Refinance Advice & Calculators

Home Affordable Refinance Program

Wed, 28 Mar 2012 21:24:26 GMT

HARP 2.0: Same Song, Second Verse The second iteration of the Home Affordable Refinance Program, or HARP 2.0, was released on March 17, 2012. The adopted changes by Freddie Mac and Fannie May to HARP eliminate the more troublesome st...

Ready to refinance your mortgage?

Thu, 13 May 2010 13:09:00 GMT

Consider interest rates, loan term and closing costs before you decide to refinance. Today’s low interest rates may have you wondering whether you should refinance an existing mortgage. The answer may not be completely obvious. On the one hand, you may be able to save a bundle on you...

Five steps to refinance

Thu, 13 May 2010 13:08:47 GMT

How to navigate the refinance process from figuring out your goals to closing your loan. Refinancing your mortgage could let you lower your monthly payment, reduce your interest expense or get a loan with a fixed interest rate and payment. If you’ve been waiting to take advantage of thos...

Should you refinance your ARM before it resets?

Wed, 01 Jul 2009 21:20:10 GMT

You may be better off refinancing your adjustable rate mortgage (ARM) and paying a little more now in order to save a lot more in interest down the line. Most people choose adjustable-rate mortgages (ARMs) over fixed-rate loans because of their lower initial monthly payments. However, the rate and monthly payment of an ARM is eventually adjusted, or r...

Refinancing an ARM can protect you from rising interest rates

Wed, 01 Jul 2009 21:20:10 GMT

Concerned that rising interest rates will make your monthly ARM payments hard to handle? Consider mortgage refinancing. You can’t control interest rates. But you can protect yourself when rates are on the rise by refinancing your adjustable rate mortgage (ARM). Here are some options to consider: Fixed-rate mortgage Ch...

Is now the time to refinance your ARM?

Wed, 01 Jul 2009 21:20:10 GMT

If the interest rate on your ARM is due to adjust soon, you should consider whether it makes sense to refinance your mortgage loan. Like many home buyers, you may have chosen an adjustable-rate mortgage because the introductory interest rate kept your monthly mortgage payments affordable during your early years of homeownership. ...

Is it time to refinance your ARM?

Wed, 01 Jul 2009 21:20:10 GMT

If you have an adjustable rate mortgage, you may benefit from refinancing. Here is what to consider. There are many ways you can benefit in both the short and long term from refinancing an adjustable rate mortgage (ARM). You may be able to get: A lower margin. If your credit score has improved sin...

How to avoid ARM rate reset shock

Wed, 01 Jul 2009 21:20:10 GMT

Concerned about rising interest rates? There are a number of ways to protect yourself from ARM rate reset shock when your adjustable rate mortgage resets. Adjustable rate mortgages (ARMs) have their advantages. For one, they often have an initial interest rate that is lower than a fixed rate mortgage. But they also have a disadvantage: one day, their i...

Should you use cash-out refinancing?

Wed, 01 Jul 2009 21:20:10 GMT

Carefully consider whether a cash-out refinance for debt consolidation is a smart move for you. Under the right circumstances, cash-out refinancing can be a great way to consolidate your debt. However, you do need to be sure that it is right for you. What is cash-out refinancing? Cash-out refi...

Refinancing and taking out cash

Wed, 01 Jul 2009 21:20:10 GMT

Lenders let some borrowers take out cash when they refinance their mortgage. Make sure you understand the rules before you borrow against your equity. Borrowers who refinance their mortgage often want to convert some of their equity in their home into cash. Taking cash out when you refinance can be a good idea, but you should consider your personal...

Cash-out refinancing: When it make sense?

Wed, 01 Jul 2009 21:20:09 GMT

Consider carefully whether to use cash-out refinancing as a tool for debt consolidation. Cash-out refinancing is when you take out a new mortgage with a larger principal than your current mortgage. The purpose is not to necessarily get a lower interest rate on your mortgage, but to turn ...

Cash-out refinancing: How it works

Wed, 01 Jul 2009 21:20:09 GMT

Use it wisely and cash-out refinancing can work great for consolidating debt. Cash-out refinancing can be a great strategy to pay off debts and get you back on track financially. Cash-out refinancing. Just what is it? Cash-out refinancing involves taking out a new mortgage th...

Cash-out refinancing basics

Wed, 01 Jul 2009 21:20:09 GMT

Discover how cash-out refinancing works. You can use it to consolidate bills and get out of debt. Cash-out refinancing can help you consolidate debt. It is a useful tool, but it must be used in conjunction with controlling your spending. What is cash-out refinancing? It is the process of taking ...

Cash-out refinancing as a way to get out of debt

Wed, 01 Jul 2009 21:20:09 GMT

Access your home equity. You may be able to use a cash-out mortgage refinance loan to consolidate bills and get out of debt. Cash-out refinancing is a way of accessing home equity by taking out a new mortgage with a larger principal than the current one. The difference in principal in the two mortgages is available to you ...

Cash-out mortgage refinancing

Wed, 01 Jul 2009 21:20:09 GMT

You can draw cash out of your home by refinancing your mortgage. Your house is a potential source of money if you are willing to sacrifice some of your equity in return for liquidity. Cash-out mortgage refinancing is one way to access this cash. What is cash-out m...

Ask an Expert: Refinancing to fund home improvements

Wed, 01 Jul 2009 21:20:09 GMT

Q: I recently took out a mortgage and now there are several things I want to do to my new home. Would it be advisable to refinance to cover the cost? A: There are many good reasons to refinance your mortgage, and funding major home improvements can be one of them. In some cases, however, an alternative may be more appropriate. Let’s first consider...

Ask an expert: Cash-out refinancing

Wed, 01 Jul 2009 21:20:08 GMT

Q: If I cash out some of the equity in my home when I refinance, will that raise my mortgage payment? A: Cash-out refinancing is a popular way of freeing up cash to put toward a major purchase, such as a home renovation or new vehicle. It involves refinancing your mortgage for more than you currently...

When to refinance a mortgage

Wed, 01 Jul 2009 21:19:39 GMT

Q: How long should you wait before you refinance your home mortgage? And how many times are you allowed to refinance? A: There are no specific rules concerning either how long you should wait or how many times you are allowed to refinance a mortgage. You may refinance whenever there is a financial advantage in doing...

When does it pay to refinance a mortgage?

Wed, 01 Jul 2009 21:19:39 GMT

Refinancing can mean big savings. Here's a quick way to calculate how soon you can save. Refinancing your mortgage can be an excellent opportunity to save money and get better terms on your home loan. But while refinancing can mean big savings in the medium to long term, it does carry a ...

What you need to know about refinancing a loan

Wed, 01 Jul 2009 21:19:39 GMT

Ask your mortgage refinance lender the following questions: What are the fees associated with the loan and what is their estimated total? You will probably be expected to pay some fees associated with processing your information and closing the loan. Ask your...

Should you refinance your mortgage?

Wed, 01 Jul 2009 21:19:39 GMT

Use our list of questions to see if you can benefit from a mortgage refinance. The average U.S. homeowner refinances his or her mortgage every four years. Sometimes it’s to take advantage of lower interest rates, but there are many other reasons to refinance. Are any of them ri...

Refinancing a mortgage in another name

Wed, 01 Jul 2009 21:19:39 GMT

Q: My fiancee owns her own home and wants to refinance her mortgage, but her credit is overextended. Can I refinance her mortgage in my name, as I may be able to qualify for a better mortgage rate? A: Having “overextended” credit, as you put it, your fiancée may well be paying a higher rate of interest on her current mortgage than someone with a very good credit rating. Assuming that you q...

Refinance with an energy efficient mortgage loan

Wed, 01 Jul 2009 21:19:39 GMT

You can refinance with an energy efficient loan to upgrade your current home and save money on utilities. You’ve probably heard about energy efficient mortgages that allow you to benefit by buying a home with energy saving characteristics. If that sounds appealing, but you want to stay in your current ho...

Qualifying to refinance your mortgage

Wed, 01 Jul 2009 21:19:39 GMT

Lenders will review your income, home value and credit score to determine whether you qualify for a mortgage refinance. There's no doubt about it: Lenders have tightened the guidelines they use to evaluate loan applications. That means borrowers who want to refinance their mortgage to take advantage of low interest ra...

Mortgage refinancing basics

Wed, 01 Jul 2009 21:19:39 GMT

Weigh the costs and benefits of mortgage refinancing to see if you'll come out ahead. Your mortgage may have a 30-year term, but not many homeowners stay with the same loan for that long. In fact, the average American refinances his or her mortgage every four years, according to the M...

How to refinance with a low credit score

Wed, 01 Jul 2009 21:19:39 GMT

Know the best way to refinance if you have a low credit score. Refinancing with bad credit may not be easy. Refinancing is replacing an existing loan with another loan that offers more attractive features, like a better term or a lower interest rate. Generally, ...

How to lower your mortgage payment

Wed, 01 Jul 2009 21:19:39 GMT

Are your mortgage payments leaving you crunched for cash? You may benefit from refinancing. If your financial circumstances have changed or you need to free up money for other purposes, you may want to consider refinancing your mortgage to lower your monthly payment. Of course, it’s importa...

Can you refinance an FHA mortgage loan?

Wed, 01 Jul 2009 21:19:39 GMT

Under some circumstances, you can refinance an FHA loan. An FHA loan is a mortgage insured by the Federal Housing Administration and provided by an FHA-approved lender. It is a good option for first-time home buyers or those with a small down payment or po...

Ask an expert: Title insurance and refinancing

Wed, 01 Jul 2009 21:19:39 GMT

Q: If I refinance my mortgage home loan, do I need to get a new title insurance policy? A: Yes, if you refinance your mortgage you do need to get a new title insurance policy. But if it has been less than five years since you took out your previous policy, you will likely qualify for a ...

Ask an expert: Refinancing a jumbo mortgage loan

Wed, 01 Jul 2009 21:19:39 GMT

Q: Is it a good idea to refinance an old jumbo home loan if it would now qualify as conforming? A: A mortgage is considered jumbo when it exceeds the conforming limit set by Fannie Mae and Freddie Mac, the federally chartered companies that provide funding to retail mortgage lenders. The limit ...

4 steps to evaluate your current mortgage loan

Wed, 01 Jul 2009 21:19:38 GMT

Thinking of refinancing? Here's how to evaluate your current home loan in four easy steps before you make a move. The prospect of a lower interest rate may have you thinking about refinancing. Or you may be looking to refinance to replace an adjustable-rate mortgage. Whatever your reason, refinancing your loan h...

Step 4: Closing your refinance mortgage loan

Wed, 01 Jul 2009 21:19:38 GMT

Completing a refinance is much simpler than closing on a home purchase. Without another party involved there are fewer hurdles. Your lender will likely require that your home be appraised again befor...

Step 3: Compare refinance offers and perform break-even analysis

Wed, 01 Jul 2009 21:19:38 GMT

Let us show you how to calculate how soon after refinancing you will break even. Learn to compare refinance offers from various lenders. Once you’ve decided that refinancing makes sense for your situation, you need to shop around so you can compare offers and perform a detailed break-even analysis. The break-even point In the end, dec...

Step 2: Find the right refinance loan for your needs

Wed, 01 Jul 2009 21:19:38 GMT

Learn how to compare mortgage refinance loans so that you can select the right loan for your needs. Refinancing is taking out a new mortgage, often with better interest rates and terms, to pay off your old mortgage. But there are other reasons to refinance, and when refinancing you should have a go...

Step 1: Check your credit score

Wed, 01 Jul 2009 21:19:38 GMT

Check your credit report and score prior to applying for a refinance loan. Correct inaccuracies before you apply. If you are considering refinancing your mortgage, one of the first steps you should take is checking your credit. By refinancing, you are requesting a new loan with better terms and rates, so you wan...