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Mortgage Refinancing Help: Associations
“If you have equity built up in your home, and you need cash, you have two choices: get a home equity loan or utilize cash-out refinancing. Each has its pros and cons, so be sure to evaluate your situation carefully prior to making a decision.
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Mortgage Refinancing Help
: Business: Financial Services: Mortgages
: Associations (9)
 If you do not plan on staying in the house very long, refinancing may not be in your best interests.
 See also:
 National Reverse Mortgage Lenders Association (NRMLA) »
Trade association for firms that originate, service, and invest in reverse mortgages. Features educational resources, events, publications, board of directors and committees.
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 Canadian Institute of Mortgage Brokers and Lenders (CIMBL) »
National organization representing the industry. Features events, news, directory of members, information for consumers, code of ethics.
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 Mortgage Bankers Association »
Represents the real estate finance industry. Features mission, advocacy, professional development, news, conferences, membership details. Headquartered in Washington, DC.
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 National Association of Professional Mortgage Women »
Women and men in the mortgage lending industry. Features services, education, online member directory, membership information.
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 National Association of Mortgage Brokers (NAMB) »
Represents the mortgage broker industry in the United States. Presents the mission and staff, board of directors, member resources, education and certification, publications.
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 American Credit Union Mortgage Association (ACUMA) »
Offers professional development, networking, and support for its members. Includes organization profile and benefits, conferences, membership information.
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 Mortgage Insurance Companies of America »
Trade association representing the private mortgage insurance (PMI) industry. Provides information on related legislative and regulatory issues.
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 The Upfront Mortgage Brokers Association (UMBA) »
National organization promoting consumer advocacy. Features the group's history and officers, membership details and directory of members.
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 Commercial Mortgage Securities Association (CMSA) »
International trade organization for the commercial real estate capital markets. Includes industry standards, committees, research, membership information.
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 When refinancing a mortgage, as many as 30% of homeowner's cash out part or all of their home's equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home's value, you will be hit with private mortgage insurance, costing you hundreds a year.
Be specific about the loan you want. The more precise you are, the easier it will be for a loan officer or mortgage broker to find the best rate. For example, do you want a 15-year or 30-year mortgage? Do you need a "jumbo" mortgage (more than $333,700)? Are you willing to pay points to reduce the interest rate? The answers to these questions will depend on several factors, including when you plan to sell the house and how soon you want to retire your debt. Only you know the answers, but the sooner you know them, the better.
If there is a big difference between the initial interest rate and the APR listed in the ad, it may mean that there are high fees associated with the loan.
Refinacing your mortgage can allow you to take cash out of the equity which you have built in your home. You can pay off your higher interest debts and pay all of your debts at a lower interest rate. This will allow you to save money on a monthly basis and achieve your financial security.
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