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Refinancing Your Home

Also, if you are refinancing to change terms or to take cash out to cover a major purchase and are not as concerned about your rate, money down can be exchanged for an increased interest rate. Generally this is when a homeowner pays, or does not pay, the points that can affect the loan’s interest rate. One point is the same as one percent of the loan. On $100,000 loan, one point would be $1,000. Usually, each point unpaid adds 1/8 to ¼ of one percent to the interest rate. Depending on the borrower’s priorities, points may be paid or a higher interest rate may be taken. Borrowers should be careful of lenders offering refinancing that includes no points. This often means that higher interest rates are built in.

Some homeowners are discouraged by the thought of paying new closing costs as a result of refinancing, but these costs can often be rolled over into the total amount of the loan, resulting in little or no out of pocket costs for the borrower.

Refinancing is much the same process as obtaining a first home loan. Credit and income both come into play when designing your new loan, and if either has diminished since your original loan, it may not pay to refinance.

However, if your original loan has a high rate or an unappealing term, refinancing can be the perfect opportunity to save money and reduce monthly payments. If you are a homeowner who:

  • Plans to remain at his or her home for the next three years
  • Would like to change an adjustable rate mortgage or establish a lower rate cap
  • Has not damaged your credit since your original loan
  • Wants to take advantage of lower interest rates
  • Needs money for home repairs or improvement
  • Needs money for college tuition or other large purchases


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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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Mobile Home / Manufactured Home Refinancing – must apply here instead
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Refinancing your home is the key to consolidating other high interest debts into your mortgage to take advantage of lower interest rates. You can also take cash out of the equity in your home through a home equity loan to make home improvements… Payment calculators can help you estimate your monthly mortgage payment. Among other things, payment calculators can also estimate the break-even date for refinancing and your new monthly payment with a debt consolidation loan… Amortization tables can show a world of difference between loans at different interest rates and different terms. Thirty year loans for example will show a great deal more interest in monthly payments than fifteen year loans…
Explore home equity loanes options with a mortgage broker professional with the help of Expo Financial’s lending network. Get up to four competitive loan offers for your home equity loan and get the best rates the market affords… Home refinancing is a frequent occurence as interest rates have continued to drop over the past few years. If you are planning on staying in your home for three or more years and your rate is not less than 5% you should consider refinancing again…

Refinancing your manufactured home loan makes sense if you intend to stay in your home for even as little as three years and or rates have dropped even as little as one percent from your original loan…

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