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About My Mortgages – Get the Facts BEFORE You Refinance! AboutMyMortgages.com

Mortgage refinancing is all the rage when interest rates drop. Rates don’t have to drop very far, either, before scores of homeowners decide that refinancing their mortgages makes sense.But it doesn’t always make financial sense to refinance.Sometimes, mortgage refinancing is the worst thing you can do.

 · Home equity is essential to refinance a second property. You will need to have equity in your property to refinance it — plan on at least 20 percent, says Matt Hackett, mortgage risk manager at Equity Now. The home must appraise for an amount that is high enough to allow an acceptable loan-to-value ratio, he says.

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Get the Facts BEFORE You Refinance! Most importantly, your servicer may refinance your mortgage at considerable savings versus applying with a new lender. And since your servicer has all of your current mortgage information, refinancing is quick, easy and low cost to you – CLICK HERE

Mortgages – a beginner’s guide.. Before you arrange your mortgage, make sure you know what you can afford to borrow. Find out where to get a mortgage, the different types and how the process works. What is a mortgage? Your deposit – size matters; How does a mortgage work?

After a cash purchase, how soon can I cash out refinance equity? Newest Posts. purchased with all cash and your property only has minor repairs that would not be an issue in the appraisal report you can get a Delayed Financing mortgage through Fannie Mae and technically cash out the day after.

Interest Rates Are Down; Is It Time to Refinance Your Mortgage? Securing a Lower Interest Rate. One of the best reasons to refinance is to lower the interest rate on your existing loan. historically, the rule of thumb was that it was worth the money to refinance if you could reduce your interest rate by at least 2%. Today, many lenders say 1% savings is enough of an incentive to refinance.

You can also eliminate monthly MIP if you gain enough equity in your home to eventually refinance into a non-FHA mortgage (ask your lender for details). The upfront MIP can be financed, paid in cash, or covered by a seller credit. It can be refunded on a prorated basis if you refinance into a new FHA loan within 36 months. 6.

If you’re refinancing a $200,000 loan with closing costs of 3%, you’d have to bring $6,000 in cold hard cash to the closing table. If you haven’t built up enough equity in the home, you’ll probably get stuck paying for private mortgage insurance (pmi) when you refinance.