What is Rate and Term Refinancing?
Exploring a refinance because you want to lower your monthly mortgage payment? A rate-and-term refinance is one of the most reliable methods for meeting this important financial goal. During the rate-and-term refinancing process, you’ll pay off your old mortgage by taking out a new mortgage, one with a lower interest rate, a longer term, or […]
What is a Cash-Out Refinance?
A cash out refinance allows you to take advantage of your home equity by receiving a lump sum payment when you close on the new loan. You’ll create a new mortgage for an amount larger than the amount currently owed, and then you get paid the difference. Cash-out refinances can be an excellent way to […]
How to Choose a Refinancing Lender
You should give at least as much thought and care to choosing a refinancing lender as you did to choosing your first mortgage lender. You’ll be with that lender for a long time still, and you want to know that you’re enjoying the best rates and terms that you can. Here are a few tips […]
What Are the Benefits of Refinancing to a Shorter Loan Term?
30 years is a long time to be in debt (as is 20 years if you opted for a 20-year loan term), and let’s face it. Your home loan is likely to be the biggest debt you’re dealing with right now. So while refinancing to a shorter-term loan might increase your payment, it might be […]
When Should You Refinance Your Mortgage?
Refinancing your mortgage may be intimidating, but it can often place you into a better financial position. The trick is to know how and when to apply for a refinance. In general, there are five situations where a refinance might be a good idea. When your interest rate is higher than the current average. High […]
How to Refinance Your Mortgage, Step by Step
A home loan refinance could be your ticket to a smaller monthly payment, the cash that you need to renovate your home, or the means to meet other financial goals. Don’t worry. The process is not as intimidating as it looks. Here is your step-by-step guide to refinancing your home loan. Step 1: Understand What […]
