Can I refinance if I have bad credit? Refinancing with a low credit score is possible, but you might be burdened with higher interest rates — meaning higher monthly payments. Lenders have varying credit score minimums, but a score of 300 to 579 is generally considered poor. If you’re… Read Full Article Share FacebookTwitterLinkedIn
Can I refinance multiple times? Depending on your goals, refinancing your home loan can be beneficial to reduce monthly payments and contribute to long-term savings. The process can be repeated with careful planning, attention to market rates and improvements to your financial situation. Read Full Article Share FacebookTwitterLinkedIn
How can I pay off my mortgage earlier than expected? There are also small, strategic ways you can chip away at your loan, such as rounding up your payment each month or ditching those daily coffee runs and adding $25 or $50 to your monthly payments. You can also pay… Read Full Article Share FacebookTwitterLinkedIn
What is the 1% rule, and is it useful? The 1% rule states that you should aim for a 1% lower interest rate in order to ensure that the savings generated by your new loan will offset the cost of refinancing just to get a lower rate, provided you’ve… Read Full Article Share FacebookTwitterLinkedIn
What does cash-out refinancing mean? 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
What are the benefits of refinancing? Depending on your goals, refinancing your home can reduce your monthly payments and help you realize significant, long-term savings. Refinancing will also update your loan terms, meaning you may be able to move from a 30-year loan to a 25-year… Read Full Article Share FacebookTwitterLinkedIn