Refinancing Right - Everything you need to know about refinancing.

Mortgage applicants, particularly when they are buying their first home, often choose to celebrate their excitement over the home loan approval and home purchase by rushing out to buy new furniture or sometimes even a new car to go along with the new home. In today’s tightened credit atmosphere, it is best to rein in [...]

Homeowners who want to refinance sometimes bump up against two obstacles: first, their home may not be worth as much today, so they lack the equity to refinance. Second, the homeowners may have increased their spending over the years and find themselves with too much debt to qualify for a new loan.
Mortgage lenders want to [...]

The new GFE is expected to save borrowers an average of $700 per mortgage transaction, according to HUD. It makes shopping for a mortgage refinance easier and more transparent, putting the terms of your home loan upfront where you can easily see them, and including a worksheet to compare different home loans. But many lenders [...]

Borrowers who took out adjustable rate mortgages three or four years ago have seen their loan rates move with financial indexes to about 3%. However, with analysts predicting that rates on mortgage loans of all types should increase in the coming years, even happily ARMed homeowners are contemplating a switch to a fixed-rate mortgage, according [...]

Whether you can get approved to refinance a stated income mortgage today depends to some extent on the reason you took out such a loan in the first place. If you needed one because you just didn’t want to deal with complex self-employment forms, or your business didn’t yet have a two-year track record (and [...]

The Home Affordable Refinance Program, or HARP, was created to let creditworthy homeowners who have too little equity to get a home loan through normal channels refinance to the best available mortgage rates. To qualify, you don’t have to demonstrate a financial hardship–in fact you should not be in default on your mortgage. To refinance [...]

Today, conforming loans are very different than they used to be. Fannie and Freddie have been taken over by the government, and the government doesn’t want them getting silly with taxpayers’ money (any more). So, they have implemented what is known as risk-based pricing. Risk-based pricing is similar to what your auto insurer does–if you [...]