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Author: Jessica Bennet Community Mentor	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
How to refinance your current mortgage

Refinancing is a good option that can help you to get rid of high interest debts. But you can only benefit from it if you can secure a lower rate on your loan and also pay minimum costs to the lender. You can try shopping for some of the best rates and costs while you are into refinancing. Besides, an awareness of the entire loan process also helps you get though the deal easily. This article contains an overview of the refinance process in simple steps so that it will be easier for you to interpret what the process is all about. 6 Steps to your Refinance loan Decide how long you are going to stay in the property. Contact your first lender and find out what he has to offer. Otherwise start shopping with other lenders. Get pre-qualified for the loan Decide upon the type of mortgage Check out the factors that may influence the interest rate on your loan. These are: Your credit score. Loan amount. Number of points paid. Lock-in-rate. Compare the interest rate on offer with that of your existing loan. Get pre-approved with a lender. Calculate the monthly loan payments Subtract new payments from current monthly payments. The difference gives you the savings that you can earn by getting a low rate. Divide the monthly savings by the total closing costs. That gives you the number of months within which you can recover the closing costs. This time period is known as the Break-even period. Compare the months obtained with the time period you're staying in the house. If it exceeds the time period, then refinancing may be a good choice. Follow the simple steps that will take you to loan closing, that is, towards finalizing the deal. At closing time you'll have to sign the loan documents and the mortgage note. Besides, you will have to pay for the closing costs and prepayment penalty. Related Readings Which Refinancing Option suits your situation?

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donnarunner1@aol.com Guest 0.10 Dollars($)	Posted: Sat Sep 17, 2005 7:17 am    Post subject: interest rates what is the current rates on a refinance 30 year mortgage
Sam Site Admin Joined: 21 May 2005 Posts: 205 Location: CALIFORNIA 93.10 Dollars($)	Posted: Sun Sep 18, 2005 3:00 am    Post subject: RE Hi, Welcome to the Forums. For the interest rate on a refinance 30 year mortgage, its been a week where the rates has fluctuated. Traditional Mortgage Refinancing Rates is running 20% (Down) 30 Year Fixed Conforming Loan Refinancing Rates: Rate --- Points --- Lender Fees --- APR --- Payment 5.125% --- 2.873 --- $0.00 --- 5.402% --- $1088.97 5.250% --- 2.241 --- $0.00 --- 5.470% --- $1104.41 5.375% --- 1.697 --- $0.00 --- 5.546% --- $1119.94 5.500% --- 1.303 --- $0.00 --- 5.636% --- $1135.58 5.625% --- 0.773 --- $0.00 --- 5.712% --- $1151.31 5.750% --- 0.354 --- $0.00 --- 5.799% --- $1167.15 5.875% --- 0.000 --- $0.00 --- 5.892% --- $1183.08 Hope this information, will make things clear about the trend on intrest rate for refinance. Thanks For MortgageFit Sam
celticsail2000@yahoo.com Guest 0.10 Dollars($)	Posted: Wed Feb 15, 2006 12:29 pm    Post subject: refinancing a rental home can I refinance a home I own in Tx which is currently rented? I live in Il.
jameshogg Joined: 20 Dec 2005 Posts: 879 Location: nevada 103.71 Dollars($)	Posted: Wed Feb 15, 2006 12:57 pm    Post subject: Hi, I think it's quite possible. Have you talked to your lender? If there is any problem with your current lender, you may shop around with different lenders with your matter and get the possible program for you. If you need any more help, you may post it here. James
ckalvesmaki Community Experts Joined: 28 Jan 2006 Posts: 338 Location: Dallas 49.84 Dollars($)	Posted: Wed Feb 15, 2006 4:44 pm    Post subject: Yes you can refinance your home in TX. It would be considered an investment property and would fall under those guidelines for rate etc....Is it currently leased? _________________ Cedric Kalvesmaki ***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. 888-383-0220 emails and PMs gladly answered www.freedommortgagetexas.com Freedom Mortgage I live in TX but cover all 50 states
chachi Guest 0.10 Dollars($)	Posted: Thu Jan 31, 2008 10:32 am    Post subject: newly divorced I am newly divorced and my ex has signed a quitclaim deed to the house we bought 7 years ago. With me being a single mom with 3 kids and low income, where do i go from here? the monthly mortgage payments will be almost impossible to make. Is there programs out there to help me? If i refinance, can it just start from this time period or will i have to get a whole new loan?
larry Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)	Posted: Thu Jan 31, 2008 6:19 pm    Post subject: Hi Chachi, You will take a new loan on you name and pay the due of the mortgage to the present lender. The rates are down now. So you should get affordable rate and term. If monthly payments seem higher for you, make the duration of the loan period longer and decrease the monthly payments. How much do you owe to the lender? Can I ask you about your monthly income? Best of luck. Larry
Janice Guest 0.10 Dollars($)	Posted: Wed Mar 26, 2008 3:17 pm    Post subject: refinancing a mobile home--1977 I am trying to refinance my older mobile home and at the same time add $8,000.00 to replace my heating and air condition unit. My credut score is 642, my husband 699. I have hear NO so many times. I am running out of places to call. If you have suggestions, I would be grateful for any information you can give me. Thank you
larry Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)	Posted: Wed Mar 26, 2008 3:46 pm    Post subject: Hi Janice, Welcome to the forum. Your credit score is not too bad but refinancing depends on many other things like your monthly earnings, employment history, do you have any kind of other debts etc. I think it will be better fill up the "No-obligation free consultation" form to get free counseling from the mortgage lenders and to know if you can be able to refinance with affordable rates and terms at http://www.mortgagefit.com/ Feel free to ask if you have any further questions. Best of luck, Larry

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