Refinance Mortgage – When to Refinance Your Mortgage, mortgage refinance.#Mortgage #refinance


How to figure out when and if you should refinance your mortgage

Mortgage refinance

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Refinance rates are still near historic lows. Time to refi?

Here’s how to determine whether you will benefit by refinancing your mortgage.

2 major types of refinances are:

  1. Rate-and-term refinancing to save money. Typically, you refinance your remaining balance for a lower interest rate and a term you can afford. (The term is the number of years it will take to repay the loan.)
  2. Cash-out refinancing, in which you take out a new mortgage for more than you owed. You take the difference in cash or you use it to pay off existing debt.

Other reasons people refinance: to replace an adjustable-rate mortgage with a fixed-rate loan, to settle a divorce or to eliminate FHA mortgage insurance.

Breaking even

Mortgage closing costs can total thousands of dollars. To decide whether a refinance makes sense, calculate the break-even point — the time it will take for the mortgage refinance to pay for itself.

Break-even point

Break-even point = Total closing costs ÷ monthly savings

30 months to break even = $3,000 in closing costs ÷ $100 a month in savings

If you plan to keep the house for less than the break-even time, you probably should stay in your current mortgage.

Mind the term in rate-and-term

The formula above doesn’t measure your total savings over the life of the new mortgage. A refinance can cost more money in the long run if you start your new loan with a 30-year term.

Kris has been paying $998 a month for 10 years. If Kris doesn’t refinance, the payments will total $239,520 over the next 20 years.

After refinancing, Kris could pay $697 a month to repay the new loan in 30 years, or $885 a month to pay it off in 20 years.

$885 x 240 months = $212,400

In the example above, Kris borrowed $186,000 at 5 percent. 10 years later, Kris had a remaining balance of $146,000, and refinanced at 4 percent.

Use Bankrate’s mortgage calculator to compare your own loan scenarios:

  • See what happens when you input different mortgage terms (in years or months).
  • Reveal the amortization schedule to see how much total interest you would pay.

Good credit can save you thousands on your mortgage. Check your credit score for free at myBankrate.

Cash-out refinances

Cash-out refinances often are used to pay down debt. They have pros and cons.

Imagine that you use a cash-out refinance to pay off credit card debt. On the pro side, you’re reducing the interest rate on the credit card debt. On the con side, you may pay thousands more in interest because you’re taking up to 30 years to pay off the balance you transferred from your credit card to your mortgage.

But the biggest risk in this scenario is in converting an unsecured debt into a secured debt. Miss your credit card payments, and you get nasty calls from debt collectors and a lower credit score.

Miss mortgage payments, and you can lose your home to foreclosure. Home equity debt that’s added to the refinanced mortgage always was secured debt.


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mortgage refinance calculator

Mortgage Refinance Calculator Spreadsheet

With mortgage rates at very low levels, your fixed rate mortgage may be charging you interest exceeding today’s market rates. If so, you may be curious about the benefits and costs of refinancing early.

If you hold a fixed-rate closed mortgage, your lender will likely charge a penalty to discharge your existing mortgage early. This prepayment penalty can be sizeable, and its method of calculation will be set out in your mortgage contract.

While the costs of refinancing a mortgage early can be substantial, so too can be the financial rewards. I have refinanced my own mortgage (with help from a mortgage broker) on two separate occasions, and in both instances have enjoyed interest savings many times greater than the costs.

This three-step online guide will help you quantify the financial benefits and costs of refinancing your existing fixed-rate mortgage before the end of its term.

Step 1 will help you determine potential interest savings from an early mortgage refinance.

Step 2 addresses the costs of paying out your existing mortgage and of securing a new mortgage loan.

Step 3 explores additional factors to consider when determining whether to refinance, and provides tips on finding a mortgage that suits your needs.

Before starting, please ensure that you have the following:

1. Microsoft Excel (’97 or higher).

2. Copy of your most recent mortgage statement.

3. Copy of your existing mortgage contract.

4. Mortgage Refinance Calculator (download button below)

Mortgage refinance calculator

Step 1 – Determine Interest Savings

Refinancing a mortgage involves an investment of both your money and your time. As a first step, you will therefore need to assess whether or not the likely interest savings are sufficient to justify your investment of time and effort.

Example 1

To illustrate how the Mortgage Refinance Calculator Spreadsheet can be used to determine potential savings, consider a fictional couple (let’s call them Hank and Lisa), with a fixed-rate closed mortgage.

– Interest rate of 4.40% (computed on a semi-annual basis);

– Amortization period of 180 remaining months as of the Refinance Date; and,

– Term of 35 remaining months as of the Refinance Date.

Example 2

In practice, borrowers might wish to alter the principal balance and/or the period of remaining amortization as well. For example, suppose that Hank and Lisa discover that the cost for breaking their existing mortgage will be $4,000 (including pre-payment penalty, legal fees and other “soft costs”).

Make it Your Own!

After having worked through the above examples, modify cells “C6”, “I6”, “I7”, “I8”, and “I9” to match your own mortgage circumstances.

Step 2 – Costs of Refinancing a Mortgage

If you hold a fixed-rate closed mortgage, your lender will normally charge a penalty to discharge your mortgage early. This prepayment penalty can be substantial, and its calculation will be set out in your mortgage contract.

Step 3 – Your Next Steps

When you contacted your existing lender for payout costs, they likely serenaded you with a range of their own alternative mortgage options.


Refinance Calculator: know how much you can save through refinancing, Calculators4Mortgages, refinance calculator mortgage.#Refinance #calculator


Refinance Calculator

Should I Refinance Now? Our mortgage refinance calculator tells if you’ll save money, lower your payments save on interest fees. Simply enter information like principal loan balance, and current payment and interest rates to find out if refinancing is the right thing to do now.

How to use the Refinance calculator

When using a refinance calculator, you’ll be asked to enter the following information for your current mortgage loan:

  • The original loan amount
  • Interest rate (APR)
  • Total length (repayment term): mortgage loans usually have repayment terms of 15 or 30 years.
  • Time remaining : If you have a 30 year loan, and have made payments for five years, the time remaining would be 25 years
  • Remaining principle on current loan: This is your present mortgage balance. Your monthly mortgage statement should show this information.

Now you’ll enter the refinancing terms you’re considering:

  • Amount refinanced: This is the amount you want to borrow for your new mortgage.
  • Interest rate of new mortgage: Enter the interest rate for the new mortgage
  • Term length : Enter how long you’ll have to repay the new loan. (Typically 15 or 30 years for mortgage refinancing loans).
  • Cash out amount, if any: Enter any additional cash you’re taking out, for debt consolidation / payoff, home improvement, vacations, medical expenses or whatever.
  • Closing costs, discount points, down payment amount: The refinance calculator displays an estimated amount of closing costs, not including discount points, on the next screen. You can use this estimate if you don’t know the amount of closing costs.

Use the drop-down window to select the appropriate option for paying closing costs:

  • Paid by cash or check: You’re contributing funds to cover closing costs
  • Rolled into the loan: Your refinanced mortgage amount will include closing costs.
  • Paid by Lender: Your mortgage lender pays the closing costs (but you’ll pay a slightly higher interest rate).

After clicking the “calculate” button, the first section of the next screen displays a comparison of your current and proposed mortgage amounts, interest rates, and if applicable, any cash out amount and closing costs for the new mortgage.

  1. Lauren 12, Aug, 2012

Staying with your current lender eases the refi process, and may be best if their rate is comparable to the other lenders. If you do have money to invest in closing costs, and are willing to pay for a lower rate, use the refinance calculator to determine how many months it will take before you recoup your closing costs in monthly savings and make sure there is little chance of you selling the home before that time. We wish you well in your search. One of two things will happen, you’ll either find a way to save yourself some money by refinancing now, or you’ll find yourself better prepared to take advantage of the next refinance opportunity that comes your way. Either way you win. Too many people just resign themselves to their current loan and aren’t so proactive at exploring opportunities for improving their situation. Calculators4Mortgages applauds you for being such a proactive manager of your financial affairs.

I have a april 2004 manufactured home and need refinance my current 15yr mortgage at 4.75%. I am more than 6yrs into biweekly payment and the left over amount is lower than the current value of the house. I was offered a lower rate 15yrs loan but it doesn’t save me anything and extend the period of loan till 2026 which I don’t want. The calculator doesn’t help on biweekly payents started sometime in the middle of last 6yrs. I was also offered no closing cost.Can anybody help me out with this problem. I would like to save money if I refinance. Lower payment but need to have some saving too.

We part way through both a 1st and a 2ndwith different $ amounts and time remaining. Do you have a calculator that can help us figure out if we should refi both into a new loan.

This is the best, most helpful site for getting mortgage refinancing information. Thank you!


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Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

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How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

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About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


Best Current Fixed 10-Year Mortgage Rates 10YR FRM Refinance Rates: Compary Today s Ten Year


Today’s Ten Year Mortgage Rates

A fixed mortgage rate is advantageous to a homeowner because the rate of interest for the home loan taken will not vary throughout the loan period. If interest rates fall significantly the homeowner can choose to refinance their loan. If interest rates rise their low rate is locked in for the duration of the loan.

It is a fact that most people prefer an interest rate that doesn’t change through out the entire loan period. It is also true that fixed rates are initially higher than adjustable rates. But whatever the market is subjected to, those fluctuations will not affect your fixed rate.

As inflation tends to drive up wages and asset prices the cost of the fixed monthly payment goes down in relative terms even if the nominal number does not change.

There are different kinds of fixed loans depending upon the requirement of the homeowner and how much they can afford are willing to pay. The vast majority of homeowners finance home purchases with a 30-year fixed rate. The reason most homeowners choose a 30-year term is it offers the lowest monthly payment.

Homes are typically the largest consumer lifetime purchase. Building equity faster is a great way to offset periods of poor savings or get ahead for retirement. Those who have relatively high incomes or who live in low-cost areas may choose to try to build equity and pay off their home loan quicker by choosing a shorter duration loan.

Fixed or Adjustable?

When interest rates are relatively low most consumers opt for the certainty of fixed-rate mortgages (FRMs). When interest rates are relatively high people are more inclined to opt for adjustable-rate mortgages which have a lower introductory rate.

Adjustable-rate mortgages (ARMs) offer an initial teaser rate which lasts for the first 3, 5 or 7 years then resets annually based on broader financial market reference rate like the London Interbank Offered Rate (LIBOR) or the 11th district Cost of Funds Index (COFI).

Most homeowners across the United States tend to either move or refinance their home about once every 5 to 7 years. Those who are likely to move in a short period of time may want to opt for the lower adjustable-rate, whereas those who are certain of their job stability and want to settle down for life may want to lock in low loan rates on their home.

No matter which choice a homeowner makes, provided they keep up with payments have a strong credit profile they can choose to refinance their loan at a later date if interest rates fall significantly.

Loan Duration Options

For most people owning a house is a dream. They are ready to make any sacrifices to make this come true. Once they have made the decision to buy a house, they need to finance it. People generally prefer the lowest payment possible, but have they really thought about taking a loan for a longer period of time or have they tried to calculate the total cost of their loan? What happens if they lose their job 20 years from today? If they get laid off in a couple years, do they have enough of a financial cushion to cover payments until they find another job? Financially, you have to make some adjustments before taking such loans. Some people go for short term loans because of the lower interest rates. But they are not aware of the threat of foreclosure if they can’t keep up with the higher monthly loan payments.

Foreclosure is any homeowner’s nightmare can happen when they fail to save for emergencies. If a few loan payments are missed the bank which granted the loan can move to seize the property when the homeowners are either late or unable to pay off the loan.

The types of fixed loans available in the market are 10 year fixed rates as well as 15, 20 and 30 year fixed rates. Unlike ARM loans which can have widely swinging rates monthly payments, there is no tension for the homeowner who uses a FRM because he knows exactly what amount constitutes the interest and also the principal payments. This is why it is best to go for a fixed 10 year. Fixed rates being predictable have led to their popularity. With adjustable loans you never know what is going to happen next.

Ten Year Mortgages

Mortgage refinance rates todayBefore choosing a 10 year loan, check your assets and see if you have enough income or other assets to save yourself from the threat of foreclosure. 10 year rates are typically the lowest of all fixed rate programs. You can save a huge amount of money which you would have paid for interests of other types of loans.

Comparing The Ten Year

Just like a 10 year takes ten years to pay off, a 15 year would take 15 years, a 20 year fixed would take 20 years and a 30 year would take 30 years to finish off. Why opt for a 10 year fixed rate when you can choose the other types? After all, you have more time to pay the amount and complete the loan. With a ten year the main advantage is the cost. The interest rate is lower when compared to a 20 year or a 30 year note, and since you are paying off the loan far quicker interest has far less time to compound – yielding additional savings.

Hidden Costs

There are no hidden costs when you go for this type of loan. It also depends upon the organization from which you acquire your loan. Some organizations tend to ask fees for application forms and similar things. They may not mention it earlier because they want to make their costs look cheaper when compared to other organizations offering the same service. The best way to avoid this is by becoming shrewd, by reading all the fine print and checking if there are any loopholes. You will get a detailed idea of this when you go online and check the various companies and how they have maintained their rates. By checking interest rates of different companies through their websites, the possibility of hidden costs has dropped considerably. It is the duty of the customer to make sure that there are no additional costs dampening the benefits of the low interest rates.

Not all costs can be avoided, however. Closing costs can include an appraisal, an origination fee, title services, government recording fees transfer taxes and other fees. Home buyers can also purchase points upfront to pay a lower interest rate for the duration of the loan. Buyers who put less than 20% down on the home are typically required to purchase property mortgage insurance (PMI) until they have at least 20% equity in the home.

Benefits

In times of financial crisis, you can sleep well because at least your interest rates will not skyrocket. The fluctuations in the market which impact adjustable mortgage rate loans will not affect your interest rates. Knowing that your principal and interest rates never change will facilitate the homeowner to make an easier budget schedule. Go for a fixed rate, namely the ten year one if you want the security that it provides or if you are in a hurry to pay off your home. If you can afford it, you should definitely go for it.

Shopping for the Best Fixed Rate

There are so many websites that provide online quotes and advise you on the current rates. Since the rates vary regularly, it is better to check them regularly and go for the one that you can afford. Currently the interest rates have come down to historically low levels, encouraging homeowner’s to choose various fixed rate options.

Mortgage refinance rates todayEstimate your payments with this free calculator, or compare loans side by side. Mortgage refinance rates today

Disadvantages of Ten year Mortgage rates

When compared to other options, the higher monthly payments might turn off some people. But if you can afford the monthly payments there are not many disadvantages to a ten year. If you are not able to pay off within the 10 year time period, you are stuck. If you are sure you can make it within ten years, then don’t hesitate, just go for it. If you fear a turn for the worse in your financial condition within the next few years take the 20 year or even the 30 year loan, so you can be on the safe side. You could always choose to pay extra on a longer term loan to pay it off quicker.

Many people who have spare money lying around find uses for it. Opting for a shorter duration home loan is one way of forcing yourself to have the discipline to make the payments needed to quickly pay off the house.

There is no significant change in the interest rates when you compare a 10 year to a 15 year. But there is one more thing to remember when you choose a 10 year fixed rate: what happens when you take a 10 year note and are not able to pay for it? If the payment is close to maxing out your budget, to be on the safe side try to choose a 15 year and try to pay it off in 10 years by making extra payments. That way if you are not able to pay it off in 10 years you still have five years to finish off the payment. Such moves will put you in an advantageous position in cases of recession or job loss. When you approach a loan company, ask them to give amortization schedules for 10, 15, 20, 25 and 30 years. You can run any loan on this calculator click the amortization button to create a printable amortization schedule of the monthly principal interest payments. The loan companies allow you to pay off the loan amount earlier than usual. This works as a safety net for you in case you encounter problems.


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Refinance Your Mortgage

How do you want to get started?

With Rocket Mortgage by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can quickly see how refinancing your home can help you achieve your financial goals.

Answer a few questions, and we’ll have a Home Loan Expert call you.

The Basics

What to Know Before You Refinance Your Home

What does it mean to refinance? Refinancing is the act of taking on a new loan with different terms. Reasons for refinancing your mortgage include lowering your payment, shortening your term or using the equity you’ve built up over time to get cash back out of your home.

What’s Your Goal?

Deciding if it makes sense to refinance your home depends on a number of factors, but it starts with one question: What do you want out of your refinance? Here are some of the main reasons homeowners decide to refinance their mortgage:

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your financial goals.

See Today s Mortgage Rates

Want to find out if refinancing is right for you? A good way to start is by looking at the current mortgage rates. Don’t forget – rates change daily based on the market, so if you like what you see, make sure to talk to a Home Loan Expert to get your personalized rate and lock it in as soon as possible.

Try Our Refinance Calculator

Want to see if refinancing makes sense for you? Try our refinance calculator. Here’s how it works.

First, we’ll ask about your primary goal for your new loan. You can choose between lowering your payment and paying off your home sooner. Depending on which option you select, you’ll either be asked what your current monthly payment is or how many years you have left on your loan.

After that, you’ll be asked to estimate what you still owe and how much your home is worth to determine the amount of the loan. Then, you ll input a rough credit estimate and your ZIP code.

The results page will show you a sample rate and payment. You can adjust the rate and type of loan, as well as add taxes and insurance to find out if refinancing your mortgage can help you meet your financial goals.

Calculate your rate now to see if refinancing is right for you.

Frequently Asked Questions

What documents are required to refinance?

The following is a list of documents generally required during the refinance application process:

  • Proof of income: Typically, you’ll need to show original pay stubs for the last 30 days.
  • Copy of homeowners insurance: We ll need to verify that you have current and sufficient coverage on your home.
  • Copies of your W-2 forms: Each loan applicant will need to supply W-2 forms so we can verify past employment and income history.
  • Copies of asset information: This includes statements for accounts that hold money for closing costs, statements for savings, statements for checking and 401(k) accounts, and investment records for mutual funds or stocks.
  • Copy of title insurance: This helps us verify things like taxes, names on the title and the legal description of the property.

Your lender will also need to pull your credit report as a part of the refinance process, so have your Social Security number handy when it’s time to apply.

Check out QLCredit to view your full credit report. Creating an account is free and won’t affect your credit score.

How much does it cost to refinance?

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment, get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.

When should I refinance my mortgage?

There’s no definitive guideline as to how long you should wait to refinance after buying a home. The most important thing is to make sure the refinance will help you meet your financial goals. These are some questions to consider when determining whether to refinance:

  • Does your current lender have a prepayment penalty?
  • Do you have enough equity in your home?
  • Are interest rates lower now than they were when you got your current home loan?
  • Do you plan to stay in your home for several more years?

What is equity? Why is it important for refinancing?

Equity is the appraised value of your home minus the amount you still owe on your loan.

The value of equity depends on your goal for refinancing. The more equity you have, the more money you may be able to get from a cash-out refinance. Or, more equity could result in a better interest rate, which may help you lower your monthly payment. Having enough equity may also help you eliminate private mortgage insurance (PMI), a costly monthly fee included in many mortgages with an original down payment of less than 20%. Talk to a Home Loan Expert or use our refinance calculator to see if you have enough equity to reach your financial goals.

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your goal.


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How to refinance your mortgage

Thinking about refinancing? Great! HSH.com has everything you need to help you get your refinance underway. We will help you to know whether refinancing is right for your situation, show you how to compare and minimize refinancing.

Thinking about refinancing? Great! HSH.com has everything you need to help you get your refinance underway. We will help you to know whether refinancing is right for your situation, show you how to compare and minimize refinancing costs, teach you different strategies to achieve your goals and even help you locate lenders to handle your new mortgage. Using our articles, tools and calculators, you’ll feel confident that you are getting the best possible deal for your circumstance.

5 stages of a refinance

Should I refinance?

Step 1: Should I refinance?

Should I refinance, or does a refinance make sense for me are likely the first questions you will ask yourself when considering a refinance. But they re just the first. You ll also be asking yourself:

  • Will my refinance save me money?
  • Do I have to refinance with my current lender?
  • What if I can t refinance?

To the answers to these questions and more, be sure to read “Does a mortgage refinance make sense?”

How to refinance

Step 2: How to refinance

Now that you have decided to refinance your mortgage, you need to know how. The refinance process can be divided into three phases:

No. 1: Preparing your refinance documentation

No. 2: Defining the purpose of your refinance

No. 3: Shopping around for the best deal

What does a refinance cost?

Step 3: What does a refinance cost?

There s no such thing as a free refinance. Just as with a purchase mortgage, you will have to pay closing costs when refinancing your home loan. Keep in mind, of course, that the more it costs you to refinance, the longer it will take to recoup the closing costs, so there may be some finite limits on what you want to pay.

There are three ways to pay refinancing fees and costs:

  1. Pay them in cash
  2. Pay them out of pocket
  3. Add them onto your existing mortgage balance (known as a low cash-out refinance) or have your lender pay them in exchange for a slightly higher interest rate

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Today’s Interest Rates and Financial Advice:

Refinance home loan rates

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The average cost of financing a new or used car or truck has stayed low over the past year, making auto loans a bargain by any historical measure. And buyers with reasonably good credit can always take advantage of the discount loans automakers are offering on many models.

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Refinance home loan rates

Interest ing Snapshot

Individual retirement accounts, or IRAs, are a great way to build financial security for you and your family. They’re easy to open and our simple strategy helps you make all the right decisions now, and in the years ahead.

Refinance home loan rates

Refinance home loan rates


Refinance, Refinancing Your Mortgage, Quicken Loans, refinance my mortgage.#Refinance #my #mortgage


Refinance Your Mortgage

How do you want to get started?

With Rocket Mortgage by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can quickly see how refinancing your home can help you achieve your financial goals.

Answer a few questions, and we’ll have a Home Loan Expert call you.

The Basics

What to Know Before You Refinance Your Home

What does it mean to refinance? Refinancing is the act of taking on a new loan with different terms. Reasons for refinancing your mortgage include lowering your payment, shortening your term or using the equity you’ve built up over time to get cash back out of your home.

What’s Your Goal?

Deciding if it makes sense to refinance your home depends on a number of factors, but it starts with one question: What do you want out of your refinance? Here are some of the main reasons homeowners decide to refinance their mortgage:

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your financial goals.

See Today s Mortgage Rates

Want to find out if refinancing is right for you? A good way to start is by looking at the current mortgage rates. Don’t forget – rates change daily based on the market, so if you like what you see, make sure to talk to a Home Loan Expert to get your personalized rate and lock it in as soon as possible.

Try Our Refinance Calculator

Want to see if refinancing makes sense for you? Try our refinance calculator. Here’s how it works.

First, we’ll ask about your primary goal for your new loan. You can choose between lowering your payment and paying off your home sooner. Depending on which option you select, you’ll either be asked what your current monthly payment is or how many years you have left on your loan.

After that, you’ll be asked to estimate what you still owe and how much your home is worth to determine the amount of the loan. Then, you ll input a rough credit estimate and your ZIP code.

The results page will show you a sample rate and payment. You can adjust the rate and type of loan, as well as add taxes and insurance to find out if refinancing your mortgage can help you meet your financial goals.

Calculate your rate now to see if refinancing is right for you.

Frequently Asked Questions

What documents are required to refinance?

The following is a list of documents generally required during the refinance application process:

  • Proof of income: Typically, you’ll need to show original pay stubs for the last 30 days.
  • Copy of homeowners insurance: We ll need to verify that you have current and sufficient coverage on your home.
  • Copies of your W-2 forms: Each loan applicant will need to supply W-2 forms so we can verify past employment and income history.
  • Copies of asset information: This includes statements for accounts that hold money for closing costs, statements for savings, statements for checking and 401(k) accounts, and investment records for mutual funds or stocks.
  • Copy of title insurance: This helps us verify things like taxes, names on the title and the legal description of the property.

Your lender will also need to pull your credit report as a part of the refinance process, so have your Social Security number handy when it’s time to apply.

Check out QLCredit to view your full credit report. Creating an account is free and won’t affect your credit score.

How much does it cost to refinance?

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment, get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.

When should I refinance my mortgage?

There’s no definitive guideline as to how long you should wait to refinance after buying a home. The most important thing is to make sure the refinance will help you meet your financial goals. These are some questions to consider when determining whether to refinance:

  • Does your current lender have a prepayment penalty?
  • Do you have enough equity in your home?
  • Are interest rates lower now than they were when you got your current home loan?
  • Do you plan to stay in your home for several more years?

What is equity? Why is it important for refinancing?

Equity is the appraised value of your home minus the amount you still owe on your loan.

The value of equity depends on your goal for refinancing. The more equity you have, the more money you may be able to get from a cash-out refinance. Or, more equity could result in a better interest rate, which may help you lower your monthly payment. Having enough equity may also help you eliminate private mortgage insurance (PMI), a costly monthly fee included in many mortgages with an original down payment of less than 20%. Talk to a Home Loan Expert or use our refinance calculator to see if you have enough equity to reach your financial goals.

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your goal.


Refinance, Refinancing Your Mortgage, Quicken Loans, refinance home mortgage.#Refinance #home #mortgage


Refinance Your Mortgage

How do you want to get started?

With Rocket Mortgage by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can quickly see how refinancing your home can help you achieve your financial goals.

Answer a few questions, and we’ll have a Home Loan Expert call you.

The Basics

What to Know Before You Refinance Your Home

What does it mean to refinance? Refinancing is the act of taking on a new loan with different terms. Reasons for refinancing your mortgage include lowering your payment, shortening your term or using the equity you’ve built up over time to get cash back out of your home.

What’s Your Goal?

Deciding if it makes sense to refinance your home depends on a number of factors, but it starts with one question: What do you want out of your refinance? Here are some of the main reasons homeowners decide to refinance their mortgage:

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your financial goals.

See Today s Mortgage Rates

Want to find out if refinancing is right for you? A good way to start is by looking at the current mortgage rates. Don’t forget – rates change daily based on the market, so if you like what you see, make sure to talk to a Home Loan Expert to get your personalized rate and lock it in as soon as possible.

Try Our Refinance Calculator

Want to see if refinancing makes sense for you? Try our refinance calculator. Here’s how it works.

First, we’ll ask about your primary goal for your new loan. You can choose between lowering your payment and paying off your home sooner. Depending on which option you select, you’ll either be asked what your current monthly payment is or how many years you have left on your loan.

After that, you’ll be asked to estimate what you still owe and how much your home is worth to determine the amount of the loan. Then, you ll input a rough credit estimate and your ZIP code.

The results page will show you a sample rate and payment. You can adjust the rate and type of loan, as well as add taxes and insurance to find out if refinancing your mortgage can help you meet your financial goals.

Calculate your rate now to see if refinancing is right for you.

Frequently Asked Questions

What documents are required to refinance?

The following is a list of documents generally required during the refinance application process:

  • Proof of income: Typically, you’ll need to show original pay stubs for the last 30 days.
  • Copy of homeowners insurance: We ll need to verify that you have current and sufficient coverage on your home.
  • Copies of your W-2 forms: Each loan applicant will need to supply W-2 forms so we can verify past employment and income history.
  • Copies of asset information: This includes statements for accounts that hold money for closing costs, statements for savings, statements for checking and 401(k) accounts, and investment records for mutual funds or stocks.
  • Copy of title insurance: This helps us verify things like taxes, names on the title and the legal description of the property.

Your lender will also need to pull your credit report as a part of the refinance process, so have your Social Security number handy when it’s time to apply.

Check out QLCredit to view your full credit report. Creating an account is free and won’t affect your credit score.

How much does it cost to refinance?

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment, get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.

When should I refinance my mortgage?

There’s no definitive guideline as to how long you should wait to refinance after buying a home. The most important thing is to make sure the refinance will help you meet your financial goals. These are some questions to consider when determining whether to refinance:

  • Does your current lender have a prepayment penalty?
  • Do you have enough equity in your home?
  • Are interest rates lower now than they were when you got your current home loan?
  • Do you plan to stay in your home for several more years?

What is equity? Why is it important for refinancing?

Equity is the appraised value of your home minus the amount you still owe on your loan.

The value of equity depends on your goal for refinancing. The more equity you have, the more money you may be able to get from a cash-out refinance. Or, more equity could result in a better interest rate, which may help you lower your monthly payment. Having enough equity may also help you eliminate private mortgage insurance (PMI), a costly monthly fee included in many mortgages with an original down payment of less than 20%. Talk to a Home Loan Expert or use our refinance calculator to see if you have enough equity to reach your financial goals.

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your goal.