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Refinancing A Mortgage: How Does This Work?

October 21, 2022 by Michael Addison

If your financial situation has changed, you might be interested in refinancing your mortgage. In general, refinancing means that you will replace your current mortgage with a new one. The process of refinancing is similar to the process of applying for a mortgage, but you need to think about your goals during the refinancing process. That way, you can put yourself in the best financial position to be successful. Why RefinanceYour Mortgage? There are several reasons why you might be interested in refinancing your mortgage. For example, you might want to tap into the equity in your home to cover another major financial expense. Or, if interest rates have gone down since you first took out … [Read more...]

Filed Under: Mortgage Tagged With: Mortgage, Mortgage Payment, Refinance

Use A Fixer-Upper Mortgage To Expand Your Options

May 17, 2022 by Michael Addison

Many people purchasing a home for the first time are running into the same problem. There simply are not enough starter or entry-level houses available in the current market that are ready for people to move into. One solution some home buyers are exploring is to buy a fixer-upper home. With a home renovation mortgage, prospective homebuyers can qualify for a home loan that combines the cost of home improvements with the purchase price of the house. A Lack Of Affordable Homes Regardless of whether they are brand new or resale homes, there simply are not enough affordable homes for first-time homebuyers. A significant number of new houses are built for people who are looking to purchase their … [Read more...]

Filed Under: Mortgage Tagged With: Mortgage, Refinance, Renovation Loan

Refinancing: Check Your Financials First

May 4, 2022 by Michael Addison

Although interest rates continue to rise, they are still low and you have probably heard that refinancing could help you save money on your home loan. Even though you are probably focused on current mortgage interest rates, feverishly comparing them to your own interest rate, you need to check your financials first. What are a few important indicators of your financial health that you need to check before you go through the refinancing process? Check Your Credit Report During the refinancing process, you will essentially replace your current home loan with another one. Therefore, the lender is going to check your credit report, so you should do so before your lender does. You can request one … [Read more...]

Filed Under: Mortgage Tagged With: Debt to Income, Mortgage, Refinance

Common Fees During Refinancing

April 14, 2022 by Michael Addison

As interest rates fluctuate, you might think about refinancing your mortgage. This is the cost of taking out a new home loan to replace the one you currently have. If you get a significantly lower interest rate, you could save tens of thousands of dollars over the life of the mortgage. On the other hand, you need to think about potential expenses you might incur during the refinancing process. Because you are taking out another home loan, you may need to pay closing costs a second time. What are some of the most common expenses you might have to pay? The Mortgage Application Fee One of the most common expenses is the mortgage application fee. Essentially, this is a fee that the lender will … [Read more...]

Filed Under: Mortgage Tagged With: Fees, Mortgage, Refinance

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