You hear that interest rates are dropping so you assume you should refinance. What if it’s not the right time, though? Before you just assume that you should consider refinancing, you should know when it is the right time and when it might be best to wait. Will You Save Money? First, you must ask yourself if you will save money. Just how much money you need to save is a personal decision. What … [Read more...]
Can You Refinance an Existing Mortgage Through the VA?
Did you pass up your opportunity to use your VA home loan benefit when you bought your home? Guess what? You can still use it down the road. If you are ready to refinance, you can do so right into a VA loan. You won’t get the benefit of the VA IRRRL program that current VA borrowers get, but you can use the VA cash-out option.Compare Offers from Several Mortgage Lenders.Keep reading to … [Read more...]
Tips for a Smooth Closing When Refinancing a Home
When you refinance your mortgage, you are already a pro at closing on a loan. You did the tough part – buying the home. Now you just want to get a new loan, whether to take cash out of your home’s equity or to get a lower payment. This should be easy, right?While it might be easier, no closing is easy. You still have hurdles you have to cross to get to the finish line, which means a new … [Read more...]
Can you Refinance a Home That is Paid Off?
You own your home free and clear – you should be very proud of yourself. Now that you think about it, though, you have hundreds of thousands of your own dollars tied up in your home. What happens if you need to tap into those funds? Can you refinance your home now that you don’t have a loan on it?Compare Offers from Several Mortgage Lenders.Yes, you can refinance your home even without a … [Read more...]
Are Interest Rates Higher for a Cash Out Refinance?
The interest rates charged on a mortgage are directly related to the loan’s risk. The riskier the loan (aka the borrower), the higher the rate a lender will provide. So it probably goes without saying that a cash out refinance often has higher rates. This isn’t always the case, though; it depends on the lender and the factors that you bring to the table.Compare Offers from Several Mortgage … [Read more...]
