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Apr 10, 2024 · Refinancing is trading in your current mortgage for a newer one with different terms and interest rate. Learn the types, steps and benefits of refinancing, and how to choose a lender and lock your rate.
- Victoria Araj
Mar 6, 2024 · Learn how mortgage refinancing works, when it makes sense and how to compare lenders. Find out the costs, benefits and drawbacks of different refinance options, such as rate and term, cash-out, FHA and ARM.
Apr 25, 2024 · Learn the benefits, reasons and steps of refinancing your mortgage loan. Find out how to lower your monthly payment, shorten your loan term, change rate type, draw cash out or cancel PMI with a new mortgage. Compare different types of refinance products and costs.
Apr 12, 2024 · Learn about the different types of refinance options available for homeowners, such as cash-out, cash-in, rate and term, FHA, VA, USDA, reverse, no-closing-cost and short refinance. Compare their features, benefits and drawbacks to find the best option for your needs.
- Patrick Chism
- Victoria Araj
- Determine Your Reason For Refinancing. Before applying for a mortgage refinance, you’ll need to figure out why you’re refinancing in the first place. There are a few common reasons why people refinance their home loans.
- Check Your Credit Score And Report. Your credit score plays a very important role in determining how much you’ll pay in interest and what loan types you can qualify for.
- Understand Your Equity. If you want a cash-out refinance, you first need to know how much equity you have in your property. Equity is the difference between your home’s market value and what you still owe on your mortgage.
- Don’t Forget About Closing Costs. You must pay closing costs before you finalize your refinance, just like when you take out a mortgage loan to purchase a home.
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