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Mortgage Refinance FAQs To Help You Better Understand

by Delarno
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Mortgage Refinance FAQs To Help You Better Understand

Mortgage Refinance FAQs

If you are looking for mortgage refinancing, you may have some of the same questions that many other people in the same situation have. Here are a few of the most common mortgage refinance questions that people ask, and their answers.

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  1. What are the main factors necessary for qualifying for a mortgage refinance? Your lender will consider many components when qualifying you for mortgage refinancing. They will look at the current value of your home, your credit score and history, your income, and any assets that you may have. If the value of your home is not more than your current mortgage loan, you may not be able to do a mortgage refinance.
  2. Is there more than one type of mortgage refinance? There are actually quite a few different mortgage refinancing products available. You may want to opt for a total refinance that pays off your current loan and extends the term of the loan to lower your payments. You may want a cash-out refinance so you have money for that remodeling project. You may also want to think about a Home Equity Line of Credit (HELOC) that you can treat as a revolving credit account, pulling out only what you need when you need it.
  3. What is “bad credit”? Bad credit may include a poor credit score, but it is mainly a credit history that has a number of missed and late payments over a period of time. Even if you have poor or bad credit, you can still find options if you need to refinance your home, such as a bad credit mortgage refinance.This image has an empty alt attribute; its file name is money-1017463-1024x678.jpg
  4. If you have bad credit, can you refinance your mortgage? bad credit mortgage refinancing is an option that is available to people whose credit history has some problems. The credit history is not the only thing that is considered by the mortgage lenders. For instance, if you have an Adjustable Rate Mortgage (ARM) that was a popular loan product in the early 2000s and have missed some of your mortgage payments, there are currently some programs that will help you to refinance your mortgage and lower those monthly payments. This will help you stay in your home and avoid foreclosure. You may be able to get a bad credit mortgage through FHA and VA programs.

There are many different factors that go into a mortgage refinance and many questions that people may have. It is important to discuss all of your options with a loan officer so that you will be able to select the best loan product for your needs.

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