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Whether you are looking to lower your monthly payments and interest, draw on equity in your home, or build equity faster, refinancing your mortgage may give the flexibility and extra cash you're looking for.
Refinancing usually involves obtaining a new first loan, issued on more favorable terms. This new first loan covers the remaining balance of your mortgage. Ideally, refinancing allows you and your family breathing room with monthly bills or provide extra cash for necessary expenses.
Before refinancing your mortgage, the articles in this guide will help you choose the right type of loan that will meet your financial goals.
Be aware of the pros and cons of the refinancing process and its various aspects to help avoid problems.
Learn about the most common reasons for refinancing a home: for rates, term, rates and term, and cash-out refinancing.
The appraiser is another referee. He or she will impartially assess the value of the property to make sure the home is worth the price being paid.
Overview of the major indexes. Each interest rate index has advantages and disadvantages, and reacts differently in times of rising interest rates or declining interest rates.
Understand the differences and benefits between pre-qualification and pre-approval.
Overview of applying and qualifying for a mortgage loan, as well as what to do when an application is not approved.
The process of applying for a mortgage loan is actually relatively straight forward.
Interest-only mortgages are not really a type of mortgage. The ability to make only interest payments on a mortgage is an option available on adjustable rate mortgages (ARMs) or fixed rate mortgages (FRMs).
A fixed rate mortgage, or FRM, is probably the most simple and easy to understand type of mortgage. It is also by far the most popular mortgage type.
Discount points include prepaid interest which if paid by a borrower can offer a loan with lower interest rate for the entire loan term. See the example and tax-deductibility.
Understanding the credit score in a better way enhances your chances to develop a higher score and thus benefit from mortgage loans at better terms and conditions.
An adjustable rate mortgage, or ARM, is the second most popular type of mortgage behind fixed rate mortgages.
This article gives details on the types of businesses involved with mortgages, the mortgage lending process, mortgage products, and interest rates.
Use this calculator to determine your monthly payment and amortization schedule.
Use this calculator to determine your monthly mortgage principal, interest, taxes and insurance payment (PITI) and amortization schedule.
Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
Use this calculator to compare a fixed-rate mortgage to an interest only mortgage.
Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.
Save thousands of dollars in interest by increasing your monthly mortgage payment.
Should you buy points? Use this calculator to find out.
Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
Use this calculator to see how much interest you can save by refinancing your mortgage!
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