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Mortgage Refinancing
The best way to refinance a mortgage
In the easy-credit years of the housing boom, refinancing your mortgage was almost as easy as showing up at your lender’s office with a pulse and a driver’s license. These days you’ll need considerably more documentation — not to mention very good credit — in order to refinance. Still, when mortgage rates fall far enough below what you’re now paying on your current mortgage, it makes sense to refinance.
Before you set out to do so, you need to ask three questions:
- Is your application likely to be approved? That depends on your creditworthiness, but also on the value of your home and current mortgage.
- Will refinancing actually save you money? If you don’t plan to stay in your home long enough to recoup your closing costs, you’re probably better off sticking with your existing home loan.
- Are you getting the best possible deal? There are still a lot of loans out there, and you’ll need to understand the market to make sure you’re not overpaying.
The links below will help you understand the current state of the refinancing market, your own refinancing prospects, and how to find a good deal.
Editor's Pick
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Should I Refinance Now? 3 Things to Know
To determine whether you should refinance your home, says MoneyWatch.com's Jill Schlesinger, investigate these three areas: your credit score, your home equity, and whether you can actually save money.
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What You Need to Refinance Now
A quick guide to what you’ll need if you want to refinance your mortgage payments. The keys are: a good credit score, some home equity buildup and patience. A jumbo loan will mean a higher interest rate than what other borrowers pay. And you may need to pay off a home equity loan or credit line.
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Four Ways to Land a Refinancing Deal
A how-to guide to get the best refinancing terms possible. You’ll learn where to borrow, how to find the best rates, and the hazards to avoid.
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Tax Tips: The Benefits of Refinancing
If you refinanced your mortgage in 2008, you’ll want to see how to claim all the related deductions on your ’08 federal income tax return. Here’s a guide to the write-offs.
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Compare Local Mortgage Rates
Before committing to a lender for refinancing, you’ll want to find the lowest rates and best terms. Bankrate.com will give you the latest data, once you plug in the type of mortgage you will refinance.
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Calculator: Should You Refinance Your Mortgage?
This handy calculator will help you determine whether it pays to refinance your mortgage. You enter info about your current loan and what you expect your refinancing costs will be. Then bankrate.com shows you how much, if anything, you’ll save and how long it will take to recoup your costs.
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When Should You Not Refinance Your Home?
Editor-At-Large Jill Schlesinger offers advice to a homeowner on fixed interest rates and refinancing.
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Lenders Say Unemployment and Mortgage Refinancing Don't Mix
Last week's bit of unwelcome news: Michigan's unemployment rate has shot up to 12.6 percent in March. At least that's the official unemployment rate. The unofficial unemployment rate (which includes everyone who has stopped looking for a job, or who is working part-time instead of full-time,...
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Borrowers Save Billions By Refinancing Their Mortgages
Mortgage interest rates dropped to 50-year lows in 2009, and borrowers will save billions of dollars by refinancing, according to a new report from Freddie Mac. According to Freddie Mac's quarterly Refinance Report, one-half of borrowers who refinanced their conventional loans lowered their...
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Refinancing? Here's The Mortgage Deal I Choose
Yesterday we started shopping around for our refinance. Today we chose a lender and a got an amazing deal. Here's the scoop on what I hope will be the last mortgage of my life. by Ilyce Glink
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Ask the Experts: Best Mortgage Strategies
Ask the Experts about your mortgage! Smart strategies and practical advice about your loans, refinancing and the real estate market. Jill Schlesinger and Jack Otter are joined by Bill Wright of Americana Mortgage Group.
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How to Negotiate the Cost of Anything
Everything's negotiable these days, from the cost of your MRI to the price of your new refrigerator. Here's how to make sure you get the biggest discount possible on six common items and services. by Jodi Helmer
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Mortgage Refinancing: Opportunities and Hurdles
Mortgage rates are at historic lows, but many people will find it difficult to take advantage, explains Jill Schlesinger.
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Mortgage Rates Low, Refinancing Frustration High
Mortgage rates are at multi-decade lows, but that doesn't mean it's easy to refinance. I explained why the mortgage market is so tough right now with WCBS-TV this morning. [video=481254] by Jill Schlesinger
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Honey, I Shrunk the Mortgage!
Homeowners with a mortgage should consider their refinancing options now, while mortgage rates are at record lows. But there are a few new twists.... by Ray Martin
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Refinancing? Here's What You Need To Know
50-year lows in mortgage rates have got the mortgage brokers busy! Here's what you need to know if you are going to refinance (I came across this great calculator to help after we shot the piece, so check it out...): [video=466413] by Jill Schlesinger
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