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!
Want to lower your mortgage rate without a traditional refinance? Look into a “mortgage rate modification,” which does just that. Instead of having to contact… Read More »You Could Try a Mortgage Rate Modification Instead of a Refinance
I’ve said for a while that the mortgage recapture game was going to ramp up and get more aggressive. Customer retention has always been a… Read More »UWM Launches KEEP to Recapture Prior Mortgage Clients for Its Broker Partners
In recent years, new technologies have been rolled out to increase efficiency, lower costs, and improve the borrower experience during the home loan process. For… Read More »I Refinanced My Mortgage Without Making a Single Phone Call
In case you haven’t heard, there’s talk of a “refinance boom” as soon as 2025. Yes, you read that right. While it seemed like high… Read More »Beware of Inferior Mortgage Refinance Offers from Your Original Lender
Want to hear some good news about mortgage rates that involves them being a lot higher than they previously were? Yes, I know that sounds… Read More »More Than 4 Million Mortgages Originated Since 2022 Have Rates Above 6.5%
Mortgage Q&A: “Can I mortgage a house that is paid off?” When you own a home without any associated mortgages, it’s known as a “free… Read More »Can I Mortgage a House That Is Paid Off?
In case you missed it, the Federal Housing Finance Agency (FHFA) granted conditional approval to Freddie Mac to purchase single-family closed-end second mortgages. What this… Read More »Freddie Mac’s Pilot Program to Buy Second Mortgages Probably Isn’t a Big Deal
When you apply for a home loan, an underwriter will review your file in order to make a lending decision. They can approve your loan,… Read More »What Is a Conditional Loan Approval?
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?
Mortgage Q&A: “Why are refinance rates higher?” If you’ve been comparing mortgage rates lately in an effort to save some money on your home loan,… Read More »Why Are Refinance Rates Higher? It All Has to Do With Risk
