Facts about Real Estate Refinancing
The Basics of Refinancing
With a refinancing, you pay off an old loan on your home and take out a new one, typically at a lower mortgage interest rate. To refinance, you will generally need to have equity in your home, a good credit rating, and steady income. You can borrow a percentage of the equity to cover remodeling costs, debt consolidate, and college tuition.
You will incur all the closing costs that go along with getting a new mortgage when you refinance. So, unless you are doing extensive renovations and can get a mortgage interest rate at least two points below your current loan rate, you may want to select another financing option.
When should you refinance?
Many people flock to refinance while mortgage interest rates are low, particularly when rates are about two percentage points below their existing home loans. Other factors, like when to finance, will depend on how long you plan to hold on to your home and whether you have to pay considerable fees to refinance. How far along you are in paying off your current...(continue reading at CBWM)
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