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Mortgage help
Home Refinance 101
Home refinancing is a great way to lower your mortgage interest rate and reduce your monthly payments. However, if you have never gone through a home refinance, then there is a ton to know. Before you apply for a refinance loan, check out the home refinance articles, guides, and additional resources available to you at Quality Finance Solutions.Here you will find current mortgage interest rates, articles on when the best time to refinance is, and even home refinance guides for those with bad credit. Quality Finance Solutions is the online classroom for home refinance 101.
Refinance Questions
- Is Equity Necessary to Refinance?
In most cases, yes. Lenders customarily require you to have a 90% loan-to-value ratio if you want to refinance. They also want to see that your home has increased in value. Most lenders will not refinance your home if it is inevitably losing money.
- Will My Bad Credit Prevent Me From Refinancing?
Bad credit will not necessarily hinder you from refinancing your home. It just means you will not get the best interest rate possible. However, if your credit is really bad, it may not be possible to qualify for a loan with an interest rate that saves your money.
GLOSSARY OF HOME REFINANCE TERMS
Can I Get Cash Out From My Home Refinance To Pay Bills?
For some loans it is feasible to get a loan for more than the total refinance. However, this is a decision between you and your lender. Some lenders may not allow you to refinance for more than what is still owed on the property.
Refi : short for refinance.
Adjustable Rate Mortgage (ARM) : a type of mortgage where the interest rate can raise or decline at specific periods. The interest rate is rarely fixed for more than a few years with an ARM loan.
Fixed Rate Mortgage : a type of loan where the interest rate remains the same throughout the period of the loan.
Loan to Value Ratio : the estimated difference of the current value of your home and the loan amount you still owe.
Points : additional fees you can pay at the time of closing to decline the interest rate of your loan.
Prepayment Penalty : a penalty type that is incurred if the loan is refinanced or paid off early. Prepayment penalties are known to terminate after a specific number of expenses are made.
Commercial Mortgage Lender : Direct Commercial Funding provides financing for the purchase of commercial properties and real estate development.
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