What does refinancing cost? Typically the closing cost of refinancing is between 1% and 2% of the loan amount with lender fees included. Read Full Article Share FacebookTwitterLinkedIn
When should I refinance my mortgage? You should consider refinancing if you want to take advantage of low interest rates, if you’re thinking about making home improvements or if you’re looking to consolidate your other types of debt. This may also be an option for you… Read Full Article Share FacebookTwitterLinkedIn
What do I need to start the refinancing process? The process of refinancing your mortgage will be similar to when you applied for your first mortgage. First, you should obtain quotes from lenders and see what you prequalify for. Once you’ve determined that refinancing is an option you’d like… Read Full Article Share FacebookTwitterLinkedIn
What is cash-out refinancing? Cash-out refinancing is when you borrow more money than is owed on your existing mortgage, and you receive the difference in cash. Some borrowers choose this option to finance home improvements, pay off credit card debt or pay for college… Read Full Article Share FacebookTwitterLinkedIn
Is there a minimum amount of money someone else can contribute to help me with my down payment? A lot of borrowers aren’t always able to come up with all the funds they need for a down payment on their own, which is why many mortgage products allow for gift contributions from friends and family. But, while it… Read Full Article Share FacebookTwitterLinkedIn
If I’ve never rented property to someone before as a landlord, and I’m considering buying a home and using some or all of it as a rental property, am I able to use the expected rental income on the home I want to buy? If no, how many years of “landlord experience” do I need in order to apply rental income toward my mortgage? The answer to this question can be complicated and ultimately depends on the mortgage product. See below: Fannie Mae (Conventional): You do NOT need prior landlord experience to use 75% of lease. Freddie Mac (Conventional): You need 2-years prior landlord… Read Full Article Share FacebookTwitterLinkedIn