Feb 08, 2018Mortgage rates are currently very low, but you can't expect them to stay that way forever. If you bought a home within the last five to seven years and you've built up equity, you might be thinking about refinancing. A refinance can lower your payments and save you money on interest, but it's not always the right move. In fact, these three mistakes could end up costing you in the long run.
Feb 12, 2018A year after the housing bubble burst, I decided to make a career change and go back to school for my MBA. During one of my first finance courses, my professor discussed her reasons for refinancing her home mortgage at that time. Despite the housing crisis, high unemployment and poor economy, for those who had plenty of equity in their homes, it was a good time to refinance. Mortgage rates were falling, and lenders were willing to negotiate.
Feb 21, 2018When you're interested in reducing your mortgage rate and lowering your monthly mortgage payments, refinancing may solve some of your problems. While you're going through the process of refinancing, you may forget to consider how it could affect your credit score. Here are a few things you'll need to take into account before setting out to get a better deal on your home loan.
Feb 10, 2017Mortgage refinance rates are steadily creeping upward, so if you've been toying with the idea of a refinance, it might be best to do it sooner rather than later. If you've got an FHA loan, you can go with a streamline refinance or transition to a conventional mortgage. Going with a conventional loan has some advantages, but it's a good idea to weigh all the pros and cons before making a move.
Jan 20, 2017Mortgage rates are still relatively low. That means that there's no time like the present to consider refinancing the mortgage loan you have for your home. Shaving at least a point or two off your current rate or converting your 30-year loan to a shorter 15-year term can help you keep more of your money in your pocket and out of the hands of lenders.
Oct 02, 2017
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Jun 07, 2016If you live in a rural area, getting a mortgage through the U.S. Department of Agriculture could be a good way to save money on your home purchase. Qualifying buyers can get a USDA loan without having to put any money down. The Department of Agriculture is making these loans even more affordable for existing borrowers by lowering the cost of refinancing. If you bought your home through the USDA program, here's what you need to know about its streamline refinance program.
Feb 10, 2017Refinancing your mortgage can bring your interest rate down, lower your monthly payments and generally save you some money. With rates still low, you may be pondering whether now's the right time to try for a better deal on your home loan. But you don't want to pull the trigger too soon. If any of the following apply to you, you may want to think twice before jumping on the refinancing bandwagon.
Nov 18, 2016If you're gearing up to refinance your mortgage, the lender's going to want to check out your credit and assets before you're approved. One of the things they'll pay attention to is what's in your bank account. So if you haven't gotten those statements ready yet, there's no time to waste. If you don't want to raise any eyebrows with the lender, there are certain banking moves you probably won't want to make until after refinancing.
Jan 20, 2017So you're ready to refinance your mortgage loan to one with a lower interest rate. This could be a good move. Depending on your new interest rate, you could save a good bit of money each month in mortgage payments. You might also think that because you're refinancing with your current mortgage lender, the one you already send your home loan payment to each month, you won't have to come up with the reams of paperwork usually involved in a mortgage refinance.
Feb 14, 2018If you're tired of having mortgage debt, refinancing from a 30- to a 15-year loan would allow you to pay it off faster. On top of that, you'd also pay less in interest. Refinancing to a 15-year mortgage has some definite perks, but it's not right for everyone. Asking a few key questions beforehand can help you decide if it makes sense for your situation.
Feb 10, 2017Refinancing your home loan can make your mortgage more affordable, but having less-than-perfect credit can be a stumbling block to approval. A negative credit history or low score can affect your ability to qualify for a refinance, as well as the kind of interest rate you'll pay. While a refinance isn't out of the question for homeowners with bad credit, it'll likely be more difficult to obtain one. Use these strategies to improve your chances of getting approved... and lowering your monthly mortgage payments.
Feb 13, 2017If you hold a VA loan and you've been avoiding a refinance out of fear of paperwork and hassle, think again. The VA offers a Streamline Refinance program to borrowers in good standing who originally financed their home purchase with a VA loan. With VA Streamline Refinance, you won't need to jump through all of the hoops required for conventional refinancing. Sound good? Here's how it works:
Feb 10, 2017The Home Affordable Modification Program (HAMP) is a government program designed to help struggling homeowners. If your financial circumstances have worsened since you first made your home purchase, you may be eligible for a loan modification that can give you some breathing room in your budget. A loan adjustment can be a financial lifesaver.
Mar 25, 2017When you refinance, you replace your current mortgage with a new one that has more favorable terms. Most people refinance to reduce their monthly payments, either by securing a lower interest rate or extending their loan term. Thinking of taking the plunge? You may be eligible for streamline refinance through one of a handful of government programs.
Feb 10, 2017Are you underwater on your mortgage? Hey, it happens. But before you panic, know that there are some refinance options out there for underwater homeowners. The trick is knowing which one is best for you. We've got a rundown to help you decide which path is the right one for your particular circumstances.
Jun 08, 2015Have you ever heard the phrase "using your house like a piggy bank" and wondered how exactly that works? The answer: a cash out refinance. A cash out refinance lets you pocket some of the value of your home. You see some instant return on all those mortgage checks you've sent in. Here's how it works.
Feb 10, 2017When you refinance, you replace your current mortgage with shiny new one. Your new mortgage could have a longer or shorter term, be adjustable-rate or fixed-rate. The refinance decision will likely involve large sums of money, so it's good to be clear on what getting a new mortgage entails. Here are the basics:
Dec 19, 2016Considering a home refinance? You'll want to make sure your credit is as good as it can be. That's because refinancing with poor credit will not get you the lowest interest rates. You'll pay more to the banks over the life of the loan, and it will take you longer to break even on the costs of refinancing.
Jun 28, 2017A recent Supreme Court ruling clarified the process borrowers must follow to back out of a refinance. Ruling on what's known as "mortgage rescission," the court said a simple letter from the borrower to the lender would suffice to cancel a loan - no need to file a lawsuit. Let us explain.
Apr 11, 2017Having a vacation or second home comes with its own unique set of challenges. One particular issue that may be of concern for you is refinancing. For many, the past few years have been a good time to refinance their homes due to low rates. However, if you have a second home, the issue goes beyond how high or low rates are. There some things you need to be aware of when it comes to refinancing a second home.