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Refinancing 101

What You Need to Know

Questions and Answers

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

Why Do Rates Fluctuate?

Have you ever wondered why mortgage interest rates change continuously? Why do they fluctuate? Don’t think the Fed controls everything. We explain all the factors that can affect your mortgage rate, to help you find your 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.

Loan Types

The Four Main Refinancing Plans

Understand and compare the four main refinancing plans: fixed-rate, adjustable-rate, interest-only and cash-out. 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 Payments

If your income fluctuates or you want the lowest possible payment options, an interest-only loan could be the right choice for you. Read our explanation to find out if this option would work best for you.

Cashing Out Equity

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.

Pros and Cons of Fixed- and 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.

All About 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.

Help for Victims of the Subprime Crisis

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.

RX for Debts: Facts on 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.

To Do Lists and Other Helpful Information

An Essential Refinance ChecklistRefinancing 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.

Explanations of Important Terms

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 1-800-734-REFI. We’re ready and waiting to answer any and all refinancing questions you may have.