subject: RESEARCH FOR REFINANCING A MORTGAGE [print this page] There is a large amount of information to learn about refinancing a mortgage. Where do you get the best advice? Well, that is a loaded question. If you know a good mortgage broker, personally, this can be a great asset. Just be sure that you can trust the individual. Otherwise, look to family or friends for their connections. The best way is to do your own research, which you must be doing or you wouldn't be reading this. Mortgage refinancing allows for a reduction of a long term loan which translates into a significant reduction in interest costs. Mortgage insurance ensures payment in the event of death or disability. Proving that you have the proper mortgage coverage will allow most companies to decrease the down payment while others strike it off as a necessary thing. Mortgage interest is deductible. Mortgage shopping for any length of time can be really frustrating. The rates are constantly changing, the refinance programs are constantly evolving and it's hard to keep up. Mortgage debt comes with the cheapest interest rates of almost any consumer debt. The key is simply to make sure that the profits you will see from investing will be enough to compensate for the taxes on the initial sum. Lenders will charge you higher rates than average and offer you a more limited range of mortgages if you choose to self-certify your income. In general it's not a good idea to self-certify just to avoid some paperwork. Lender underwriting occurs between days 21 and 30 or sooner. The underwriter is responsible for determining whether the combined package passed over by the processor is deemed as an acceptable loan. You, as a borrower must contribute at least 1% of your own funds for 1-2 family homes and 3% for 3-4 family homes. Gifts, grants or seller concessions are allowed, with limitations set by SONYMA. You can optionally pay more than interest. You also need to make a risk-based assessment of whether extracting equity from a home is economical. You should also be aware that refinancing a mortgage has costs, including the fact that the lender may charge a higher interest rate on a cash-out refinance than a rate-and-term refinance. Good luck!
RESEARCH FOR REFINANCING A MORTGAGE
By: Peter Richard Johnson
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