The current average rate for cash-out refinance loans are around the low to mid-single-digit percent range. These rates dictate the interest you'll pay when you borrow more than your home's existing mortgage and pocket the difference. Keeping tabs on them can help you spot and seize opportu...
Because your cash-out refinance loan is fixed to an asset — your home — the interest rate is likely to be lower than unsecured debt like personal loans or credit cards. This can be a good option if today’s interest rates are lower than your current mortgage rate. If your rate will...
Yet another method is a drive-by appraisal, where the appraiser evaluates only the property’s exterior. This type of appraisal is commonly associated with Federal Housing Administration (FHA) refinances and Department of Veterans Affairs refinances and was more common during the COVID-19 pandemic....
If you have a loan backed by the Department of Veterans Affairs (VA), you may qualify to get aVA streamline refinance, also known as an interest rate reduction refinance loan, or IRRRL. Like the USDA and FHA streamline loans, the VA streamline refinance is geared toward those seeking to lo...
Can you refinance if you have bad credit? Sometimes. FHA and VA loans have streamline refinance programs that may not require a credit check, assuming you meet certain conditions. However, a cash-out refinance or switching to a different type of loan, such as replacing an FHA loan with a ...
properties in your neighborhood that have sold recently. Based on the home visit and these records, the appraiser arrives at a professional opinion of how much your property would sell for if you put it on the market. The bank uses this value—along with your income, assets, andcredit histo...