Home Refinance 101

Home Refinance 101

Sometimes you just need to start with the basics. Refinancing your home can be a confusing experience, whether done for the first or the fifth time. Mortgage markets change, lenders often fluctuate, and the loan process itself can change. We will walk you through some of your most basic home refinance questions.

Home Refinance Basics

Basic Home Refinance Questions

We’ve got the answers to any and every refinancing or mortgage question. Read this section first to get a short course on all the basics of mortgages and home refinancing, along with a good dose of market savvy to help you find the very best deal.

Why Do Mortgage Rates Fluctuate?

Ever wondered why mortgage interest rates change continuously? Why they are up some times and down others? Don’t think the Fed controls everything. We explain all the factors that affect mortgage rates, to help you find your way to the lowest possible rate.

How to Determine the Value of Your Home

To get the best valuation for your home, you’ll need to know which factors determine value. You’ll also need to know where to go to get an official valuation, if necessary. It’s all explained here.

How Credit Ratings Affect Refinancing

Arm yourself with information about how lenders view your credit rating. Find out what type of home loan programs will be made available to you depending on your credit rating.

Home Refinance Types

Understand and compare the primary types of home refinancing, including: interest-only, cash-out, fixed-rate, adjustable-rate, interest-only, FHA, loan modification, and debt consolidation. We explain the advantages and disadvantages of each, so you can make an informed decision about which suits your circumstances, and your future.

Interest-Only Mortgage

If your income fluctuates, or you’re strapped for cash right now, an interest-only loan could facilitate your home ownership plans without overstressing your income, or yourself. Read our explanation to find out if this option would work for you.

Cash-out Refinance or Home Equity Loan

Did you know there are three major ways to extract home equity? We explain each method, and compare the three. We also describe the scenarios most suitable to each home equity loan type. Read to choose the one most advantageous to your situation.

Fixed-Rate Versus Adjustable-Rate Mortgages

You’ve heard the hype. Now get the truth. Here we summarize and compare these two mortgage types so that you’ll have all the information you need to make an educated – and strategic – choice when you refinance.

FHA Loans

You’ve heard the term. You know it has something to do with the government. Here are all the facts so you’ll understand exactly what an FHA loan is. You’ll find out whether you’re eligible, and whether or not it’s a good idea for you.

Loan Modification

The crisis in subprime lending is not just a news story or a campaign issue – it affects real people. If you’ve been affected by adjustable rate terms and rising interest rates, we’ve got a plan for you. This plan could save many Americans from having to face foreclosure. Read to learn how this program could help you.

Debt Consolidation

Many of us are struggling under the burden of high debt. You may be stressed by multiple bills every month, all charging different interest rates. With debt consolidation you could combine all your debt into one stress-free monthly payment. Read on to find out how.

Home Refinance Steps

Home Refinance Checklist

Refinancing can be a paperwork nightmare. You’ll need copies of your driver’s license, bank statements, W-2 forms and much much more. Use this checklist to take the stress out and help you easily assemble everything you’ll need.

What is the Good Faith Estimate (GFE)?

Never heard of it? Better find out quick! The Good Faith Estimate (GFE) is the most important means of comparing lenders. We explain here what it is and how it works to help you choose the best lender and compare loan details.

Closing Costs Made Easy

A closing is not a picnic. But if you’re prepared, it can be relatively painless. Here we go line-by-line explaining every aspect of the forms you’ll have to review and sign off on. And you’ll understand every element of the all the charges that make up closing costs.

Explanation of Mortgage Terminology

Don’t be intimidated or confused by any unfamiliar terms you encounter in your search for a great refinance package. This list contains simple yet detailed explanations of any and every term you’ll ever need to know to refinance.

If we missed anything here, or if you have questions about your individual situation, call our expert loan consultants at 1-800-775-REFI. We’re ready and waiting to answer any and all refinancing questions you may have.

30 Year Fixed

30-year fixed-rate mortgaged are currently the most popular. Get peace of mind with a fixed monthly payment.
Enjoy the security of locking in your payment while rates are low.

FHA Streamline

Government-backed mortgages available. FHA mortgages make housing more affordable, with low fixed rates.
You may qualify for FHA Streamline if you already have an FHA loan.

Loan Modification

Struggling with current loan payment? There are opportunities to adjust your existing mortgage to your current income.
Find out if you are eligible for a government or lender loan modification.

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