Mortgage Refinancing [mortgageinsuranceguide.blogspot.com]
On The Clock: Jim Parrott, Senior Advisor for the National Economic council Topic: The President's mortgage refinance proposal in 60 seconds or less
mortgageinsuranceguide.blogspot.com On the Clock - Mortgage Refinance
Home Mortgage Refinancing
If you have a mortgage or second mortgage, the idea of refinancing may have crossed your mind. Refinance Mortgage plan pay off your existing debts with a new loan with better terms than your existing loan. But what are the benefits and how you can tell when to refinance an existing mortgage is the right choice for you?
Why you need to Refinance?
The main reasons why people choose to refinance home is to get a better interest rate, which means you can save a huge amount per month for repayments and will pay off your loan faster. This option can be useful to change your existing loan at a fixed rate or variable rate or you might be looking for an adjustable mortgage rate that has lower interest rates and better protection than the loan you already have.
Also there are other benefits of refinancing mortgage, you can use it to build houses faster than the capital, and by redefining the terms of the previous loan and shorten the duration of the loan.
Second Mortgage
Second mortgage is a loan secured by your home, a second mortgage will allow refinance more to reduce monthly payments or to get extra money. Refinancing a second mortgage can be done easily, even by those who do not have a perfect credit score and in most cases by refinancing a much lower interest rate is achievable.
Tips for choosing an option to Refinance your Mortgage
Free no obligation quotes are available for those interested in learning more about refinancing their home or a second mortgage, but do not forget to do your homework. Be sure to ask at first, too many applications can hurt your credit score. Never take the first offer given by a bank and not be afraid to ask a lender if you are willing to take out a charge or change a term loan that you do not like.
Tips for Mortgage Refinancing
Requesting a copy of documents is always a good idea which you will be asked to sign when refinancing any mortgage rates. You can take the documents copies home & must read them thoroughly & carefully. It's always good to note down the points which you didn't able to understand in terms & condition. Find More Mortgage Refinancing Topics
Question by : mortgage refinancing? my spouse is in process of refinancing on home. My credit score is slightly below to receive a certain rate. If he still does refinance and when my credit score goes up slightly can I be added to new mortgage? Can this be acheived without changing the percentage rate he locked in at? Best answer for mortgage refinancing?:
Answer by Caveat Emptor
You/he would probably have to refinance again to "add you" to the mortgage. You do NOT want to be "on the mortgage" unless you are also "on the property title." Title and loan are two different things.
Answer by Quicken Loans
The answer to all your questions is no. It sounds like your spouse is refinancing without you on the mortgage so that your lower credit doesn't affect the mortgage rate you'll qualify for. This is smart, assuming your spouse has the required income to qualify without your income. This will allow you to qualify for the lowest possible rate, which is extremely low today (rates are at the lowest levels since 1955). However, in order to add you to the mortgage once your credit is improved, you'll have to refinance again. That means you'll get the rate at that time, not the rate today. It could be the same, it could be higher (most likely) and it could be lower (very unlikely). The only way to add someone (or remove someone) from a mortgage is to refinance. Hope this information helps. I included a link to more information on refinancing if you need it. Good luck on the refinance and congratulations on taking advantage of the lowest rates in decades (probably the lowest we'll see in our lifetimes).
Answer by stephanie
I would recommend waiting to refinance to avoid paying fees twice a possibly then getting a better rate. Since he is already qualified for the mortgage on his own adding you (co-applicant) to the mortgage (even with low credit score) should be fine unless you have a lot of debt which would mess up the funding ratios.
