Home Loan Refinancing

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Replacing Your Home Loan

You keep listening to refinancing home loans and just how many people have paid back high interest credit charge cards and debt.

Under consideration refinancing your home loan to save money. Interest rates are the least expensive they have been in decades. But, you’re thinking about, \”Is refinancing worth time and effort. Can I really save thousands of dollars on my home loan\” The reply is yes. There has by no means been a better time and energy to refinance your home loan.

Before you decide to find a lender in order to refinance your current house loan, there are a few key factors to know. It’s a good idea to decide the length of time you’re going to stay in your property, your current interest rate, credit ranking and the value of your house. These are all extremely important things to consider before you refinance your home loan.

Refinancing your home loan is a great way to save thousands of dollars over the length of your property loan. You could lower your monthly premiums considerably. This will depend upon your current interest rate.

Together with today’s online home loan companies, it’s easy so they can give you all the information you will need. This can help you to get a lower interest rate, because these home loan companies are very competitive to make your business. You don’t have to run all over the place pulling credit reviews and talking to several lenders. Online residence loan companies can give you rates from many different loan companies.

Refinancing your home loan using a lower interest rate might help reduce the term of your current home loan. Your payments may stay the same, however the length of the loan and get your interest save, can make it well worth your time. You would have to reduce your rate considerably because of this to make sense. Good home loan mortgage brokers can provide you with different ideas on what is best for your situation.

Taking the time to look into replacing your home loan can pay away from. If your current house loan payment is $1,750 and refinancing reduces it to $1,650, the difference of $100 may add up. It’s a good idea to plan on staying in your house for at least 5 years regarding refinancing your home loan to create sense. This is because from the fees. If the fees are $2,000 and also you plan on moving in 2 many years, what would be the level On the other hand, if you stay in your home for 5 a long time, in this example you could lay aside $5,200 after the costs of $2,000.

Together with interest rates so reduced, it is a great time to refinance your home loan. On the web home loan lenders as well as services are now a lot more competitive than ever for the business. Even if your own credit is not perfect, it is possible to still refinance your home loan. Now is the time to take advantage of the lowest interest rates inside decades and save thousands of dollars on your home loan.

With all the resources, tools and information on replacing your home loan, it just makes sense to get the best offer you can when replacing your home loan.

Comments: 49

  1. Charlott February 27, 2013 at 7:32 am Reply

    I am planning to buy my first home and applying for a home loan and one of the lender said this to me

    ” If you take your mortgage with us and after 4 payments are made, if the rate goes down by a .25% we will refinance you at no cost”

    1) Do they really refinance at NO(zero) cost of the rates go down .25% ?

    2) Are there any other charges which are hidden which lenders charge if we refinance at a later stage when rates drop ?

  2. Pricilla March 8, 2013 at 3:50 am Reply

    I just wan’t to know what kind of credit score you need in order to be approved for a home loan?

  3. Lavern June 2, 2013 at 12:12 pm Reply

    I was laid off from my job a few months ago, and my current home loan is current with no late payments. Things are starting to get tight on our finances. Are there programs or companies that will provide refinancing when someone has been laid off?

  4. Alaine June 3, 2013 at 2:27 am Reply

    I have 24 years left on 30 year mortgage. I am thinking about a home equity loan at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will home equity loan affect my refinancing even if i am not looking for any cash out.

  5. Virgil June 3, 2013 at 8:05 am Reply

    I am a resident of california. I have a home loan in India with an Indian bank. I want to refinance that loan with an US bank so that I pay in dollars and manage loan in US since all my income is from US and I live here. Do you know if there is any bank/credit union that can provide this service?

  6. Ethan June 3, 2013 at 10:11 am Reply

    We bought a title insurance when we first got our home loan. We are now refinancing with another bank and they are requiring us to get a new title insurance. Is this right?

  7. Renay June 6, 2013 at 5:41 pm Reply

    My husband and I purchased our first home last year using his VA home loan and now we may have to relocate to another state for work. We do not plan on selling the house but instead plan on renting it out. Will that forfeit the VA home loan and will we have to change our loan terms?

  8. Caron June 20, 2013 at 3:49 pm Reply

    My mother used a “VA” loan to pay for our home. the interest rate is above 6% and she is looking to refinance to a lower rate. Now i watch many (money) shows but seein that i dont own a home, i never payed attention. Can you guys/gals give me a run-down of how to go about refinancing a home loan and some possible tips? thank you

  9. Ngoc August 7, 2013 at 7:52 am Reply

    I was just wondering if it made sense to refinance our 30 year fixed 6.25 home loan. We have owned our home for 3 years and 5 months. What does the interest rate have to fall to in order for it to financially benefit us to refinance?? Any help appreciated.

  10. Tami August 13, 2013 at 6:34 pm Reply

    Just wondering if anyone had any information about being able to refinance a home equity loan to receive a lower rate and if so, how to go about doing that.

  11. Willie August 16, 2013 at 10:18 am Reply

    – I am planning to buy a home
    – i have put an offer on a house and almost 100% done deal

    Now I have to look out for a home loan. I am looking at several online interest rate quotes what lenders are giving based on my facts.

    Some of them are sending quotes for 4.78% 4.5% , now does these rates change when we actually sign there application or do they have to stick with the rates what they have quoted me online ?

  12. Luisa August 16, 2013 at 10:12 pm Reply

    FHA refinance loans seem like my best option at the time for refinancing my home loan. Can anyone provide me with some information pertaining to the current fha rates?

  13. Christian October 5, 2013 at 1:01 am Reply

    I’ll be aplying for a home loan soon and I’m refinancing my car loan tomorrow, should I don’t refinance. Would it affect my credit score?

  14. Tiffaney October 29, 2013 at 11:07 pm Reply

    My husband and I want to work on a few things w/house(kitchen and new floors) but we don’t know which is better refinancing or a home equity loan. I’ve read online refinancing is great! But now I’m starting to see it’s bad. I’ve never seen much on home equity loans. I know the difference but in the long run I don’t know which is better and more efficient, like if you ever want to sell your house. I know our house is worth more than we purchased it for, we were told that by the bank when we purchased it. Just unsure.

  15. Omer November 18, 2013 at 8:13 am Reply

    My fiance and I are buying a house and our wonderful lender left her name off of the loan and decided to tell us the day before. And it’s too late to change anything because the seller has to close now. We can add her name to the title of the house easy enough, but is there anyway to include her on the home loan without refinancing? We would like it to have a positive effect on her credit as well as mine. And I suppose, in case something happens, I don’t want to be the only one on the hook for the loan.

  16. Enda December 10, 2013 at 10:18 pm Reply

    I know that I cant be a loan officer since I am a realtor but I got someone that told me to get in Primerica and I will get money out of refinancing homes and home loans. I wonder is there any other way that I can get like “middle man” referal fee or commission out of mortgages and home insurance?

  17. Brendan December 24, 2013 at 12:01 am Reply

    Does loan modification cost me more than loan refinancing. Is the loan provider interested in doing loan modification.

  18. Cole February 1, 2014 at 11:49 pm Reply

    We have an adjustable mortgage w/a balloon at the end. Our current interest rate is 7%. We pay $2119 a month ($1654 plus $465 for taxes). Beneficial is trying to get us to refinance with them. They have offered us a fixed rate loan at 11% with $9,000 cash out, a $15,000 “personal credit line” and they will pay off $14,000 in bills ($3k for our car, $1k NYS taxes, $10k student loans). The problem is the new payment will be $2828 and that DOES NOT include our taxes. Beneficial keeps making it sound like it is a big help to us but I don’t see it. I think $2828 a month is a HUGE payment that we might not be able to make. The $10k in student loans they are paying are not even due for another 2 years so that isn’t reducing my monthly debt. I guess my question is …does anyone here think this is a better situation than what we have now?
    The current loan amount is $259,622 and the balloon is not due for 30 years. The new loan amount would be $288,000 with no balloon. Our credit scores are only 600 so not sure if Beneficial would consider a lower interest rate for a fixed mortgage.
    The loan Beneficial is offering is a 90% loan to value. They claim they have to pay off the student loans to get our debt to income ratio in line. I called our current mortgage holder this a.m. and they agreed to cancel our escrow lowering our payment to $1653 a month. We have enough in our escrow remaining to pay the taxes coming up in 2/08 so we have 9 months before the next tax bill is due. Beneficial also told me last night that the “origination fee” is $12,500!! They say it is a standard fee that is spread out over the 40 year loan. Plus they had a bunch of other fees that added up to a bundle. Our house appraised at $325k so we still have equity in it.

  19. Cody February 20, 2014 at 7:06 pm Reply

    I’ve had an FHA loan for 2 1/2 years now and have never missed a payment. I have a FICA score of 781 and perfect credit history. I am wondering if it is worth my time to refinance my home for the lower interest rate as my current interest rate is at 4.8 APR and I believe I can get my interest rate down to 3.4 APR. Now some of the interesting facts. I am a little upside down on my loan but sense I am FHA insured I am thinking that not too many people are worried about that. Considering my perfect credit history and having never been late on a single payment in 2 1/2 years and the fact that it’s a 30 year loan I think it would be worth my time to refinance at the lower interest rate. Any thoughts on the matter would be appreciated

  20. Addie February 20, 2014 at 7:07 pm Reply

    My wife and I just purchased a new house and got a USDA Rural Development Loan at 5.25%. Since rates have dropped lower can we refinance with the loan we have. Is it to early to refinance since we haven’t made our first payment yet? Thanks.

  21. Paulita February 20, 2014 at 10:45 pm Reply

    I admit it numbers make my head hurt, so I could probally figure the difference in Excel but I would rather ask a numbers person. I can charge $10,000.00 with a convenience check at 5%, or refinance my house (plenty of equity) 7.5% or home equity loan at 7.50%. I want to be able to this loan off in 30 to 60 months. Where would the less finance charges by paid? Thanks for your help 🙂

  22. Lucile February 20, 2014 at 10:45 pm Reply

    Currently have a ARM & want to change to fixed rate.

  23. Mario February 21, 2014 at 7:58 pm Reply

    We have owned our home for about 6 years now. We originally took out a $50,000 loan at 6.75%. We now owe about $40,000 on it and are considering refinancing it since rates seem to be lower. If we do refinance it we would like to refinance it for 15 years rather than 30. The only thing is we don’t want our monthly payment to go up too much, because we want to keep it affordable. We are just trying to figure out if it would make sense or not to refinance because of the closing cost and if our payment would go up much more. As of right now, after 6 years we are only paying about $65.00 towards prinicipal out of a $500 monthly payment. Any suggestions?
    My credit score is fairly good and we have been paying extra towards principal already. That is why I am trying to figure out if it would even be worth paying the closing cost and what not. I am just trying to decide if we should keep the current loan and just keep paying a lil more towards principal every month or if we should go for a lower rate and a 15 year instead of a 30 since that would make more of our payment towards principal. If it weren’t for the closing costs we probably would have already refinanced. I am just not sure if it would pay off or not if we have to pay a couple thousand dollars for closing cost. I would really like to have the house paid for within the next 5 years. I am just trying to figure out which way would be the best route to go about doing so. Thanks for any advice!

  24. Alfred February 21, 2014 at 10:36 pm Reply

    I bought my house 2 years ago when the housing market was still high in NY. I bought my house for $430,000 & put down a little over $20K. Over the last 2 years things unfortunately happened and we started to incur debt of about $30K. I know that’s a lot. We are able to make payments, but it’s getting hard with the price of gas & everything else. I was wondering would I be able to refinance to put all my debt into my mortgage payment? Or am I better taking a home equity? Does my house have equity after 2 years & now that the market is down? My interest rate on one loan is 6.50% & the other loan is 9%. I need suggestions please.

  25. Lauren February 22, 2014 at 3:51 am Reply

    my wonderful parents are lending me money to buy a new car, and they plan on borrowing the money from our home equity line. they said the interest rate is much lower, but my mom wasnt sure if they charged interest every year like a normal car loan or if it was ultimately much cheaper. anyone know? first good answer by sunday gets the ten.

  26. Jeanene February 22, 2014 at 3:56 am Reply

    we are in the process of refinancing our home & i recently submitted my contact info online & i’m receiving calls from many of the local lenders, Can anybody let me know if there are any risks associated with the small companies instead of going with big banks like Wells fargo , BOA or WaMu ..

    Thank u in advance …

  27. Hoyt February 22, 2014 at 3:56 am Reply

    analyze the current economic situation in the U.S. as compared to five years ago. include interest rates, inflation, and unemployment in your analysis

  28. Dave February 22, 2014 at 4:31 am Reply

    I found out a couple of weeks ago that we had two mortgages on my house, something called 80/20. We were having a hard time paying some credit cards so i’m thinking of consolidating them and refinancing my home through wells fargo, I understand about refinancing but their telling us the equity on the home will help pay those credit cards. Can anyone give me more information about this, is this a right way to go? or is their a catch to it?

  29. Collette February 22, 2014 at 4:33 am Reply

    We are thinking about either a cash-out-refinancing of our home loan or applying for a second mortgage but don’t really know the difference between the two options. We are going to use the money for bills we are upside down on. We aren’t so far under that we need to file bankruptcy but we are pretty far behind on all of our bills and want to catch up before its to late. We need info about how the two are different and the pros and cons of the options. Please no spam about your mortgage company. We just need the facts. Thank you

  30. Charline February 22, 2014 at 5:37 am Reply

    If I buy a home that needs an initial rehab loan also, can I refinance for the new value of the home once the constrution is done in order to avoid PMI? For example say there is a home that is being sold for $160K and it needs about 20K of work in order to make it really shine. The new appraisal for the house after construction would be in the mid to high 200K ,meaning a difference of 40- 60K. Can this new equity in the home be used for a refinance so that the value of the home is $260, but the loan is only 180K? Or do you only get the new value of the house when it is sold?
    Sorry your answer doesn’t make sense in regards to my question…

  31. Keven February 22, 2014 at 5:44 am Reply

    Our house is a bit underwater – about 20%. We’ve never been late, but had to relocate for a job (so we COULD still pay things like a mortgage). We didn’t have the cash to bring to the table to sell it and didn’t want to short-sale, either. We are currently renting it out, at a loss every month and eventually our loan will turn to an ARM in a few more years. Neither of these situations is great or sustainable long-term. We would like to take advantage of the current interest rates and refinance into a fixed loan. Any suggestions? When I tried to speak with Citibank prior to our move I just hit a brick wall with the front line phone reps repeating a script to see if we would qualify for an “Obama” modification (we would not have).

    Frankly, I feel like if I go to my own lender – they are already owning (or servicing) the “risk” of my underwater loan. Though I’d LOVE a modification, I would settle for even a refinance. We don’t even live there anymore and could have easily “walked” away and saddled them with more liability. We didn’t. It’d be nice to find a human there to acknowledge we’re trying to do the “right thing,” instead of punishing us.

    Any tips? Thank you!
    Thanks Bob! No, there is no PMI. We used to actually have REAL honest-to-goodness equity in this house. 😉 Until we treated it like an ATM machine for remodeling projects. *shaking my head* But you should see the awesome kitchen it has (that we no longer get to use) and the beautiful paving stone driveway (that I no longer park on) and….

  32. Stacy February 22, 2014 at 6:03 am Reply

    I am seem to be swiming in debt at this time in my life…I would like to secure some money to help me pay off some bills.. I have equity in my house. Is it best to refinance this high interest loan, sell the home and use the profits to pay my bills, or take out a home equity loan? My first instinct is to stay in the house for a few more years beacuse this area is increasing in value.. How safe are home equity loans? Is refinancing wise with poor credit?

  33. Deedee February 22, 2014 at 6:07 am Reply

    We purchased a home this year. We have several other debts (small personal loan at a bank, loan at a finance company, two car loans) We would like to borrow money to pay off these debts, not accumulate anymore, and have one monthly payment. We don’t know alot about the different loans out there so I wondered if anybody out there could help me. Thanks
    Thanks for the responses all. I’m going to check out those sites suggested and try to get a better grasp on what I am looking at here. I figured my “smaller” bills and the payments are about 1100 a month. What I am looking for I guess is a loan to pay all of those off and maybe have a payment of 500, saving me 600 a month. I would still have my house payment, that wouldn’t be a problem once the smaller bills were paid off. It’s a struggle right now because of all those other payments…so I think getting them consolidated into one payment would be alot easier to manage and hopefully save us some money every month.

  34. Kecia February 22, 2014 at 6:07 am Reply

    I have 2 home loans
    – First: a conforming loan of 417K at 5.25 % ARM Interest only
    – Second: 15 year Jumbo loan of 125K with a 6.375 % APR P+I.

    My options are:

    1) Re-fi the First loan at 5.25 % APR for 30 year fixed
    2) Don’t change anything and keep paying additional amount on the principal of the second loan every month.

    What would be the best option for me to take considering that I would be moving out of the house in 5 years time.

    I really appreciate responses and ideas.


  35. Alessandra February 23, 2014 at 9:42 pm Reply

    My husband and I want to take about $15,000 to pay off debt and renovate our home, which we just purchased last July. Our current interest rate is 7.25% and we owe about 65k on our home that appraised at 100k. The problem is that our credit is not great and not well established. Which would be the best option for us, home equity loan or refinance?

  36. Tyson February 24, 2014 at 6:51 pm Reply

    I purchased my home for $146,575 home 10 years ago with a 15% down payment and I signed a 30-year mortgage with an interest rate of 11.7% compounded monthly. Interest rates have dropped and now I want to take my unpaid portion and sign a new 30 year morgage that has a 6% compounded monthly how much will I save if I refinance please help….I keep getting my answer wrong

  37. Evan March 7, 2014 at 5:03 pm Reply

    We do not quality for refinancing due to the bad economy casing a strain on home values. We are current on our payments and have good credit and are wondering what the best ways are to negotiate with our lender. We also currently pay PMI and are wondering if there are other ways to get rid of this without refinancing.

  38. Domingo March 11, 2014 at 9:20 pm Reply

    I owe $167,000 on my mortgage and have a $17,000 home equity loan in Illinois. My house was appraised at $213,000 when I bought it about six years ago. A couple of years ago or so I refinanced and the appraisal value held to the same amount. I can’t believe it will hold this time. The tax assessor (not market value) has it valued around $191,000 or that ballpark. With HARP I was told that I did not need an appraisal, but I could not wrap my home equity loan into it. With a traditional refinance, I would have to have an appraisal and probably still likely would not get my home equity loan wrapped in with the results of an appraisal (?). My APR would drop 1% with a refinance (primary mortgage). I am not sure how I can get rid of my home equity loan at this point due to circumstances and I was hoping to take care of it through refinancing. Any suggestions? Is it possible to get a loan against a small investment property (house) I co-own (i already have their permission to pledge it) to take care of the home equity?

  39. Moira March 13, 2014 at 11:51 am Reply

    I helped my parents refinance their home a few years ago, and now I want to buy my own place. Will I still qualify for a first time home loan?

  40. Rogelio March 14, 2014 at 3:49 am Reply

    Lets say I won £10m on the Lotto, if I put that into a high interest savings account (or something similar), what would the typical interest rate be?

    And are there any accounts that offer 30/40/50 % interest rates, and what is the minimum amount that would be needed to be put in to achieve this high interest? (i.e. Minimum balance must be £1m)

  41. Jonah March 14, 2014 at 3:50 am Reply

    i am currently in a mortage loan with my sister, she is my co-signer/ barrower. is it possible to have the co-signer take over the loan? ive heard of taking off the co barrower but not the main person that has the loan. i am no longer happy with my house and i would like to move but i would be taking a 10k loss on the property. can that loss be added on to my other mortage?

  42. Anton March 31, 2014 at 7:47 am Reply

    I bought my home last year (August) and at the last minute they informed me I’d be paying PMI insurance. ($80month)
    I’ve gotten a better paying job since then and am going to pay down the principal of my home. (Only by a couple thousand dollars in the coming months).
    I’d like to refinance my home to get rid of PMI and pay down my principal to refinance and get cheaper monthly payments.
    Can anyone recommend a good re-finance company? Is it a good idea to refinance? Is the fact I’ve only had the loan a year a problem? (I’ve made all my payments on time).
    Please help me figure out whether or not it’s a good idea for me to refinance. My current interest rate is 6.25%.


  43. Nancee April 17, 2014 at 7:36 am Reply

    i need the definition of a current rate.

  44. Gregg May 2, 2014 at 1:28 am Reply

    Any one know whats the difference and the pro and cons about Home Equity Loan and Cash Out Refinance? Which is better?

  45. Jacki May 4, 2014 at 10:45 am Reply

    I bought a house 6 months ago before I sold my condo. I borrowed the money from my brother for the new home until the condo sold. I have a written contract and have been paying interest. He is starting to get nervous, so I would like to take out a mortgage for the home to pay him back. Would this be a refinance or a home equity loan? Also, when the condo sells, I expect to still have a mortgage of about $40,000. Assuming I take out a new mortgage now on the house, when I pay 3/4ths of the loan amount off in one lump sum, will my monthly payments decrease or will the monthly payment amount stay the same, but the loan be paid off more quickly?

  46. Stacee May 15, 2014 at 1:50 am Reply

    My 8.5% student loans are like credit card rates. Are the banks profiting on this? My Direct Federal Student loans do not qualify to be consolidated at a lower interest rate. I inquired already. I am struggling with $900/month payments and can’t use home equity money because my home is devalued. I have 4 Parent Plus Federal Student loans at interest rates from 6.5 to 8.5%, yet home mortgage interest rates are as low as 4% and in some cases, lower. Why this difference and who is profiting so much? It seems that consumers who have invested in education of their children should not have to pay high interest.

  47. Graham May 30, 2014 at 11:56 am Reply

    i own two homes in two different states with two morgage companies. how do i go about combining the loans into one

  48. Antwan May 31, 2014 at 10:03 am Reply

    Ok, I have a $63,500 5.8% 30 year loan with 27 years left. I’m paying extra $125 a month starting the first of this year total $500. If I got everything rite a will save $34,000 and cut about 13 years off the loan. My current loan amount is $60,000

    As of now I’m paying pmi but will drop once I pay other 10k off the loan amount. So this will be some other savings $30 to $50 a month.

    Can someone give me the savings if I were to refi my loan to a 15 year 4.0% loan. I will still have to pay pmi as of now. I’m about to remodel my basement so I think if I wait until then I can drop pmi on the new loan. The refi will cost total of $3,000 to do.

  49. Willard June 22, 2014 at 9:09 am Reply

    I currently have a FHA home loan. 6.25 % back in 2006. I keep getting these things in the mail to refinance. Is it a good idea? The loan was for 123,888. My current house payment is about 850 a month. If I refinanced would it really bring it down that much? Thanks for the help.

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