Many homeowners look into refinancing a mortgage as a method of debt consolidation, opting to pay off high-interest debt with the equity in their home. But lenders can be strict about “cash-out” refinancing and typically only allow the borrowers to take out a mortgage for a maximum of 90% to 95% of the home value. [...]
Posts Tagged ‘refinancing a mortgage’
Tricks and Tips for Decreasing Debt
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My Lender Won’t Give Me a Good Faith Estimate!
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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 [...]
Your Adjustable Rate Mortgage: Blessing or Bomb?
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As a loan officer I used to plot several graphs for my clients considering adjustable rate mortgages (ARMs). I’d routinely show them the best case, worst case, and most likely scenarios, and let them decide if they wanted the savings of the ARM or the safety of the fixed loan. If you’re trying to decide [...]
Refinancing a Stated Income Mortgage
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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 [...]
Your Mortgage Refinance: What’s a Late Payment Gonna Cost You?
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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 [...]
Refinancing Jumbo Mortgages Made Easier
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Are you sick of all the advertisements proclaiming that interest rates are under 5%, when you can’t get anything lower than 6.5%? Jumbo lenders feel your pain, and there may be a way around it.
Your Big Fat Mortgage Refinance
What can you do to get a lower interest rate today on a jumbo mortgage?
First, look up [...]
Refinancing a Mortgage: Is a No Cost or No Cash Option Right for You?
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Refinancing a mortgage is not a cheap proposition–there are title and escrow charges, appraisal expenses, recording fees, transfer taxes, and lender charges. If the idea of writing a check for all of that makes you a little queasy, a no cash or no cost refinance probably sounds very good.
No Cost Isn’t the Same as Free
Refinancing [...]
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