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Refinance Tips & Advice
Free Home Values Useful for Planning Home Equity FinancingMay 1, 2008
Thinking of refinancing or taking out a home equity loan? Researching home values before shopping for home equity financing can help save time and assist in selection of appropriate home equity financing. Home Value Can Help with Debt Management
May 1, 2008
Bad credit can cost plenty in additional fees and higher interest rates. Sufficient home equity can help struggling homeowners consolidate their debts. The first step when considering home equity financing is to determine current home worth.
Refinancing in Today's Market
April 15, 2008
Interest rates are low, but underwriting guidelines have changed. What do you need to know if you are considering refinancing your current home mortgage? Refinancing Your Home Loan: Smart Questions and Answers
By Sheryl LandrumHome Worth Columnist
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You can save money or lose it in a home refinance. How do you know when is the time to look at refinancing your current mortgage? By asking good questions and getting good answers you can determine the right time to look for a new home loan.
- How do I know if it is time to refinance my current mortgage?If you are planning to keep your current home and can lower your mortgage payment each month, it might be a good time to refinance. Calculate the difference between the expense of refinancing versus the monthly savings you will realize. Based on the length of time you plan to hold the mortgage, you can determine if a refinance is right for you.
- What kind of home loan should I get when refinancing my current mortgage?This decision also depends on your plans for your home. A long term plan is compatible with a fully amortized mortgage loan. A short term project, on the other hand, may lend itself to an interest only loan, an option arm mortgage, or even a fixed rate second mortgage or home equity line of credit. Talk to your lender about your goals so he or she can direct you to the right home loan.
- Should I talk to more than one lender when refinancing my home loan?Yes! You will want to get some referrals and speak to more than one loan officer to ensure you are getting the best loan at the best cost. Make sure each lender gives you a Good Faith Estimate and a Truth in Lending Disclosure before you make a final commitment.
About the Author
Sheryl Landrum is a Senior Loan Officer with First Capital Mortgage of San Diego at the Prudential Realty Office in Bonsall, California.