Financing Advice
Getting to the Heart of Home Financing
Locating the best loan for you involves comparing loans such as conventional, jumbo, FHA / VA, weighing mortgage benefits among fixed-rate, adjustable-rate, interest only and combo (piggyback) loans, evaluating FICO scores, getting preapproved, making sense of the GFE & HUD-1, finishing with underwriting and final loan sanction.
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Mortgage Advice
Mortgage advice to help you select a lender and choose the best home mortgage for your requirements. Learn the facts about mortgages before you apply for a mortgage loan with a bank, mortgage broker or other lender.
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How to Refinance a Home Loan
When interest rates drop, home owners rush to refinance mortgages, often without pausing to think about whether doing a refinance is a good idea or if it makes financial sense. Unfortunately, home owners can be easily lured by the siren song of lower mortgage interest rates; however, the rates themselves are only a small portion of the bigger picture.
Serial refinancers, as I like to call them, take out new mortgage loans every time rates drop a quarter point. I knew a lawyer who refinanced his home seven times in the past eight years. This was a person who should have been smarter than that because every time he refinanced, he added more principal to the end of his loan and extended the term of his loan.
What is a Refinance?
A purchase-money loan is an original loan available by a borrower to buy a home. A refinance loan is a new loan taken out by a borrower to pay off the original loan or, in the case of a serial refinancer, the loan pays off the last refinanced loan. The refinanced loan is typically in first position; however, it is also possible to refinance a home equity loan.
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