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Mortgage Refinancing Help
: Home: Personal Finance: Money Management
: Credit (119)
 It is feasible to go for a refinance when you have built up at least 10% equity in your home (For Fannie Mae owned mortgages, the value is 5%). It is also possible for you to choose the option if your equity is less than 5%, but you may have to pay a certain amount of cash in order to make up for the difference in equity.
 See also:
 Credit Talk »
Money management resource by MasterCard International. Includes tools, budgeting basics, tips, articles, glossary, and student guides.
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 CardRatings.com Message Board »
Two biggest forums are dedicated to credit cards, and to general credit and debt management issues. Anyone can read; registration required to post.
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 Use Credit Wisely »
Basic information for new credit users includes glossary, budgeting advice, and fraud avoidance. Citibank publication.
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 About.com: Credit/Debt Management »
Credit basics.
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 Credit Info Center »
Financial information on credit, credit reports, mortgages and loans.
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 DailyFinance: Credit »
Articles and information about personal credit, scores and credit cards.
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 Credit Secrets Bible »
Offers tips on bad credit, bankruptcy, loans, credit cards and resolving debt.
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 Creditboards »
Online discussion forums covering several aspects of consumer credit.
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 Finance and Credit Tips »
Collection of articles regarding consumer credit and financing. From the Council of Better Business Bureaus.
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 Fair, Isaac and Company »
Largest provider of consumer credit scoring models used in credit approval.
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 MyFICO »
Offers access to FICO credit scores.
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 Consumer Handbook to Credit Protection Laws »
Guide to shopping, applying for, and using credit, maintaining a good credit record, and complaining about an unfair deal, and discriminatory lending practices, from the Federal Reserve Board.
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 Federal Trade Commission: Credit & Loans »
Features an assortment of helpful articles related to credit issues.
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 The Credit Scoring Site »
Resource regarding credit score industry trends, laws and regulations.
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 CBM Credit Education Foundation »
Non-profit organization assists schools, businesses and civic groups to promote financial literacy and the wise use of consumer credit. Includes educational materials and links to related sites.
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 Credit Center from AOL Real Estate »
Learn how to check credit scores and credit reports. Get information on credit repair and managing credit.
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 If your monthly payment on a fixed-rate loan includes escrow amounts for taxes and insurance, your payment each month could change over time due to changes in property taxes, insurance, or community association fees.
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.
Don't fall for the 0% apr unless it fits in with your master plan. A lot of brokers will try to get you locked into a low interest rate that will balloon on you in a couple of years and leave you out on the street.
Be Realistic. Lenders have tightened up loan requirements, so you'll need a good credit score and at least some equity in your home to refinance. To figure out how much equity you have, subtract the total amount that you owe on all of your existing mortgages from how much you think your home is worth. If your credit is severely impaired or you owe more than the value of your home, you probably won't be able to refinance right now.
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