What You Should Know Before Refinancing Your Mortgage
Refinancing your mortgage under the right circumstances can be a genius move and save you a lot of money by lowering your rate and monthly payment.
Get prepared to refinance your mortgage with our knowledge-base of loan options and mortgage resources.
- Refinancing Tips – A great place to start if this is your first time refinancing your mortgage. We’ll guide you step-by-step through your refinance experience.
- Get Your Personal Finances in Order – Learn how to get your personal finances perfectly positioned to qualify for a mortgage.
- Understand Your Credit Report and Score – The credit score is one of the most critical and misunderstood parts of the mortgage loan process.
- Understanding Your Mortgage Options – Chances are you qualify for several mortgage options, learn how to pick the best one for your situation.
Do It Yourself Mortgage Analysis
Review the Different Types of Loans
- 30-year Fixed Rate Loan
- FHA Loan
- VA Loan
- 15-year Fixed Rate Loan
- Jumbo Loan
- Adjustable Rate Loan
Questions We Get About Refinancing a Mortgage
- When should you refinance your mortgage? There are a variety of reasons you might want to refinance your mortgage. The most common is to lower your interest rate and payment. This opportunity can be available if mortgage rates are on the decline or your credit profile has significantly improved. In addition, some homeowners refinance to convert an adjustable rate mortgage to a fixed rate, take cash-out of your home equity to pay for home improvements or pay down higher rate debts, or getting rid of mortgage insurance on a loan like an FHA mortgage.
- How does refinancing your mortgage work? Refinancing is done to allow borrowers to get a new mortgage, paying off the previous loan, to get a mortgage that better suits their current circumstances or financial goals. This could mean getting a lower rate and payment or taking cash out of your home equity. The important requirement for lenders is to ensure that you are getting a net tangible benefit from the new mortgage.
- How soon can you refinance your mortgage? Because of the cost of refinancing a mortgage it rarely makes sense to quickly refinance a new mortgage. However, some borrowers might want or need to refinance into a better mortgage for their current circumstances. In most cases, the borrower only needs to have been on the title (or purchased the home) greater than 6 months.