A mortgage refinance is one of the smartest financial moves that a person can make. Redefining the terms of your loan—to benefit payoff schedule, or cash on hand, or to lower the interest rate—is an efficient method to accrue wealth, provided certain conditions are met...
As we articulate in the articles below, each mortgage product has certain benefits and specific requirements. If you meet any of the following criteria, you likely quality for refinancing.
Your current mortgage loan is in good standing
You have a qualifying credit score
You have a moderate debt-to-income ratio
You have enough home equity
You have enough cash to cover the associated costs and fees
Refinancing a mortgage means replacing an existing loan with a new one. The terms of the refinance will be different from the original loan. Most often, a refinance is used to secure a lower interest rate, shorten the loan term, or convert to a fixed-rate mortgage, but those are just the main reasons. Additionally, people sometimes use the refinance process to consolidate debt or fund a home renovation.
There are several refinance products, including cash-out options, shortened loan terms, and refinancing for VA and FHA home loans.
You’ll want to do a lot of research to make sure you are seeking the optimal refinance option. The resources below were created to help you understand what products are out there and help guide you toward the best one. If you’d rather get help from a specialist, just fill in your details in the panel on the right.
Since the original loan expired, HARP program replacements have been created to help homeowners refinance with little or no equity. They're available to help lower your monthly payment -- and in some cases -- your interest rate.
HELOC closing costs comprise between 2% and 5% of the total loan amount. Those costs are a percentage of HELOC, not the principal. HELOC closing costs are typically less expensive than cash-out refinancing.
If you have an upcoming project or expense, you may consider a HELOC for financial agility and support. A home equity line of credit is a great strategy for homeowners to access cash based on the value of their home. From new down payments and debt consolidation to home repairs and renovations, HELOCs have unlimited applications.
A jumbo refinance can help you lower your rate, shorten your term, or improve your home. The process only requires a few steps, and qualification is straightforward when you work with the right lender. Learn more in this article.
You might be tempted to use a credit card or savings account to pay for a home improvement. However, you have other options, including using the funds from a cash-out refinance. Learn the ins and outs of refinancing for home improvements.
Are you looking for ways to access your equity as a homeowner? Then you'll definitely want to look into a cash-out refinance or home equity line of credit (HELOC). Keep reading as we discuss both loan options.
If your mortgage is currently in forbearance due to COVID-19, you might be wondering when you can refinance and take advantage of today's low rates. Learn which requirements you will need to meet and whether refinancing after forbearance is a viable option for you.
Homeowners looking to refinance must now account for an "adverse market fee" put in place by Fannie Mae and Freddie Mac. Keep reading to learn more about the charge and why you should still consider a mortgage refinance.
Refinancing your mortgage can help you consolidate high-interest debt and shorten your loan term. What's more, you may also be able to skip or postpone two mortgage payments when you refinance. Here's what you should know before closing.
A mortgage refinance can help you save money by lowering your rate, getting rid of mortgage insurance, and/or shortening your term. But how many times are you able to refinance your home? Learn about the limitations and whether a refinance makes sense for you.
If you want to eliminate private mortgage insurance, tap into home equity, restructure the length of your loan term, or switch between fixed and adjustable-rate loans — a mortgage refinance is worth considering. Take a look at some common scenarios, and see which home refinancing option is your best fit.
The Home Energy Renovation Opportunity (HERO) program helps homeowners finance energy and water efficient home upgrades. But what's the catch? Find out the good, the bad, and the ugly when it comes to HERO loans.
Homeowners look to cash-out refinancing to turn some of their home equity into cash. It works by refinancing your mortgage at a higher amount. The new loan pays off your old loan, and that extra money (from refinancing at a higher amount) is distributed as cash to be used however you'd like.
An FHA streamline refinance is considered as one of the quickest and easiest loan programs out there. Borrowers aren’t required to verify income and assets. Learn how this program works and how to become eligible!
The VA Streamline (IRRRL) offers monthly and long-term benefits for veterans. So if your goal is to remain in your current home with a lower monthly mortgage payment or a shorter loan term, it’s time to consider a VA IRRRL. Know the requirements, and learn if this is the right option for your mortgage.
Close to retirement? Curious if there are any last-minute strategies that can help you save more money? Start by evaluating your debt. If you're a homeowner, you may find value in one of the many benefits of a mortgage refinance. Here's what you need to know.
Closing costs to refinance a mortgage can vary by lender, loan program, and even third-parties you work with. So, it’s important to know which refinance fees you have control over. In this article, we break down what you can expect, including tips on fees that can be avoided.
Homeowners should seriously consider recasting or refinancing their homes. Why? They can end up with lower mortgage payments and interest cost savings if they play their cards right. Learn the pros and cons of each option.
Did you know you could save thousands in the long run by simply paying off your mortgage faster? Pay off your mortgage faster with our easy to follow guide and create a brighter financial future for your family.
You’ve made the decision to refinance your mortgage. Maybe to lower your interest rate, to consolidate debt, or to get cash back. You may have even selected a shorter term. To be sure those savings start as soon as possible, it's important you know what to expect — so you can be prepared to close...fast!
There’s a lot of talk about property values on the rise, resulting in high levels of home equity. Because of this boom, many homeowners continue to look to programs like home equity loans and lines of credit. If you’re interested in taking advantage of the equity in your home but are unsure how to get started, take a look at these options.
Refinancing your home loan can be very beneficial for a lot of homeowners. You may want to lower your mortgage interest rate, or access cash for college tuition, home repairs, vacations, debt consolidation, etc. Another reason could be to shorten your loan term, from a 30-year fixed rate mortgage to a 15-year fixed rate mortgage. No matter your primary reason, the refinancing process is generally pretty simple, but understanding all of your options can get tricky. Before you apply, know this...
Mortgage refinancing can be simple and quick if you’re prepared to refinance your existing loan before rates rise again. It may be a good idea to take advantage of today's historically low mortgage rates. Here's why...