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!
With 30-year mortgage rates now above 7%, a refinance likely isn’t in the cards for most homeowners. In fact, the total number of refinance candidates… Read More »Options Other Than Refinancing Your Mortgage
It’s time to talk mortgage rate shopping, which has become an absolute must in 2023. Simply put, you’ve got to be more proactive to get… Read More »Mortgage Rate Shopping: 10 Quick Tips to Score a Better Deal on Your Home Loan
Typically, borrowers refinance their home loans to take advantage of lower mortgage rates. But recently, the average refinance has resulted in an interest rate 2.4%… Read More »94% of Homeowners Who Refinanced Recently Raised Their Mortgage Rate a Lot in the Process
These days, mortgage rates aren’t as cheap as they used to be. And that is the understatement of the century. The 30-year fixed is currently… Read More »Is It Worth Using a Mortgage Lender Now for the Promise of Waived Fees in the Future?
You’ve heard the term “no free lunch.” Well, the same is true of home loans. There is no “free mortgage.” Sure, banks and lenders will… Read More »There Is No Free Mortgage
While most homeowners probably don’t have a refinance on their radar (due to the big jump in interest rates), take note that fees for cash… Read More »Cash Out Refinance Fees Are Going Up in Early 2023
Direct lender loanDepot has launched a so-called “Digital HELOC” to help homeowners tap into their massive amounts of home equity. The Southern California-based company cited… Read More »loanDepot Digital HELOC Launched: Paperless Process and Funding in as Little as 7 Days
Just about everyone with a home loan ponders the idea of paying a little extra, whether it’s via biweekly mortgage payments, or just once a… Read More »Paying Extra Today Won’t Lower Your Future Monthly Mortgage Payments
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
