Everything you’ve ever wanted to know about refinancing a mortgage, which is essentially replacing your dusty old home loan with a brand new shiny one.
There are many reasons to refinance a mortgage, but it usually boils down to wanting a lower interest rate or the desire to tap home equity.
Those who simply want a lower rate (or a different loan program) go with a rate and term refinance.
And those who want to tap equity go with a cash out refinance, which can also result in a lower mortgage rate if the timing is right!
There is also the streamline refinance, which makes it easier to refinance your home loan thanks to fewer paperwork requirements, even if your property value has declined.
I’ve also written a thorough article on the the mortgage refinance process, step-by-step, which is a must-read as well.
Check out those in-depth articles or browse the latest refinance-related posts below to learn more about the process!
While prospective home buyers continue to grapple with high mortgage rates and limited supply, existing owners are getting richer. A new report from Black Knight… Read More »The Average Homeowner Now Has $207,000 in Tappable Equity: The Question Is How Do You Tap It?
Most homeowners know what a mortgage refinance is, but aren’t necessarily familiar with the process and many steps that take place along the way. If… Read More »The Mortgage Refinance Process: Complete Step-by-Step Guide and Timeline
As the name implies, “prepaid interest” is money you owe to a bank or mortgage lender that is paid in advance of when it is… Read More »What Is Prepaid Interest? Here’s Why You Need to Pay the Mortgage Lender Ahead of Time
While refinance applications seem to be slowing, there are still some good reasons to refinance your mortgage, even if interest rates aren’t currently at their… Read More »FHA-to-Conventional Refinance: How to Drop Mortgage Insurance Once and For All
Here’s an interesting one. Is it possible to snag a lower mortgage rate without refinancing? While it’s not all that difficult to refinance a home… Read More »How to Lower Your Mortgage Rate Without Refinancing
Trade In Your Old Home Loan for a New One Fundamental mortgage Q&A: “How does mortgage refinancing work?” When you refinance a mortgage, you trade… Read More »How Does Mortgage Refinancing Work? Do You Want a Lower Rate or Cash Back?
In an effort to undo some of the damage the Federal Housing Finance Agency (FHFA) basically caused itself, it’s throwing a bone to so-called low-income… Read More »New Fannie/Freddie Refinance Option Drops Adverse Market Fee, Offers $500 Appraisal Credit
With mortgage rates so low, just about everyone and their mother has at least inquired about refinancing their mortgage lately, whether it’s to obtain a… Read More »10 Reasons Why You Can’t Refinance Your Mortgage
Loyalty? Not in the mortgage business. That is, if you actually want to save money on your home loan. A few years back, an HSBC… Read More »Why You May Want to Switch Mortgage Companies
To mortgage folk across the country, it’s an age-old question: “Lock or float?” It’s a question loan officers and mortgage brokers get asked on a… Read More »Locking vs. Floating Your Mortgage Rate
