Refinancing / Related to refinancing a mortgage

What is a reverse mortgage?

Instead of paying the bank a mortgage payment each month, with a reverse mortgage, the bank pays you. But there are some strings attached. You must be 62 or older ...
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How can I refinance my home?

When you refinance, you want to trade in your current mortgage for a cheaper one. The first thing to do is make sure you qualify for refinancing. You should also ...
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What is the HARP program?

The federal Home Affordable Refinance Program was established in 2009 to help homeowners with “underwater” mortgages – a mortgage balance higher than the property’s value. It is designed to help ...
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What is a mortgage balloon loan?

A balloon loan mortgage has a fixed rate, but unlike conventional 30 year mortgages, a balloon mortgage usually lasts just five to seven years. When the loan term expires, the ...
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Can I refinance my current FHA loan to a conventional after one year?

It's possible for you to refinance your FHA loan to a conventional loan after one year, but just because you can do so doesn't necessarily mean that you should. First ...
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What is a second mortgage?

A second mortgage is just that – another mortgage taken out on a property which already has a mortgage. With a second mortgage, you are borrowing on the equity in ...
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What is a piggyback mortgage?

A piggyback mortgage refers to a second mortgage taken out on a property at the same time as a primary mortgage or refinancing. Generally, the primary mortgage makes up 80 ...
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Woman thinking about refinancing

Can I refinance again after 3 months?

alenkasm/ It is possible to refinance most loans within three months, but in many cases it won’t make sense, even though you are paying a lower interest rate. That’s because ...
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What are the top 3 things I need to consider before refinancing?

All important issues concerning refinancing revolve around whether it makes financial sense. The number one issue involves addressing any fees or penalties you have to pay when refinancing. Crunch the ...
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