Private mortgage insurance (PMI) is an added expense for borrowers, required if you buy or refinance a home with a down payment under 20%.
If you choose to invest instead of paying off your mortgage then consider this question – would you be willing to refinance the equity out of your mortgage (thus increasing your debt) to add to your investment accounts? If not, then you are logically inconsistent. 22kcJuly 17, 2014, 9:5...
The above factors all play a key role in the interest rate you're offered. If you're getting ready to buy or refinance a home, getting the right rate starts with the application process. Movement Mortgage can answer your questions about interest rates and help you make the right decision....
HARP Loan– a refinance loan offered to those with negative equity. Hazard Insurance– insurance which protects a property owner from damages caused by fire or severe weather. Home Appraisal– a comprehensive report that determines the value of your property based on a number of valuation factors....
Things to consider before you refinance Refinancing to get a lower interest rate will probably save you money if: The new interest rate is 2% or more below the rate you pay now & you’re planning to stay in your home for three or more years. ...
How to refinance an underwater mortgage The first thing you should know: Refinancing anunderwater mortgagecan be tricky because you don’t have any home equity. Banks generally require borrowers to have some skin in the game — a positive ownership stake, that is — to get a home loan. ...
I applied for a refinance with BoA everything was good except I did not want a 30 year loan, I paid for the appraisal ,the agent offered me another option which was to include my wife on this loan, every thing was the same except my wife was this loan. Again, he said ...
I mentioned before that we plan to have just my wife apply for our new home mortgage loan, and not have my name on the mortgage at all. I had been playing around with this idea for months, but it looks like we will be going through with it. Here are some of my supporting reasons...
Ultimately, how much of a down payment you need to make depends on a variety of factors: How much you can afford: The lower your down payment, the greater your risk of owing more than your home is worth, a situation known as an upside-down mortgage. How much you want to pay each ...
however You pay a lot in interest — especially in the loan’s early years. You’re locked into a rate for decades, and the only way to reduce it (should prevailing rates fall) isto refinance.If you don’t think the house you’re buying will be your forever home, taking advantage of...