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Can I Pay My Home Loan Off Early If I Refinance?

March 22, 2022 by Michael Addison

Many people are looking for opportunities to save money on the cost of a mortgage. If you want to save money on your home loan, you might be thinking about refinancing. During the refinance process, you will replace your current home loan with a new mortgage. Some people want to refinance their homes to free up cash for a renovation project, while other people want to pay off their homes sooner. How can you pay off your home loan early through a refinance? Reduce Your Interest Rate  During the refinance process, you might qualify for a lower interest rate. There are numerous reasons why you might get a lower interest rate when you refinance your mortgage. The average interest rate may … [Read more...]

Filed Under: Mortgage Tagged With: House Payoff, Mortgage Tips, Refinancing

How Long Does A Refinance Take?

March 9, 2022 by Michael Addison

If you want to save money on your mortgage, refinancing your house could be a great move. As long as you have plenty of equity and a great credit score, you should be able to qualify for the refinance process. At the same time, you might be wondering, how long will it take you to refinance your house? There are several factors to keep in mind, so be sure to work with a professional who can walk you through the process. It Usually Takes A Month Or Two In general, refinancing your home loan will take a month or two. Most refinances will be completed in 30 to 45 days, but every lender is different. It depends on how complicated your mortgage is, the other refinancing applications the lender is … [Read more...]

Filed Under: Mortgage Tagged With: Credit Score, Mortgage, Refinancing

A Guide to Financing Home Improvements and How Mortgage Refinancing Can Help

January 13, 2022 by Michael Addison

If you're planning to remodel or renovate your home in the near future - whether to provide a better living environment or as part of a house flip - you'll need to find a way to pay for your home improvements. There are several different possible sources of renovation money, each with their own advantages and disadvantages. One option that is gaining popularity is mortgage refinancing. How does mortgage refinancing work, and how does it compare to other renovation financing options? How can you use a mortgage refinance to get the most out of your renovation? Here's what you need to know. Home Improvement Investments: Which Renovations Generate The Best Returns? If you're considering a … [Read more...]

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgages, Refinancing

Refinancing A Mortgage: Is It Too Soon?

July 8, 2021 by Michael Addison

Due to the fact that mortgage rates are still hovering near record lows, many homeowners are considering refinancing to a lower interest rate. This is a great way for homeowners to shorten the term of the loan, reduce the size of their monthly payments, and access cash for a home improvement project. On the other hand, there are some situations where it might be too soon to refinance an existing mortgage. What are a few factors to consider? Conventional Home Loans Might Require A Certain Amount Of Equity Homeowners with a conventional loan should reach out to their lender to see what the requirements are on the home loan before refinancing. Some lenders require homeowners to have a certain … [Read more...]

Filed Under: Mortgage Tagged With: Loan Approvals, Mortgage, Refinancing

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