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How do I refinance
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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.It is as simple as picking up the phone and calling at for full details of how a refinance could benefit you and what documentation is needed.
If your mortgage payment or interest rate is going to adjust, it is generally best to refinance before the date of the first adjustment.
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.
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.
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..
There are two types of refinances - rate and term, and cash-out.
It is wise to start with your current lender as a benchmark and then get some quotes from mortgage brokers and compare.
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.
How Do I Refinance in the News:
| Cash-back home loans (Moneymanager) |
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How do I do that? Mortgage lenders pay quite generous commissions to brokers who recommend their loans. These can include both upfront commissions when the loan is written and ongoing annual or "trail" commissions for the life of your home loan.
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| Your Letters: March 11 (Ventura County Star) |
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The time has come It is interesting to note how similar the current healthcare plan is to former president Richard Nixon’s plan. The late Sen. Ted Kennedy said his biggest mistake was blocking Nixon’s proposal. Can we not be doomed to repeat history? Can we stop these partisan attacks? Nixon introduced his Comprehensive Health Insurance Act on Feb. 6, 1974, days after he used what would be his ...
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| Talking Money: Now’s the time to prepare for rising interest rates (Richmond Times-Dispatch) |
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If you have a variable-rate credit card, or an adjustable-rate mortgage, or a savings account, you’ve likely noticed that throughout this recession, your interest rates have gone down—in some cases, by quite a bit. That’s a good thing when it comes to the money you borrow, but a bad thing when it comes to the money you save. Even the best savings accounts aren’t paying much more than 1 percent ...
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| Press adds to St. Vincent’s trauma, hospital’s docs say (Gay City News) |
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As St. Vincent’s Hospital struggles to stay afloat, top physicians at a “visibility rally” on Sun., Feb. 21, said a main obstacle the hospital is facing is negative media coverage.
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| How Does He Manage? (The New York Observer) |
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The Commercial Observer: Things seem to be looking up for SL Green. Just recently your stock went up. Mr. Piccinich: You talk about the economic downturn, when we went into the single-digit range, and where we've climbed now—I see it as the same experience we had eight years ago, when we went from $28 [a share] to $150. The whole REIT sector, SL Green in particular, is trading very well. We've ...
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