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How do I Refinance my mortgage?

How do I refinance - The first step to refinancing is to write a list of what your needs really are. Are you in need of cash, lowering your payments, or want to buy a car etc.

Most likely you will need to have an appraisal done in order to refinance your home, especially if you are trying to do a cash-out refinance. The appraisal will give the lender and underwriter an estimate as to the value of your home and help to determine how much the lender will allow you to borrow. The appraisal is only an estimate by the appraiser as to the approximate value of your home. It by no way means your home can or will sell for the appraised value. You may be able to sell your home for a much higher or lower value than what the appraised value comes in at. Usually, the lender or mortgage broker will order an appraisal after you have been pre-approved. The appraisal may be just a drive by appraisal or it may be a full interior inspection appraisal. It is very important during the refinance process to try and set the appraisal appointment up with the appraiser as soon as possible to make sure your rate lock does not expire.

It is wise to start with your current lender as a benchmark and then get some quotes from mortgage brokers and compare.

Next you will want to contact a reputable mortgage broker who can listen to your needs and present you with different mortgage programs that will fit your plans and help you achieve your goals..

Once you have determined the purpose of your refinance, for lower payments or cash out the equity in your home, contact a loan officer to see your options and get a free quote. There are too many loan programs available for you to go it alone. The average homeowners are not familiar with the options available to them. A mortgage broker can often help to achieve their refinance purposes.

There are two types of refinances - rate and term, and cash-out.

Don't focus strictly on your rate or strictly on your closing costs. You need to obtain the best combination of the two. Ensure you receive a low rate and pay reasonable closing costs.

Should I use my current broker to refinance - If your mortgage broker did a good job with your first mortgage loan there are many reasons to do business with him/her again. You may be able to secure a slightly lower rate on your refinance. You also have the advantage of the broker having all your information on file already reducing the amount of questions you have to answer on the application.

Even if you did like your previous mortgage professional, it is always a good idea to get a couple of quotes from different companies. If the previous mortgage broker is way out of the ball park, they may be able to restructure the loan to get you into a better situation.

Anytime you find a mortgage broker that you are completely satisfied with and feel you can trust you should stick with them for all of your future mortgage transactions. By sticking with someone who is familiar with your personal situation this can help them provide excellent advice, become more acclimated and familiar with your finances and goals, and find the right home loan program for you. Also, many brokers will offer discounted rates or fees when you go through them again for your home financing needs.

Many mortgage brokers make their entire living from referrals and some may choose to reward their best clients. If you have used the same broker several times, or if you have referred lots of friends and family to your mortgage broker, you could ask for a customer loyalty rebate.

If your mortgage broker served you well before, then they will serve you well again.

Mortgage Refinancing - There are several variations of Mortgage Refinancing to consider for your home mortgage. The different types of Mortgage Refinancing will depend on what your financial needs are, at the time of refinancing.

One of the more popular loans that consumers are refinancing into is an interest only loan. These loans provide you the flexibility of not having to make a principal and interest mortgage payment each month, but instead you are able to pay only the principal. I know you are thinking right now, "How am I supposed to get anywhere or get ahead with my home loan if I never pay it down". Your house should always appreciate in value so you will still gain equity if you choose to make only an interest only payment each month. Also, the interest only loan provides you with the opportunity to pay more than the interest only payment each month. Anything that you pay above and beyond the principal will go directly towards the principal of the loan balance. This is one reason why people like the flexibility of having an interest only loan. Some people use this type of financing to free up extra money each month to invest towards retirement, others like to pay down high rate credit card debt and some others are simply self-employed or commissioned and like the flexibility of having a lower payment each month for the months they do not make as much. These types of loans are not for everyone so consult your mortgage professional to see if it may be right for you.

Homeowners consider Mortgage Refinance mostly for one of three reasons, lower monthly payment, pay off the mortgage sooner with little or no increase to monthly payments, or to cash in from the equity built up in the house. With the common utilization of the World Wide Web, mortgage refinance is less expensive and less time consuming than ever. Nowadays, most licensed mortgage professionals are equipped to process mortgage refinances online in a fraction of the time it used to take.

The most basic purpose for home mortgage refinancing would be to lower the rate of interest that you are paying on your loan. Fifteen or twenty years ago, this would be about the only reason that a homeowner would consider refinancing. When refinancing with interest rate reduction as your sole purpose, you must figure how long before the lower rate really starts to benefit you.

A rate and term refinance is where you only intend to lower your interest rate and/or change the term of the loan. Usually you do this to save money on your mortgage payment. You can't get cash out or consolidate debt.

Mortgage refinancing is the process of paying off your previous loan with a new loan. There are many benefits to doing this and you should consult a professional mortgage consultant to help you decide what kind of refinance is best for you.

Debt consolidation mortgage refinances have become increasingly more popular. Often times it can save you money on your high interest credit cards every month. The interest on your mortgage is tax deductible, where as the interest on your credit cards is not. This can be a nice tax deduction for you when tax time comes around.


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