Mortgage Refinancing - MoneyTips

Can You Refinance FHA to Conventional Mortgage?

Amanda Petersen — Mon, 19 Dec 2022 20:20:44 +0000

Did you finance your home with a Federal Housing Administration (FHA) loan? FHA loans are attractive to borrowers with less-than-ideal credit scores or lower amounts saved for down payments, unlocking the door to homeownership for many aspiring first-time home buyers. But your circumstances can change – and they can change for the better. If your...

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Refinancing to a 15-Year Mortgage: What To Know

Jonathan Pressman — Mon, 19 Dec 2022 17:09:24 +0000

If you own your home, there’s a good chance you bought it using a 30-year fixed-rate loan. But after a few years, your situation may have changed and you may have new financial goals – like paying off your mortgage sooner or saving on interest charges. Refinancing to a 15-year mortgage can help you build...

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How Does Refinancing Work?

Adaeze Nwakaeze — Mon, 19 Dec 2022 17:02:40 +0000

Are you stuck with a mortgage that no longer works for you? Maybe your interest rate is too high, or you’re struggling to make your monthly mortgage payments. Maybe interest rates are falling or your credit score is rising, and you want a better deal. No matter the reason, refinancing your mortgage could be the...

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How Often Can You Refinance Your Home?

Jonathan Pressman — Fri, 21 Oct 2022 15:53:43 +0000

You can refinance your home multiple times for multiple reasons. Maybe you want to capitalize on a lower interest rate or switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan. Some of us may decide to refi to help us get through a difficult financial situation. While it may be in your best interest...

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What To Do if Your Appraisal Comes in Low on a Refinance

Josh Richner — Wed, 19 Oct 2022 12:58:53 +0000

During a refinance, there are many moments of anticipation you hope will eventually lead to successfully refinancing your home. Minutes feel like eons when you’re waiting for an update from your loan officer. You’ll likely feel twinges of anxiety while you’re waiting for the results of your appraisal to come back. Your most pressing question...

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What Hurts a Home Appraisal?

Matthew Jones — Tue, 18 Oct 2022 12:37:43 +0000

A home appraisal is a comprehensive evaluation of a home’s value that takes into account the living condition of the home, any improvements made and comparable homes in the area. It lets potential buyers and their mortgage lenders know if they may be paying too much for a home. If they are, the lender may...

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Refinancing a Second Mortgage: What To Know

Jonathan Pressman — Fri, 22 Jul 2022 14:09:55 +0000

Have you been thinking about trying to save money by refinancing your home equity loan, home equity line of credit (HELOC) or another second mortgage? If interest rates are lower than they were when you first took out your loan, you can save money by lowering your monthly mortgage payment or shortening the loan’s length...

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Types of Mortgage Refinance and How To Choose the Best One for You

Andrew Paniello — Tue, 14 Jun 2022 14:31:46 +0000

If you’re a homeowner, you’re probably wondering if there’s a way to get a better deal on your mortgage. After a couple of years of homeownership, you may have better credit and more income than you did when you first bought your home. So why not get a better mortgage than the one you started...

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Cash-Out Refinance vs. Home Equity Loan

Josh Richner — Thu, 14 Apr 2022 20:38:31 +0000

Sure, your home’s main purpose is to give you and your family a place to live, but it’s also your own personal real estate investment. Home equity is a valuable way to use homeownership to your advantage. By borrowing against your home’s equity, you can get funds for debt consolidation, home improvement or anything else...

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Does Refinancing Hurt Your Credit?

MoneyTips Writer — Wed, 16 Mar 2022 17:28:07 +0000

If you’re thinking of refinancing your mortgage, auto loan or your student loans, you may be wondering if it will affect your credit. The short answer is yes. But the good news is that the impact won’t be major or last too long. Want to refinance and keep your credit in good shape? Read on...

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What Is a Verification of Mortgage?

MoneyTips Writer — Wed, 16 Feb 2022 16:48:54 +0000

Let’s say you recently sold your home and want to buy a new home. Or maybe you’ve decided to refinance your mortgage with a new lender. In either case, your new lender is going to want to know more about your history with your previous mortgage lender. To get that information, they may request a...

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Home Appraisals: How To Refinance Successfully

Amanda Petersen — Wed, 02 Feb 2022 22:10:13 +0000

You may be thinking of refinancing your home for any number of reasons. Maybe you’re hoping to take advantage of a cash-out refinance. Or maybe you want to shorten the length of your loan term or get a lower monthly mortgage payment. A mortgage refinance loan can help you achieve any of these goals. Whatever’s...

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