MORTGAGE REFINANCE PAGE
Mortgage refinancing refers to applying for a secured loan intended to replace an existing loan secured by the same assets.
Mortgage Refinancing Concerns
- Right time
- Type of loan
- Number of years
- Refinancing costs
- Rate locking or floating
Mortgage Refinance Advantages
- Lower mortgage interest rate
- high interest rate → lower interest rate
- fixed rate loan
- low rate lock
- Shorter loan term
- 30-year fixed-rate loan → 15-year fixed-rate mortgage
- adjustable-rate mortgage (ARM) → fixed-rate mortgage (FRM)
- better rate mortgage
- Consolidate debts
- car loan, installment loans, credit card loans at very high interest rates
- home improvements
- education costs
Mortgage Refinance Costs
- Mortgage refinance application fee
- Mortgage refinance appraisal fee
- Survey costs
- Homeowner's hazard insurance
- Lender's attorney review fees
- Title search fees
- Title insurance fees
- Home inspection fees
- Loan origination fees
- Mortgage insurance
- Points
