Refinancing Archives - Critter Skimmer

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Mortgage Home Loan, Mortgage, Refinancing

The Four Best Questions To Ask Before Refinancing Your Mortgage

1) Do I have enough equity to get a mortgage? To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to get a $200,000 loan. If you have less equity, you could end up having to pay for private mortgage insurance, which can easily add $100 or more to your monthly payment. 2) How's my credit? Most lenders will look at your credit score as a part of determining whether or not to make you a loan. With conventional lenders, your…

The Pros and Cons of A Fixed Rate Second Mortgage vs. Opening a Home Equity Line of Credit

When it comes to a mortgage and the financial stability of your home, there's no such thing as too much you can know in the case of keeping your biggest investment safe. If you're looking at paying off debt and are considering using the equity in your home, here are a few things you'll need to know about refinancing your mortgage and home equity lines of credit. Fixed Second Mortgage vs. HELOC Refinancing your mortgage to access equity (without changing the existing first mortgage)comes in two basic flavors: a fixed rate mortgage or a Home Equity Line of Credit (HELOC).…

HARP Refinancing Ends in 2016: Here’s How to Take Advantage Before It’s Gone

Many homeowners are struggling to keep up with their mortgage payments on a monthly basis, and it can often seem like there are limited options for remedying the situation. If you haven't heard of HARP refinancing and you're a homeowner who's looking for a lower interest rate, this may be the right solution to your payment woes. Instead of letting the opportunity blow by, here's all you need to know before this option ends in 2016. The Details On HARP Refinancing Known as HARP, the Home Affordable Refinance Program was created in 2009 following the economic crash that was brought…