29 Apr 2014
By Mark Feder

Five Questions You Might Want To Ask Before You Refinance Your Home

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Refinancing your home might be a great way to save money or tap into the capital needed to pay off large debts. However, a refinance can also be an expensive endeavor, and you could even risk harming your credit rating or risk foreclosure if you're not careful. Before you take the plunge with a refinance, here are five essential questions that you should ask before signing on the dotted line. How Much Equity Do I Have In My Home? Many homeowners today owe more on their mortgage than what the property is actually worth. For mortgage refinancing to be possible,…
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23 Apr 2014
By Mark Feder

It Pays Off To Refinance Your Mortgage

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To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a refinance to be sensible. Compare your closing costs to your monthly savings, and…
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09 Apr 2014
By Mark Feder

4 Of The Best Questions To Ask Before Refinancing Your Mortgage

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1) Do I Have Enough Equity To Get A Mortgage? To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to get a $200,000 loan. If you have less equity, you could end up having to pay for private mortgage insurance, which can easily add $100 or more to your monthly payment. 2) How's My Credit? Most lenders will look at your credit score as a part of determining whether or not to make you a loan. With conventional lenders, your…
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