Is it better to refinance your mortgage to a lower interest rate or continue with an existing mortgage? What factors should you consider when refinancing a mortgage loan? Determining whether it’s a good idea to refinance a mortgage depends not only on the interest rate but also on how long you plan to stay in the home. Learn more here about how to refinance your mortgage in the articles, columns, radio shows, blog posts and videos.
What Can Go Wrong At A Refinance Closing
Avoid problems with refinancing: Be organized, plan out the money, change your homeowner's insurance, arrange for new conditions and title.
Refinancing Small Loans
Lenders typically don't like to refinance low-cost mortgages because they take just as long but the lenders make a fraction of the money on them. If you still have time left to pay off the loan, taking out a home equity loan to pay off the balance of the loan might be a better option than refinancing. If there isn't much time left on the loan, it may not be worthwhile to refinance it.
Mortgage Broker Refuses Good Faith Estimate
After paying a $300 loan application fee, a homeowner has yet to receive a good faith estimate from the mortgage broker. Ilyce states that The Real Estate Settlement Procedures Act (RESPA) requires lenders to provide the good faith estimate in 3 days.
Refinancing Mortgage With Bad Credit
If you've got refinancing questions and want some great refinancing advice, you've come to the right place. In this article, Ilyce Glink assists a reader who wants to refinance an FHA loan and get a conventional mortgage to avoid PMI (private mortgage insurance). The reader's husband was laid off and his credit took a hit because of it, causing refinancing to be a problem.
Are Prepayment Penalties Worth Refinancing?
If you have a loan with a prepayment penalty, it may be more costly to refinance to a lower rate than to keep your current loan. If you want to refinance, ask your lender if you are eligible for a streamline refinance or a modified mortgage program. Otherwise, shop around with different lenders to find a refinance that will be worth it.
Cut Mortgage Length By Consolidating On Your Own
Is it a good idea to refinance and consolidate two loans into one? A bi-weekly loan can save you in the long run if you can afford it, but you can also avoid refinancing and still get the same results.
Mortgage Transfer to Relatives Before Giving Home
If you give your home as a gift to relatives without checking to see if the mortgage loan is assumable, as the former homeowner, you are still responsible for the mortgage. The situation is worse if mortgage is still in your name but the deed is in the name of your relatives. As the former home owner, you are responsible for all the mortgage payments, and need to either refinance the mortgage in your relatives' names, or transfer ownership back to yourself.
Co-Owner Refuses To Refinance
A co-owner refuses to sign refinance paperwork. Who is responsible for the payments? Who is the true owner of the house? What are the owner's options?
Refinanced Mortgage: Fees Associated When Homeowner Pays Off Mortgage
When you pay off a refinanced mortgage you may be hit with several fees. There are a number of fees the mortgage lender charges when a homeowner pays off the mortgage, such as processing and faxing fees. Learn what the fees associated are with paying off a refinanced mortgage.
Considering An Adjustable Rate Mortgage
Using an ARM instead of a fixed-rate mortgage can save a homeowner thousands of dollars. The trick is that you have to be willing to take a small risk that interest rates will eventually rise. Betting that interest rates stay low and using an ARM versus a fixed-rate mortgage can save you thousands and perhaps even tens of thousands of dollars.