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Mortgage Refinancing Help
: Regional: North America: United States: Regions: Northeast: Business and Economy
: Real Estate (6)
 If you have bad credit, find a lender who is willing to work with you and offer you reasonable loan terms.
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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.
For both new buyers and refinancers, it's important to understand what a no-cost mortgage loan or a no-cost refinance loan really means. "No cost" does not mean that closing costs (also known as settlement costs) have been erased. It means that the closing costs will be factored into the interest rate associated with the loan. Of course, this also means that, all other things being equal, the interest rate associated with a no-cost mortgage will always be higher than one where the borrower pays the closing costs up front.
There is a refinancing myth that says you should not refinance your mortgage unless your interest rate will be at least two points less. This myth is not necessarily true if there are other benefits to the refinance or other reasons behind it.
Refinancing can be the right move to improve your financial situation, but be careful. Making the wrong move can put you much worse off. Smart and simple choices will go a long way toward keeping you financially secure.
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