Saving money through a mortgage refi is more than just finding the lowest interest rates. You can further cut fees and costs through the structure of your loan, avoiding PMI, and buying lower interest rates.

Close Credit Card Accounts

Close inactive credit card accounts to improve your credit score, making you eligible for lower interest rate loans. You will need to notify the credit card companies in writing that you wish the accounts closed on your request.

Next, check your credit report after 30 days to be sure closed accounts include the comment ‘Closed at Customer’s Request.’ You want future lenders to know it was your request and not bad credit that closed your accounts. Also, take the time to check for any mistakes in your credit report that could negatively impact your credit score.

Avoid The Hidden Cost Of PMI

When refinancing a mortgage, as many as 30% of homeowner’s cash out part or all of their home’s equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home’s value, you will be hit with private mortgage insurance, costing you hundreds a year.

Pay Points Now

If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.

Choose A Short-Term Loan

Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.

Ask About Fees

Fees are a hidden cost of many mortgage loans. By law, lenders must disclose fees within three days of a loan application. Fees can go by many names like - document prep fees, courier fees, administrative fees, and more.

When comparing refi options for your mortgage, request a list of fees from several lenders. Add these fees with the interest of a loan. With these figures, you may be surprised that the cheapest loan didn’t have the lowest interest rate.

To view our recommended sources for refinance mortgage loans online, visit
this page: Recommended
Refi Mortgage Lenders Online.

Author: Carrie Reeder

Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans

Article Source: http://EzineArticles.com/?expert=Carrie_Reeder

Want to Refinance your Home Mortgage?

Here you are replacing you previous mortgage home loan with new one putting your home as collateral and paying closing cost and fees for previous loan. Before refinancing your mortgage loan you should be careful of few things [...]

Become Familiar With Mortgage Refinance

Mortgage Refinance on a commercial property can be tricky, but it is possible to prepare yourself by becoming familiar with how the process works, what to beware of and some of the terminology, this will help you understand what to expect … 2000 and lender processing fees of around $ 1000. Remember, knowledge is power, stay informed by reading and research on the topic. Be clear about your reasons for refinancing to avoid mistakes that could cost more in the long term [...]

Mortgage Refinance

Make sure that you ask your lender for a full epiphany of all the fees and then ask them about any that seem mortgage refinance out of line.

5 Considerations When Comparing Mortgage Refinance Rates

Getting a mortgage loan refinanced means you will have to pay for certain fees. If you’re dealing with a reliable lender, they will be willing to give you all the information you need. Others, unfortunately, will simply withhold that [...]

Home Mortgage Refinancing Fees Going Up as Credit Tightens

When it comes to refinancing your mortgage these days, being able to lock in a lower interest rate is the good news. The bad news? Finding out how much it will cost you. And with tighter lending standards in place and volatile interest [...]

Home Equity Loans Canada- Your Questions Answered

Refinancing may include costs for mortgage fees and prepayment penalties. What are the Pros and Cons? On the plus side, home equity loans provide low-cost credit for important expenses. In extreme cases, the risks are that the home [...]

Mortgage Refinancing in 2009 - “Avoid the Traps, Get Expert Advice”

Deciding if mortgage refinancing is the right decision could save you from an expensive mistake; here are several tips to help you decide and save thousands in the process. … about refinancing your home mortgage loan without overpaying or making an expensive mistake by registering for my Underground Mortgage Videos. Register today and you’ll learn how to refinance without paying commission based markup or lender junk fees and save thousands of dollars.

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Technorati Tags: home loan refi, how to refinance your mortgage, mortgage refinancing advice, mortgage refinancing fees, when does it make sense to refinance a mortgage

Planning to go for home mortgage refinance? Well, before you do so it is important to know some of the many problems associated with home mortgage refinance. With the huge spate in the growth of mortgage providers, it’s essential to prevent such home mortgage refinance problems from happening to you!

Common problems

There are the honest lenders and then there are the unscrupulous bad ones. While the prospect of owning your home may prompt you to make timely and accurate payments towards the home mortgage refinance payment, even the lender will try to keep your current mortgage strong enough. After all, he wouldn’t want to lose out on your money! Nothing in life is certain - employment conditions change, your place of stay may change unexpectedly and you may have the bad luck to be dealing with an unscrupulous lender out to get your hard earned money!

Insufficient funds

Many people face this problem especially when they are suddenly out of work or have been laid off. This can significantly impact the payment towards your home mortgage refinance and then it becomes very difficult to get out of this vicious cycle. One of the best things you can do in order to avoid this situation is to assess if you either have a secure job or whether you have set aside sufficient funds for crisis situations in future. Therefore it’s best to go for a home mortgage refinance only when you are absolutely sure that your job is secure enough to support you for a long time. After all mortgage payments are typically made over several years. Settle for a home mortgage refinance only when you’re sure of these conditions.

Change of place

There maybe times when you might have to move out of your existing home. It could be because of a transferable job, a bitter divorce or some other condition. Usually in the case of a situation like a divorce, once one partner has moved out, the other one is forced to pay all the bills. This can really eat into the income levels of that person. That means the home mortgage refinance payment too takes a beating. There might even be legal consequences of not being able to make payments on time and within the due date. There is certainly no guarantee on the strength of a relationship but when going for a home mortgage refinance it’s best to go for it only when the couple is committed to each other for long term.

Getting a raw deal

There maybe situations when you’re caught in a home mortgage refinance deal that’s actually costing you more, rather than helping you save! This could be due to scams and other such false promises on the part of lenders. In such situations it is in one’s best interest to get a home mortgage refinance from a bank with whom one has an account for several years. This is because over a period of time a relationship of trust is formed and hence the bank will be more willing to offer a better rate on the home mortgage refinance.

When dealing with finances ensure that you consult with the right resource. Make the right decision. To find out how you can get a win-win situation log in to Home Mortgage Refinance today. It’s your best resource on this topic. Hear it from the experts!

By Alan Lim Published: 12/3/2007

Home Equity Loans Canada- Your Questions Answered
What is Mortgage Refinancing? With refinancing, you pay off your existing mortgage and obtain a second mortgage for a lower interest rate. With a “cash-out” mortgage or refinance you can borrow more than what you owe on your mortgage.

Can You Save Money by Refinancing?
However, is refinancing right for you? Ask yourself the following questions:. Do you want to take advantage of lower interest rates to lower your payments? Do you want to change from an adjustable rate mortgage to a fixed rate mortgage?

Refinance Your Technical Debt Just Like Your Mortgage
When refinancing your house mortgage there is only one question, “Am I going to stay in the house long enough to see a positive return on the reduction of my interest over the cost of refinancing?”.

Paying off a mortgage vs. refinancing
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions. Q. We are contemplating refinancing our [...]

Get a better mortgage refinance deal than your local bank offers
Well before going for a mortgage refinance you can also ask yourself questions ponder over questions such as- by how much will your existing monthly installment be lowered, what will be the financing cost that you will have to pay [...]

Mortgage Refinancing Questions
Mortgage Lenders created numerous mortgage options which add to the complexities of mortgage. Here are a collection of common questions and answers about mortgage refinancing. What are the steps to mortgage refinancing?

Affiliate Disclosure: It is advisable to assume that any mention of a product or service on this website is made because there exist, unless otherwise stated, a material connection between the product or service owners and this website and should you make a purchase of a product or service described here the owner of this website may be compensated.  To learn more, please click here.

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Technorati Tags: consolidation debt home loan mortgage is for you, how to refinance your mortgage, mortgage refinancing questions, when to refinance a mortgage

There are times one may not have funds available to pay off a loan they had borrowed. Thus, they may need to borrow another loan to pay off the first one. This is in mortgaging business is known as refinancing. One important tool one cannot do without in refinance mortgaging is a refinance mortgage calculator. There are two types of refinance mortgage calculators. There are the physical ones and there are those that can be found on the internet in software form.

These calculators can help one calculate the amount they could save with the type of loan program they have chosen. When some people go out to get a refinance mortgage, they never know how to calculate the monthly payments and rates they will be required to pay. Refinance mortgage calculators can help one calculate how much they will pay for their mortgage. One cannot expect a refinance mortgage calculator to work effectively if they do not provide it with the relevant information it needs. Such information includes present loan information. The refinance mortgage calculators come with fields such as principal balance field, the annual interest rate field and the monthly payment field. One will need to fill such fields to feed information into the calculator. Other fields on the refinance mortgage calculators are, new loan information, term and closing costs.

Good refinance mortgage calculators should be fast and effective. They should also be able to compute numerous calculations in the shortest time possible. Another quality of a good refinance calculator is that it should be accurate in its calculations. This ensures that the results brought fourth are precise and correct and that they could be used to set concrete goals to those that want to buy a refinance mortgage. The calculator should also be portable. For instance, one could carry it to the site where the house stands. One reason for buying refinance calculators is so that the lender can give one the information they need to make wise decision. Prudent homebuyers always go for calculators that contain the relevant information. For easy computation, one will need to buy a calculator that has the necessary fields to help them compute the necessary calculations to get the results they need.

The refinance mortgage calculators cost differently according to the brand and need. One should always go for an affordable yet good mortgage calculator. Another thing to put in mind is regardless of whether one is getting their refinance calculator from a store or from an online shop, the seller should also be of good repute. They can find out which sellers or websites are credible by asking for recommendations from people that have used refinance mortgage calculators from those places before. Refinance mortgage calculators play an instrumental role in helping people decide whether to take the refinance mortgage or not. Another advantage is that they can save people time, as one does not have to manually calculate the figures, since it can be tedious. It would be disastrous if one were to make wrong calculations in such a transaction. Since most of these calculators are accurate, they can help prevent loss of money on either side.

Refinancing calculator — Should you refinance your mortgage?
Refinancing calculator: This refinance calculator will figure whether its worth chasing a lower interest rate and refinancing your mortgage.

Online Home Mortgage Refinance Calculator
Find out how interest rates will impact your monthly mortage payments with Crediteria’s home mortgage refinance calculator right now.

Mortgage Loan Calculator
If you have built up some equity in your home and you need to access some cash refinancing your mortgage could be just the place to get it. If property values have increased since you took out your mortgage loan you are sitting on a [...]

You Can Save Thousands Of Dollars Paying Off Your Mortgage Early
When the term of the loan has been paid, 30 years later, the total cost of the mortgage is $479000. This number was obtained by using an amortization loan calculator. Let’s see how we can lower that number since it is so large. … To get complete mortgage related information including how paying off your mortgage early can be done, visit Home Mortgage Loans Refinance.

Mobile Home Mortgage Calculator
A tool such as a mobile home mortgage calculator can prove to be very handy when it comes time to calculate … … Go here for more about mortgage refinance advice and mortgage payment calculator.

Author: Michael Marchese

Now that you have an understanding of refinance calculators, check out this article on mortgage amortization schedule calculators here: http://www.mortgagepaymentcalculator.cc/Mortgage-Amortization-Schedule-Calculator.html

Click here for more information on mortgage payment calculators here: http://www.mortgagepaymentcalculator.cc

Article Source: http://EzineArticles.com/?expert=Michael_Marchese

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Technorati Tags: best refinance mortgage calculator, home loan refi, home mortgage refi, home mortgage refinance calculator, refinance mortgage fees

In order to explain refinancing a home, you should compare the home equity rates from several different mortgages providers that are just waiting to serve you, and receive the extra cash that you need. Simply put, when you explain refinancing a home, you should know that refinancing a home may offer you a much lower mortgage payment, which will free up some of your income monthly so that you are able to increase the quality of life that you family is living. Refinancing a home will also allow you to pull money from the equity line within your home in order to use it towards your other expenses and debts.

However, most importantly, you will still be able to deduce your mortgage interest from your income taxes. Below, you will find the steps you need to take in order to refinance your home:

1. First you are going to research all of the current interest rates, you may find the current interest rates within the majority of the Sunday newspapers, somewhere in the section dealing with real estate or you may contact your mortgage broker. You may also call a lending institution or loan office in order to find out what the current interest rates are.

2. Determine what type of mortgage you would like to have. You can’t even begin to refinance your home unless you are aware of what type of mortgage you would like to have. The adjustable and fixed mortgages are the most common but you can also do a mortgage that consists of both.

3. Determine whether or not refinancing is going to be of any help to you. Compare all of the new interest rates that are put up against your current mortgage. In the event that the average interest rates you have researched earlier are going to be lower, even by just a couple of points, you should consider refinancing your mortgage.

4. Calculate some numbers. Take the total amount that you currently owe straight from your mortgage in order to calculate what your new monthly payments are going to be. You may find that mortgage calculators and financial calculators online on several different websites that you are able to use to do this. Even though you don’t have to include the use of these in the event that you are going to have to pay all of these fees up front.

5. Make your choice, now that you have had someone to explain refinancing a home, you can determine whether or not you plan on living within your home any longer than it is going to take to recoup on your investment. In the event that you are going to be living in the home longer, refinancing your home is more than likely going to be a wonderful idea.

By: Marlon Dirk

Article Directory: http://www.articledashboard.com

This site is truly full of informative articles on the subject of how you will refinance your abode. If you want to understand the basic idea of refinancing a house, facts related to mobile home refinancing and home mortgage refinancing, and most importantly, it gives you a broad explanation what is ‘refinancing a home‘ is all about.

Re-Financing. Is It Worth the Hassle?
Sure there are some financial benefits which may result from re-financing but for some homeowners these benefits are not worth the hassle of going through a mortgage re-finance.

Impact of Loans on Credit Score
In the short term, refinancing can push your credit score down, as you will acquire inquiries on your credit report as you look for a new lender and as you close old accounts and open new accounts.

How Mortgage Refinancing Works
But what are the requirements exactly to be able to get a mortgage refinance? What is mortgage refinancing anyway? Bank lenders and mortgage brokers aim to explain refinancing a mortgage and [...]

What’s better than this?: Mortgage Refinance: Do the math
Let me explain: I had a 30 year fixed mortgage at 5.75% and had been watching the rates drop. I decided to re-fi when they hit 4.75% fixed for 30 years, no points. This one point spread is the “rule of thumb” for refinancing a mortgage.

Home Loan Refinance
A professional expert, or your lender will explain the top financial breaks through a comparison of refinancing mortgages and refinance rates.

Why Refinance a Mortgage?
However, for those discount points to be deductible, it must be spread out over the life of the mortgage. What are discount points, and will they affect the cost of your mortgage? The easiest way to explain discount points is to [...]

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Technorati Tags: explain refinancing a mortgage, is it better to pay off your mortgage or refinance lower, refinance mortgage tips, steps to refinancing a mortgage

Homeowners with bad credit may not contemplate applying for a mortgage refinance. In many cases, they assume that their loan application will be denied due to low credit rating. On the contrary, many homeowners have successfully refinanced their mortgages despite poor credit. In fact, the refinance helped improve their rating. You can recover from bad credit. The key is taking the necessary steps to payoff debts and use credit wisely.

What is a Cash-Out Mortgage Refi?

Homeowners apply for a mortgage refinance for two primary purposes: to lower interest rate and debt consolidation. If choosing the second option, a cash-out refi will provide the money needed.

With a cash-out refinance option, homeowners may refinance their mortgage, while borrowing extra money from their equity. The borrowed money is wrapped into the new mortgage amount, which increases the principle balance. At closing, the homeowner receives a lump sum of money for paying off debts.

Benefits of Consolidating Debts with a Refinance

If attempting to payoff credit cards and other debts, it can take several years. Because of high finance fees, it may also take a long time for balances to reduce. In many cases, a lump sum is necessary for quick repayment.

The money received from the refinancing could be used to eliminate credit card balances, payoff auto loans, reduce student loans, and so forth. Once consumer debts are paid in full, homeowners will also notice a credit improvement. Of course, simply paying off debts will not result in an immediate credit improvement, especially if the repayment followed a bad credit history. Nonetheless, if the homeowner adopts new credit habits, their credit score will gradually improve.

Finding a Bad Credit Refi Lender

When shopping for a refi lender, contact your existing mortgage lender and request a quote. Depending on the level of bad credit, current mortgage lender may not approve your request. Nevertheless, sub prime lenders are eager to assist. By means of a mortgage broker request information and quotes from sub prime lenders. Compare and contrast quotes, and then choose the lender offering the lowest rate. Here is a list of recommended Bad Credit Mortgage Refinance Lenders online. It’s important to use a reputable lender online to make sure your personal information is secure.

Author: Carrie Reeder

ABC Loan Guide has a list of House Refi lenders and companies that can provide Debt Consolidation Refinance options as well

Article Source: http://EzineArticles.com/?expert=Carrie_Reeder

Bad Credit Mortgage Refinance Information
Mortgage refinancing enables you to make use of your equity in borrowing and simultaneously could bring your interest cost down.

How To Refinance Your Mortgage With Bad Credit
Trying to go for a mortgage refinance with bad credit is best done by consulting a professional. A good mortgage advisor specializing in bad credit can only help you when you supply all the necessary information.

Home loans: Bad Credit Mortgage and Refinance
Borrowers with bad credit scores find it extremely difficult to refinance their existing mortgages. Bad credit re-mortgages are not common but certainly not impossible. There are options that can be tried out.

How To Get Good Mortgage Refinance Rates If You Have Bad Credit
If you’re trying to obtain a mortgage refinance loan at low rates and you have bad credit, forget it. Bad credit makes you different from the rest of the consumers, particularly those who have decent to good credit standing.

Refinancing Home Mortgage Is Possible Even With Bad Credit
Be honest and factual when you have to seek the help of a bad credit mortgage advisor for your need of advice on refinancing home mortgage. Bad credit mortgage refinancing is a serious problem that can best be addressed by your adviser [...]

Affiliate Disclosure: It is advisable to assume that any mention of a product or service on this website is made because there exist, unless otherwise stated, a material connection between the product or service owners and this website and should you make a purchase of a product or service described here the owner of this website may be compensated.  To learn more, please click here.

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Technorati Tags: bad credit mortgage refinancing, home mortgage refi, when does it make sense to refinance a mortgage, when should you refinance your mortgage

This may be one of the best times to refinance if there ever was one. The FOMC has just lowered the key target lending rate to less than 1% for the first time in over 50 years. Here are 5 tips to certainly go over before you commit to refinancing:

1) Do your homework!

Know ahead of time what payment amount you are comfortable paying. Use mortgage calculators ( available online) to determine what your payments will be. There are three major variables to compute your mortgage payment and they are your mortgage amount, interest rate, and term (number of months).

2) Shop around!

Shop at least three different and reputable lenders. Know that you’re comparing the same exact programs with the same terms. Don’t shop three different lenders with three different programs because there is no way of knowing if you are getting a good deal. The objective here is to analyze three deals of the exact same program (i.e. 30 year fixed rate).

3) Get Good Faith estimates upfront and in writing.

I cannot emphasize enough how important this step is. There are a lot of fast talking salesman out there who are much smarter on the subject than the average consumer. This will help ensure you know what you are getting and help avoid any misunderstandings or misrepresentations down the road. Compare everything but pay special attention to the APR (annualized percentage rate) as this is the “true interest rate” because it takes into account your closing costs.

4) Avoid paying any monies upfront.

The only fee you should ever be asked to pay upfront before you close on your mortgage is an appraisal fee. However this should only be done after you already decided on your lender and specifically ask you to. Typically this fee is in the $300 range for an average home although it could go up to $5oo-600 for a larger one.

5) Beware of early redemption charges and variable rate loans.

As mentioned earlier, this is an opportunistic time to refinance. Conventional and FHA mortgage rates are currently in the 4-5% range. Now is a great time for a fixed rate and conversely, a poor time for an adjustable rate mortgage. Avoid all loans that charge early redemption fees or prepayment penalties for paying off ahead of time.

Author: Paul Mcparland

Paul McParland has been involved in finance and real estate for more than twenty years. For more information on ways to save money visit his website at http://www.consolidation-guide.com.

Article Source: http://EzineArticles.com/?expert=Paul_Mcparland

Getting The Best Fixed Rate Mortgage - Helpful Tips

People looking for this option will generally be people who took a variable rate mortgage some years gone, one with a particularly low “teaser” rate for 2 or three years. As a rule, only refinance if [...]

FHA Refinancing Advice Needed

A refinance mortgage loan can help you get cash for the equity in your home. Home equity refers to the value of the house that has already been paid for. This will include your down paymentand the all the monthly payments you have been [...]

Mortgage Refinance Tips

By handling the following costs wisely, your mortgage refinance tips will be even more effective and save you significant money in your monthly payments. Having a good mortgage refinance loan structure, avoiding PMI and getting loans [...]

A Second Mortgage Loan - Answers You Ought To Be Familiar With 

Keep reading for a list of frequently asked second mortgage questions and the answers you need as part of the overall home buying tips to help in making wise mortgage decisions. … If you have to get a balloon mortgage, opt for one with a longer term loan so you have more time to refinance. Your goal is to sell, renegotiate or refinance the mortgage with another lender before that major balloon payment is due. 

Making Home Affordable Refinance and Modification

The Making Home Affordable Refinance and Modification program is designed to help homeowners refinance or modify their existing mortgage. The modification program comes with a $5000 incentive to homeowners [...]

Affiliate Disclosure:
It is advisable to assume that any mention of a product or service on
this website is made because there exist, unless otherwise stated, a
material connection between the product or service owners and this
website and should you make a purchase of a product or service
described here the owner of this website may be compensated.  To learn
more, please click here.

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Technorati Tags: explain refinancing a mortgage, home loan refi, home mortgage refi, questions to ask when refinancing a mortgage, refinance mortgage tip

Thinking of getting yourself a whole new home loan? If so, when will it be appropriate to carry out this application? Amid all the uncertainty in the banking and finance industry, should you even contemplating a move to refinance? Here are several tips to assist with in deciding whether a new home loan is for you.

There are many different kinds of reasons for refinancing a home loan, and getting a lower interest is merely one of them. There are some who wants to consolidate their bills and debts, while other do it because they want to borrow against their house. Both of these reasons prompt people to refinance even though they do not qualify for a lower home loan interest rate.

Why would anyone want to borrow against their house? Sometimes you might want to undertake a purchase of a new property overseas while enjoying the low interest rates over here in Singapore. It might also be that you are eyeing a particular investment and if you have enough equity in your house, you might want to release it to fuel your investment. Other times, it might be that you have gotten someone to short sell his property to you and might want to borrow against current higher valuations to renovate your new purchase.

Of course, the most basic reason for refinancing your home loan is to enjoy interest rate. There is an unspoken rule among home owners stating that refinancing is only feasible when the interest rate difference makes up to be about two hundred basis points, which is two percent. You do not need to wait for the difference of two percent in order to refinance. Every home loan must be assessed individually and very often, the savings start to kick in even when the difference is not two percent.

Make an analysis on how a refinancing of your home loan can benefit you. Do not dwell too much on issues such as whether a bank is strong enough to hold itself up during the credit crisis. While you are thinking, the banks are earning from you. Remember, every single cent paid to the bank as interest has zero probability of it returning back to you in the form of money. Refinance, save on the difference and keep it for other reasons which I am sure, will be more fruitful to you then paying it as interest.

Author: Zeng Han Jun

Zeng Han Jun is the Business Financial Manager of Chan & Partners Consulting Group. He actively contributes articles about business and finance on a weekly basis, so as to share his knowledge with the financial consumers. He specializes in mortgage advisory and business brokering services in Singapore. He has been directly involved and plays a crucial role in marketing and sales of businesses in CPCG. He also provides advice on various kinds of mortgages and construction financing for private individuals.

Mortgage Refinance Faq and Advice

Helpful resources on how to not get taken on a Mortgage or Condo Refinance. Including Tips, How Tos, and advice articles all relating to home mortgage and condo refinancing.

Is it time to refinance?

Because of interest rate lowerings, the interest rates for a mortgage refinance have gone down to all time lows. The national average interest rate for a mortgage refinance being around 5.5%, homeowners can save big time by making the [...]

Refinance Calculator Tips

Mortgage refinance calculator offers great helps, right? Are you interested in using it? You should find more information if you are the first timers, you will be much helped by looking at the guidance of financial counselors who are [...]

Why Refinance Your Home Mortgage in 2009?

Especially lately, information about mortgage refinancing is heard everywhere. Mortgage rates are at a near all time low across the country and look to stay [...]

Mission Accomplished: Our Shiny New Mortgage

After two months of hemming and hawing, Kris and I finally closed on our mortgage refinance, dropping our rate from 6.25% to 4.96%. Bright and early yesterday morning, we made a trip to the title company, and we signed all of the [...]

Do you have enough equity to refinance?

More info…If you’d like to refinance your mortgage but don’t want to shell out hundreds of dollars to find out whether you have enough equity to qualify [...]

Refinance Right

Refinancing a home mortgage the right way will save you thousands of dollars. However, if it is done wrong it will cost [...]

House Loan Refinance

But FHA mortgage refinance options can help you reduce or eliminate your outstanding debt and increase your financial security.

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Technorati Tags: consolidation debt home loan mortgage, home loan refi, when to refinance a mortgage

The answer to this question is that you can refinance a home mortgage as often as you like.  However, there is one thing that you should keep in mind, what are the costs going to be?  Read this article below to find out what is involved…

There is a right time to refinance your existing mortgage or mortgages. There are also costs involved in refinancing that you may not be completely aware of.

What exactly happens when you refinance an existing loan or loans?

Many homeowners go into the process of refinancing thinking that they need only consider what the interest rate is going to be and how many points it will cost to obtain a new loan.

The interest rate and points are only two factors in the process.

When you are refinancing an existing loan you will want to make sure that you obtain a new loan in an amount necessary to payoff the existing loan or loans, the interest on those loans, prepayment penalties, if any, reconveyance fees and recording fees.

The new loan you will be getting must also include escrow fees, title insurance fees, a new appraisal of your home, credit report fee, plus interest on the new loan and possibly impounds for property taxes and homeowners insurance, and your new lender fees. (Each lender has their own fees and charges.)

This leads us to an example; say you are paying off a $200,000 loan, just to cover all of the refinance costs, the loan amount needs to be in the neighborhood of $210,000. When additional cash-out funds are involved, you will want to add that number to the new loan amount.

So, if you want to get $50,000 out in cash with the new loan, your new loan amount will be approximately $260,000.

If, when you purchased your home, you went with 100% financing and need to payoff an existing first and second trust deed, remember that you will be paying interest on both as part of the payoffs of the loans.

Another item to think about is that if you purchased your home with 100% financing and you are ready to refinance, has your property value gone up enough to justify the additional funds needed to cover the refinance? You probably don’t want to be putting cash out of your pocket into the refinance.

When a lender is working on a refinance for you, it is possible to refinance your home up to 100% of its value, if you have really great credit and very few debts. Your debts compared to your income and your credit score is a large factor in determining how much of a loan you will be granted based on the appraised value of the home.

Giving yourself a little breathing room and getting a loan between 80% and 90% of the value of your home is a better move. That way, you can keep your house payments lower and you have room to get an equity line of credit or 2nd trust deed, if you need to at a later date.

This in turn, brings us to refinancing into a new loan or first trust deed and at the same time getting an equity line of credit. This equity line of credit need not be touched at the time of your new first trust deed but held onto just in case you need it at a later date. Many lenders will refinance you into a new first trust deed and not charge any up-front fees for giving you an equity line of credit.

Once the equity line of credit is in place, it is used very much like a credit card. Example; $50,000 equity line of credit, you borrow $10,000, your payments are based on $10,000, which is what you pay back, unless, of course, you borrow more, and so on.

The final item is that if, during the time that you have been paying on your current mortgage and you have had a few problems, either with making your monthly payments on time, medical problems, over your head in debt and making payments late, you can still refinance, even get out of debt, but, your interest rate will be higher and you may be granted a loan that has a fixed rate of interest for 2 to 5 years and comes with a prepayment penalty.

If this kind of financing gets you out of the trouble you may be in, that is a good thing. Now you have given yourself a second chance. Work on keeping your credit good, try not to get in over your head again and give yourself another couple of years when you can try again, get the loan you would really prefer and achieve your financial goals.

Patti Schopper’s passion has always been to help people with their real estate and mortgage needs. Her goal has been to help people achieve their financial success. Visit Patti at www.socal-inlandempire.com

By Patti Schopper Published: 12/5/2006

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