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  2. Apr 23, 2024 · Not sure what to look for or expect when refinancing your mortgage loan? Uncover some helpful tips for refinancing so you can better understand the process.

    • Victoria Araj
  3. Mar 6, 2024 · A mortgage refinance replaces your current home loan with a new one. Often, people refinance to reduce their interest rate, cut their monthly payments or tap into their home’s equity.

    • Determine The Goal Of Your Refinance. The first step is to determine why you want to refinance your mortgage. Once you know what you want to accomplish, it’ll be easier to make decisions about your refinance, like picking your loan terms or mortgage type.
    • Research Different Types Of Refinances. There are many different types of refinance loans available and researching your options will help you find the one that best fits your situation.
    • Improve Your Credit Score. Your credit score plays a huge role in determining the rates and loan terms you receive, so you should check your credit before applying for a refinance.
    • Reduce Your Debt-To-Income Ratio. Your debt-to-income (DTI) ratio is the percentage of your gross monthly income that goes toward debt payments. Most lenders look for a DTI ratio no higher than 43%.
  4. Refinancing lets you lower your mortgage payments, pay off your loan faster, or cash out home equity. Use this Guide to understand the refinance process and get the most value from your...

  5. Dec 16, 2021 · Step 1: Should you refinance? Is mortgage refinancing worth it? To help you decide, answer these questions: What will a refinance accomplish?

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