While the goal for many homeowners when refinancing a home is to lower their monthly payments, some borrowers forget that there is a cost to refinancing. Many lenders allow borrowers to wrap closing costs and fees into the new home loan, but this typically adds to the principal balance. Make sure you take the time [...]
Posts Tagged ‘refinancing a home’
Refinancing at the Right Time
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Can I Refinance a Second Home?
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Refinancing a second home with Fannie or Freddie Mac doesn’t cost any more than refinancing a comparable primary home. There are no risk-based pricing adjustments for second homes. While financing an investment property at 80% of its value can add 3.75 points to your fees, that’s not the case with a second home that meets [...]
Refinancing Your Home: Should You Use a Mortgage Broker or a Mortgage Banker?
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Mortgage brokers work with wholesale mortgage lenders. Wholesale mortgage lenders’ only function is to underwrite and fund home loans. What they don’t do is maintain offices, pay sales staff, originate mortgages, or process loans. Brokers fill that function for them.
Mortgage Brokers’ Strengths
Mortgage brokers can be especially helpful when you have a tricky loan, with challenges [...]
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