What is the 2% rule, and is it useful? The 2% rule states that you should aim for a 2% lower interest rate in order to ensure that the savings generated by your new loan will offset the cost refinancing, provided you’ve lived in your home for two years… Read Full Article Share FacebookTwitterLinkedIn
How long does the refinance process take? The process typically takes anywhere from 30 to 45 days, but every situation is different and can be shorter or longer. The length of time may also depend on your property’s size and the current state of your finances. Read Full Article Share FacebookTwitterLinkedIn
Can I refinance 100% of my home value? In rare cases, yes, but it’s best to consult a Blue Water mortgage expert. Most people who are refinancing have equity in their home to help them with the refinance. Read Full Article Share FacebookTwitterLinkedIn
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