Refinancing a Home
Refinancing a mortgage can result in lower monthly payments, paying off your loan in fewer years, or getting out of an adjustable rate mortgage and into a predictable fixed rate mortgage. The types of loans available for refinancing are mostly the same as those for initial purchase. However, some of the qualifications and interest rates for a refinance may vary in comparison to a initial purchase.
If your FICO Score is not high enough to qualify for a significantly better interest rate than you have on your current mortgage, it may not be the right time to refinance. Consider by how much you could improve your FICO Score if you waited, and how much lower your interest rate would be as a result. Of course, the current market conditions at a later date may raise the lowest interest rates available then to a level higher than you would qualify for now.
Know what you are getting into before beginning the refinance process. There are a few simple things you should do to be sure you’re completely prepared.
Have you been thinking about refinancing your home? Read this guide to better prepare yourself to minimize surprises.
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