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Which Refinancing Option suits your situation?

Posted on: 30th Mar, 2004 03:55 am
Most people choose to refinance either to get a lower rate compared to what they have received on their existing mortgage or to modify the term of the loan. Besides, they often require extra cash for a variety of purposes and here's where refinance can help them to cash out their equity. This article gives you an idea of the following aspects of refinance:
  • 5 ways to refinance your existing loan
  • Loan types to choose for refinance

5 Ways to refinance your loan

  • Rate and Term Refinancing
    This allows you to borrow enough to clear your current mortgage balance. You can either modify the interest rate on your loan or change the loan term or you may adjust both. For instance, you may change to an FRM when the rate on your ARM is expected to move upwards within a short time. Or else, you may switch over from an FRM to a hybrid ARM if you plan to move out within a period of 2 to 3 years.

  • Cash-out Refinancing
    This is one of the home refinancing options which will leave you with excess cash amount after you have paid off the current loan balance. You can thus extract cash proceeds from your home equity. Know more...

  • Streamline refinancing
    Streamline refinancing refers to the documentation and underwriting carried out by a lender in order to find out if the borrower would qualify for a refinance loan. This is a kind of loan program does not require any credit verification. But it may or may not require an appraisal. There are two types of streamline refinances - one offered by the FHA and the other by the VA. Know more...

  • Mobile home refinance
    You can avail mobile home refinancing loans in case you wish to in order to get a lower interest rate on your mobile home mortgage loan and enjoy making some savings out of it. You can opt for a Title I loan program provided the mobile home is your primary residence. There are some criteria which you need to fulfill in order to get a mobile home refinance loan. Know more about the eligibility criteria.

  • Low Credit Refinance
    You may have a number of loans including credit cards, personal loan or even a mortgage and are not able to pay them off in the right time. This is when your credit score starts going down and now if you look forward to a refinance, you may be perceived as a low credit borrower.

    However, inspite of low/bad credit, it is possible to qualify for a mortgage. But there are lenders who may require you to pay a higher rate of interest on the refinance loan compared to what you had to pay had your credit score been a favorable one. However, bad credit loans provide you with an option to rebuild your credit while you make regular payments on the refinance loan. At times, you do need these loans in order to consolidate and eliminate other debts, provided you take out extra cash through the refinance - the process being known as cash-out refinance. Know more on Bad credit refinance.

Now that you're aware of the different ways by which you can refinance your current loan, you need to decide upon the loan program that can fulfill your purpose of refinancing and help you save the maximum.

Loan types to choose for refinance

There are various loan options available in the market. You need to choose from the options depending upon your finances and the situation you are in. We have given a list of the situations and the loan options one may go for if he wishes to refinance.
Your Situation Favorable Loan programs
Require cashHome equity loan
Home improvementHome equity loan/Line of credit
Need loan amount below $300,700Conforming fixed rate loan
Need above $300,700Jumbo fixed rate loan
Plan to stay beyond 5 yearsFixed rate loan
Wish to sell within 5 yearsAdjustable rate of mortgage
Add a room or other improvements at homeCash-out refinance
Buying a vacation home30 year fixed rate

It's better if you can shop around and apply for mortgage quotes with a number of lenders. This will make you aware of the rates and trends prevailing in the market. It will give you an idea on what the mortgage rates are likely to be in the forthcoming days. You can then go for the right loan program keeping in mind your needs as well as what the market trends are likely to be in the near future.

Related Readings
do you refinance on a double wide mobile home almost 2 yrs. old.
it sits on 2 acres of land, which is ours.

thank you.

Email removed as per forums rule
Posted on: 26th Jan, 2006 06:07 am
Hi, Earl

We can definately help you with the loan. I will process you request further to our loan department.

They will look after it and get back to you soon.

Posted on: 26th Jan, 2006 07:42 am
i'm looking to refi my manufactured home that sits on a city lot,less than one acre. can you help me?
Posted on: 27th Jan, 2006 05:05 pm
Hi Nancy,

Welcome to MortgageFit Forums.

We shall require some more details on your score, income, debts and some more information on your home to help you know your home refinancing options.

We have a large network of lenders and definitely we would try our best to help you.

I shall request you sign up here and put in your details or just leave your e-mail address or phone number here. This will be taken up by our customer care department for further reference.

Feel free to post here if you have any more queries. We will be happy if we can help you.

God bless you.

For MortgageFit,
Posted on: 27th Jan, 2006 05:21 pm
Am looking for help, need to refinance, to consolidate debt
Posted on: 02nd Mar, 2006 02:34 pm
Hi Susan,

Welcome to MortgageFit Forums.

We are certainly going to help you. But we need some more details to help you like your credit score, financial status, debt to income ratio and current debts.

It will help us to forward your requirement to our loan department to suggest you appropriately. You may leave your phone no. here so that we can give you a call and discuss.

Also kindly signup with us here, so that we can contact you through e-mail and you can freely disclose your requirement.

Feel free to post if you have any more queries. We will be happy if we can help you.

God bless you.

For MortgageFit,
Posted on: 02nd Mar, 2006 02:53 pm
I would like to refinance my home but it is a 1974 model, other sites state that it has to be a 1977 model or newer. Can you help?
Posted on: 27th Jul, 2006 06:32 pm

Welcome to MortgageFit forums.

It is possible to refinance a mobile home having a 1974 model. It is true that most lenders offer refinance loans for the 1976 model and onwards. But if you shop around, you will be able to find out lenders offering home loans to refinance the 1974 model.

Our Community also has a group of ranked lenders offering various loan prgrams for different kinds of properties. If you are interested in a refinance loan, go for a no obligation free loan sign up with us. Also, check out this section to find out how we follow up after you have signed up with us.

You can also go through our lenders directory and search for the lender of your choice.


Posted on: 27th Jul, 2006 09:14 pm
Does refinancing your home improve your credit score?
Posted on: 29th Aug, 2006 01:02 pm
Hi Corry,

If your credit score isn't good then it is not very probable that you will qualify to refinance for any low rate mortgage.

So refinancing at that stage when you have not improved your credit score won't help you much by way of a refinance.

Posted on: 29th Aug, 2006 01:19 pm
Hi Corry,

You can have a look at this page on ways you can improve your credit score.

Posted on: 29th Aug, 2006 01:50 pm
Hi Corry,

Welcome to the forums.

For a short term, refinancing can bring the credit score down, as there can be inquiries on your credit report when you apply for new credit. But the fact is that, creditors consider the inquiries only if you have applied for too many accounts at a time. I guess you haven't done so, therefore refinancing will not have a negative affect on your score. Rather if you can pay off the loan in time, your credit score will improve.

Refinancing is a good option to make up for late payments or missed payments, if any, and get back on track. This helps to build up good credit.


Posted on: 29th Aug, 2006 11:02 pm

Refinance means you are trying to find out a way by which you can pay off existing debts, so lenders and credit bureaus consider it as your effort to get rid off the current debts. They feel that you are at least making some effort to make the payment in time. So, you may carry on with it.


Posted on: 29th Aug, 2006 11:07 pm

With the economy. Is this a good time to go for home refinancing options. My home was valued two years ago at 291,000, now it's value is appraised at 240,00. We would like to refinance again, but the interest will be at 6.7 instead of 5.6 which is waht we had before. Would it be better to take out at second mortgage instead of have a mortgage of $350.00 more.
Posted on: 23rd Aug, 2007 07:50 am
If you have a 5.6% rate then why are you looking for refinance when the rates stated to you will be 6.7%?

Do you have any majors issues because of which you are attempting to refinance even for higher rates?

Posted on: 23rd Aug, 2007 01:19 pm
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