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!
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 obtain 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
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
There are many reasons to refinance your mortgage, some obvious and some a bit more obscure and/or different. I figured I’d compile a list of… Read More »18 Reasons to Refinance Your Mortgage
If you already have a mortgage, there’s a good chance you receive junk mail on a regular basis urging you to refinance. You may receive… Read More »Why Do Mortgage Companies Want You to Refinance So Badly?
Mortgage Q&A: “Does a refinance require an appraisal?” A reader recently asked if they needed an appraisal to refinance their existing mortgage, knowing they can… Read More »Does a Refinance Require an Appraisal?
Mortgage Q&A: “What is a streamline refinance?” While qualifying for a mortgage refinance is generally a lot harder than it has been in the past… Read More »What Is a Streamline Refinance?
