FAQs - Mortgage Refinance Questions & Answers
Our blog also serves as a Q&A tool, through which readers can ask mortgage refinancing questions and receive answers through the blog. Below, you will find a collection of the most frequently asked questions about home refinancing and related topics.
These Q&A sessions are arranged in chronological order, with the most recent entries at the top of the list. If you have a question of your own on this subject, you can ask it here.
What are my refi options if I'm upside down in my mortgage?
Unfortunately, this is a problem for many homeowners right now. Because of the economy, millions of people are upside down in their mortgage loans right now. It's a tough spot to be in, with options to be had. But this Q&A session will at least give you some perspective on the issue.
Can I refinance after a bankruptcy filing?
Let me start with the easy answer, and then we will get more specific. The short answer is yes, it's possible to refinance a mortgage after a bankruptcy filing. But there's a big gap between possible and realistic. How realistic it is will depend on several factors.
How soon can I refinance after purchasing a home?
Generally speaking, it's not a good idea to do it too soon after buying. It really comes down to the amount of equity you have in the home, the interest rate you can obtain on the new loan, and the cost versus the gain.
What are the pros and cons of refinancing?
I own a home and I hear a lot of people talking about the mortgage refi 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?
Can you explain how the refinance process works?
Sure we can! That's what this website is all about. If you want to know about the various steps involved in the process and where you should begin, this Q&A is a great place to start.
How do I choose the best lender?
Generally speaking, the fastest way to find the best offer on a refi loan is to get offers from more than one lender at once. This is where the Internet makes life easier for you. Here's what I recommend.
Is it a good time to refinance a mortgage right now?
The "now" in this article refers to November 2008. That's when this question was answered, and it related to the housing crisis of that time. Why were so many homeowners having trouble getting refi loans in 2008 and 2009? You can find out from this Q&A session.
Will the government bailout help people who are refinancing?
At the time this refinancing question was asked, the billions of dollars the government injected into Wall Street had not yet "trickled" down to Main Street. Could it be that our government is inept ... or just corrupt?
Why is it hard to refinance a home in this economy?
This question from October of 2008 touches on a major concern among many homeowners. Because of the economic crisis and falling house values, a lot of people are having trouble refinancing their homes. In this Q&A, you can learn more about this situation.
How do I get the best refi rates in this economy?
It's almost like a joke, if there weren't so many homes on the line. We are currently seeing the best refinance rates we've seen in a long time. But many people cannot qualify for refinancing right now due to the housing market collapse (and declining property values).