Refinance

To reduce your interest rate

This is one of the most common refinance situation when rates are low. What is often asked is, “How much lower does the new rate need to be for the refinance to make sense?” The answer to this question always comes back to cost. In truth, if the refinance doesn’t cost you anything and you […]



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To take cash out of the equity in your home

Refinancing your home to pull equity out can be a sensible move. Whether you want to do this really depends on where your current rate is at and how much equity you intend on pulling out. If this seems like something you think you need to do, be sure to check out our section below […]



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To shorten/lengthen the term on your mortgage

Shortening or lengthening the term on your loan has opposite affects on your monthly payment. In general, when you compare rates on loans with a shorter term the rates are lower than comparably sized loans with a longer term. The corollary to this statement is that payments on loans with shorter terms have payments that […]



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To remove a borrower in a divorce/partnership situation

Removing a person from an existing loan in the situation of divorce or dissolution of an investment property partnership remains a difficult proposition without refinancing. Refinancing is a solution in these situations, but the decision to do so is not typically made with a reduction in rate being the primary objective. Although it’s not bad […]



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To consolidate a first and second mortgage into a single loan

Often people will be in a situation where they have an ok rate on their first mortgage and a very high rate on their second mortgage. Sometimes it makes sense to consolidate the first and second mortgage into a single loan with a low fixed rate. This all depends on the interest that you are […]



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To remove mortgage insurance

With FHA changing their guidelines to require mortgage insurance on their 30 year fixed loans for the life of the loan, this has brought removing mortgage insurance to the forefront. Whether to refinance or not to refinance…that is the question. The question of refinancing to get rid of mortgage insurance reverts back to the mantra […]



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Switching from/to an ARM

This is less common than the other situations on this list, but it does come up on occasion. Choosing to do an adjustable rate mortgage (ARM) should really come down to how long you intend to live-in/keep the home. Many people decide to do an ARM because they don’t believe they will keep the home […]



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