgage loan. The equity you have in your home is not the limit that you can borrow, but more a symbol of confidence that the lender can trust you with a...
Refinance Closing Costs
The costs of a refinance will differ depending on your lender, location, and loan amount. However, there are some typical costs that will most likely stay the same. In general, you will end up paying anywhere from 3% to 6% of the loan’s principal balance.. Upfront FeesWhen...
How to Refinance an Underwater Mortgage
If you’re underwater on your mortgage, you probably are looking to refinance so that you can reduce your monthly payments. Luckily, several refinance options have emerged over the past few years for people who are upside down on their mortgages.. To learn more about...
Should I Refinance?
Changes to lending standards have made it more difficult for homeowners to qualify for a refinance loan. Additionally, refinancing may not make financial sense, depending on when you plan to sell your home.. Start by asking yourself the following questions:. Is there equity...
Top 5 Reasons to Refinance a Mortgage
Refinancing your mortgage to lower your monthly payment can be a smart financial move. But it's not the only reason to consider a mortgage refinance loan. Here's a look at 5 reasons why refinancing may make sense:. 5. Lower your monthly payment.Since there's usually...
Top 5 Mortgage Refinance Myths
If you've considered getting a home loan refinance, you've probably heard some of these myths spoken before.. 1. Refinance immediately before rates get any higher!This advice is shaky at best. No one knows what will happen to interest rates next.  Experts make...
6 Steps to Getting the Best Refinance Rates
With mortgage rates near significant lows, this could be the best time to buy a home or refinance your mortgage But getting a hold of a low-rate, low-fee loan isn't that easy. Here are six steps that detail the process you need to take to get the best refinance interest rate.. 1....
5 Quick Refinance Tips
1. Save moneyIf you find yourself unable to afford your current monthly mortgage payment, it may be time to refinance. By refinancing, you take out a new loan with better rates and terms then your current loan, and the proceeds are used to pay off your previous loan. Your home is...
Benefits of a Cash-Out Refinance
Refinancing is a great way to access some of your growing home equity.  If you’re looking to refinance your home loan, you’ve most likely thought about whether you should take out a cash-out refinance.  Essentially, a cash-out refinance is a loan...
What is a 15 Year Fixed Refinance?
A 15 year fixed-rate mortgage refinance allows you to replace your current home loan with a new mortgage loan that has a shorter repayment term and a lower interest rate. A 15 year refinance loan typically offers a lower rate than other mortgage types, but you’re...
What is a 30 Year Fixed Refinance?
A 30 year fixed refinance replaces your existing mortgage with a new loan at a better interest rate while extending the life of the loan to 30 years. This is a most popular refinance product at times when the mortgage rates are low. .   How to tell if a 30 year fixed...
Refinance Fees
Many homeowners are eager to take out refinance loans to save money, mostly because they're expecting to receive lower interest rates and lower monthly mortgage payments. Most refinance loans do end up saving their holders a lot of money. But there are multiple costs...
What Do I Need To Know Before I Refinance?
Should I Refinance?The general rule is, if you can shave off at minimum 1/2 of 1 point from your interest rate, you should consider a refinance. However, your decision should also depend on how long you plan to stay in your home. If you are only going to stay 2 to 5 years before...
How Can I Avoid a Refinance Scam?
Not all refinance mortgages are made the same.  Lenders , mortgage brokers, and loan officers are professionals, and your broker will likely provide you with much needed advice and counsel to help you better manage your debt and your home investment.. But play it safe...
Refinance a Mortgage After a Divorce
If you have just gone through a divorce, you might think that your ex-spouse is off the mortgage note if that is what the divorce decree states.  Would it surprise you to know that this isn’t true?  In fact, no matter what the divorce decree states, both you and...
5 Things To Do Before You Refinance
You may have done a lot of research on the value of a mortgage refinance and the steps in the refinance process, but if you want to get the best mortgage rates and save the most money, there are at least five things you must do before you even apply for a new loan.. 1.  Set goals...
5 Obstacles to Refinancing Your Home Mortgage Loan
Mortgage rates are on the rise, but they’re still in the range that makes existing homeowners jealous. While a seller’s market might be emerging, it’s still a smart move to refinance before rates keep inching up.  Worried you won’t be able...
3 Important Questions to Ask Before You Refinance
Lower interest rates are catching the attention of not just homebuyers, but homeowners looking to refinance. If that's you, remember that refinancing is a complex process. You'll go through all of the same steps you did when you applied for the original mortgage...
Divorce and Your Mortgage
Divorce is a common struggle and beyond the emotional distress, it becomes quite complicated to divide your valuables, children, debt, assets and home. Here are a few options you have for dissolving your joint mortgage. For more detailed information about typical joint...
Home Refinance Options Compared
If you want to refinance your home, take some time to learn how to do it right.  The following list of "best" and "worst" will help you determine when and how to refinance your home to increase savings.. The Best Time to RefinanceThe best time to...
Refinance Strategies: Choosing Between a 20- or 30-Year Mortgage
Natalie and Michael Barrington* are considering a refinance under the Home Affordable Refinance Program, or HARP 2.0. After trying and failing to qualify for a loan modification on their underwater mortgage, the Barrington’s have decided to investigate the...
Can I Refinance My Mortgage With Bad Credit?
Refinancing your home may still be possible with a poor credit score, while you most likely won’t qualify for the lowest interest rate available.  Therefore, the main question is can you still refinance on terms that make it worth your time?. Before you begin...
HARP 2.0 Eligibility and Qualifications
What is the HARP 2.0?HARP 2.0 is a readjustment of the original HARP (Home Affordable Refinance Program), and is designed as a mortgage tool for borrowers who could not refinance their mortgages the conventional way due to a loan-to-value (LTV) ratio exceeding the value of the...
Refinancing a Conventional Loan
In order to refinance an existing mortgage into a conventional loan , borrowers must be able to meet conventional loan requirements. This is similar to when borrowers are applying to purchase a home using a conventional loan. There are several reasons why one would want to...
Reverse Mortgage Loan Limits
Reverse mortgages have maximum limits on the amount of money that applicant can borrow or withdraw. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage, conform to loan limits set by the Federal Housing Administration (FHA). However, these...
HARP 3 Refinance
The possibility of HARP 3 passing has underwater homeowners and mortgage experts alike buzzing with excitement. The expanded program would target underwater homeowners with mortgages not backed by Fannie Mae or Freddie Mac and those who don't otherwise...
HARP 2.0 Refinance Explained
The Home Affordable Refinance Program (HARP) is a federal assistance program that was founded in order to allows underwater borrowers to refinance. Since its creation, the HARP refinance program has been revamped into the HARP 2.0 program, removing its previously enforced...
HARP 2.0 FAQ
The Home Affordability Refinance Program (HARP) is a refinance program that was created to assist homeowners who are struggling with financial hardships, and seeking more affordable payment plans. The underlying concept of HARP is to prevent the housing market from...
Refinancing Your VA Loan
VA loans offer two options for refinancing to veteran homeowners. The IRRRL streamline refinance is designed to lower your interest rate to contribute to lower monthly payments, ensuring there is no delinquency on the mortgage. The alternative is taking out cash for...
Can I Get a Second Mortgage?
A second mortgage home loan is a loan that uses your home as collateral. When you take out a second home mortgage, you grant the lender the right to seize and sell your home in order to pay back the money you borrowed if you default. If that sounds a lot like a home equity loan,...
Should I Get a Second Mortgage or Refinance?
When attempting to choose a course of action, you may be faced with the choice of performing a cash-out refinance to get cash from your current home mortgage or extracting some of the equity through a home equity loan (HEL) or home equity line of credit (HELOC). While both...
How to Transfer a Mortgage
A mortgage transfer is defined as a transaction in which the borrower or lender assigns an existing mortgage to another person or entity. If a mortgage can be transferred, it is referred to as “assumable".. Assumable mortgages fade in and out of popularity...
What Is a No Closing Cost Refinance?
A no-cost refinance is a refinance that doesn’t have any out-of-pocket expenses or up-front fees.  While some lenders will promote this type of refinance, it’s important to remember that nothing is truly free.  A no-cost refinance is really a...
How to Refinance After Bankruptcy
Bankruptcy can be very unsettling, demoralizing and stressful. The challenge of obtaining a mortgage after a bankruptcy has increased with new regulation. But it is still possible to obtain a mortgage if you plan accordingly to get yourself into financial recovery. Take...
How Do I Refinance a Second Mortgage?
In general, refinancing a second mortgage is much simpler than the process of refinancing a first mortgage. Through a second mortgage refinance, homeowners can reduce their mortgage rates and save thousands of dollars over the lifetime of the loan. In order to do so, here are...
7 Options for Managing a Mortgage in Retirement
For the majority of American families, the cost of housing represents their most significant every-day expense. While making monthly mortgage payments may be difficult for some during full time employment, it can be even more taxing in retirement with a smaller monthly...
Should I Switch Mortgage Lenders?
If you want to refinance your home, you will likely want to switch to a new mortgage provider in order to take advantage of reduced rates and more lenient terms. Sometimes, however, your current mortgage lender will offer you the best rates in order to keep your business and...
Can I Refinance an Investment Property with HARP?
To dispel any confusion, this article will examine the main myths of the Freddie Mac HARP refinance that prevent borrowers from being able to obtain a HARP refinance on investment properties.  But first, it's imperative to understand that  HARP refinancing...
Benefits of a Cash-Out Refinance
Refinancing is a great way to access some of your growing home equity.  If you’re looking to refinance your home loan, you’ve most likely thought about whether you should take out a cash-out refinance.  Essentially, a cash-out refinance is a loan...
Calculating your Refinance Closing Costs
When performing a home refinance, borrowers should always calculate the costs of the refinance against the potential benefits. Typically, this requires comparing the gains of a lower interest rate or shorter term against the cost of securing a refinance loan; however,...
What Is An Option ARM Loan?
An Option ARM loan is an adjustable rate mortgage with the ability to select from a variety of payment options every month. Option ARM mortgages typically have low starting rates which allows you to make very low initial mortgage payments and qualify for more home. Our...
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