|
Mortgage Refinancing Help: Real Estate
“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.
”
|
| |
Mortgage Refinancing Help
: Regional: North America: United States: North Carolina: Metro Areas: Greensboro-Winston-Salem-High Point: Business and Economy
: Real Estate (8)
 It's better to follow the 2% Rule which suggests that you can enjoy the benefits of a home refinance if your mortgage refinance rate is 2% lower than that on your current loan. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period). However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. But you can expect comparatively higher rates on such loans. Moreover, these loans are limited when the market is in a credit crunch.
 See also:
 Yost and Little »
Serving the Piedmont Triad since 1928. Posts advice, history, builders profile, and property search. Offices in Greensboro, Jamestown, Summerfield and Winston-Salem.
|
 Eagle Eye Home Inspections, Inc. »
Provides home inspection services in Guilford, Forsyth, Alamance, Rockingham, Randolph, and Davidson counties. Includes sample report, FAQs, and radon fact sheet.
|
 Winston Salem Regional Association of Realtors »
Serves real estate professionals in Forsyth, Stokes, Davie, and northern Davidson counties. Includes office staff, code of ethics, and application forms.
|
 The Home Inspector »
Home inspections in the Triad area. Includes FAQs, inspector profile, rates and services.
|
 Coldwell Banker Triad »
Offices in Winston-Salem, Advance, Greensboro, Kernersville, Jamestown and Lexington. Agent profiles, location information and listings.
|
 Greensboro Regional Realtors Association »
Organization supports members and promotes professional ethics. Features mission, committees, calendar, and continuing education.
|
|
|
 If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your 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.
If you are making payments on a long term loan, say, 30 year mortgage for the past 10 to 20 years, then refinancing to another 30 year loan will not be a good option as it may increase your overall payment.
Carefully review the estimated closing costs. If you decide to lock in the rate, the lender will send you a "good faith estimate" of your closing costs within three days. Go over the numbers carefully, and compare them to the ones that appear on the final settlement statement (the HUD-1) from your previous mortgage.
|
|