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How does mortgage refinancing work anyway? That’s the subject of today’s blog post. After all, you can’t pursue the process until you understand how it works. So, here’s an explanation of how refinancing works in 500 words or less.
Basically, when you refinance your mortgage loan, you replace your current loan with a new one. People [...]
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Reader Question: I am thinking about refinancing my home to take advantage of the very low interest rates we are seeing right now. We are also planning a remodeling project for our house. Is this a scenario where cash-out refinancing might work? Can you define this for me?
Let’s start by defining this term. You [...]
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Recently, President Obama and his economic team have announced plans designed to help struggling homeowners refinance into more affordable mortgage. But in typical government fashion, they have also confused a lot of people, largely by having so many housing programs with different names, websites, etc.
Are you qualified for refinancing help under the Obama administration’s new [...]
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Mortgage applications shot up by 48% last week, and the majority of those were refinance applications made by homeowners trying to get a better rate. If you’ve been watching the news lately, you know the primary reason for the rise in refinancing applications — falling interests rates.
As a result of the Fed’s unprecedented move to [...]
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Reader Question: Is it advisable to refinance and do another 30-year loan when the rates are better for 30 versus a 20- or 15- year mortgage? The rate we pay now is 6.25. The quoted rate today was 4.875 on a 30-year mortgage.
It depends on your specific situation. Obviously, you will save money by [...]
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Reader Question: Are there options for refinancing (besides a short refi) when home value is less than current mortgage, and lender is not currently in default?
This is a fluid issue right now, with new developments taking place often. The situation you have described is referred to as being upside down or “underwater” with your mortgage [...]
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Reader Question: I own a home and I hear a lot of people talking about refinancing and what a great thing it is. I am not that savvy on the whole thing. Can you please tell me what are the pros and cons of refinancing a home mortgage?
Sure, I’d be happy to help you understand [...]
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