Mortgage Refinance FAQs

Should I refinance my existing home mortgage?

It depends upon your current mortgage interest rate and the duration of your mortgage payback. If you plan to repay over 3 years or more, it's advisable to go in for a mortgage refinance program. You can save a certain monthly amount through mortgage refinance programs since you can avail a lower interest rate and a monthly schedule that supports reduced payments. If your aim is to refinance so as to increase your cash liquidity for non-critical issues, it's advisable you do not do this as it wouldn't be worth it. Your house is an important asset, even when it's mortgaged and shouldn't be treated like some kind of piggy bank from which you can take out some cash to buy things like cars, plasma TVs, or other frivolous consumer products.

Is it possible for me to get a refinance on my existing home mortgage even if my credit status is 'bad'?

Yes. You can avail refinance facilities irrespective of your credit ratings and credit status. Majority of the companies do offer credit for mortgage refinance, however a few companies do not. Theoretically and practically it's possible.

Can I refinance for no cost or at a lower cost?

Yes. It's possible. With an availability of such a wide variety of loan programs you can refinance your existing loan at no extra cost or a minimal interest cost difference favoring you. You can avail immediate savings, and you won't have to sacrifice your bank account or equity to get a better rate. Individuals have taken advantage of our no cost refinance programs and benefited from it.

Do I need the services of a loan agent or some officer while applying for a refinance mortgage loan?

That would depend upon both the experience and expertise level of the borrower. An experienced borrower having a solid credit status who is looking to refinance is generally able to fly solo since he/she has the necessary experience to look out for the pit falls. On the other hand a first time buyer or someone who's in a hurry to close a transaction quickly may require assistance or advice of an active mortgage agent or an officer.

How do I calculate the value of my property or evaluate it?

A mortgage is a loan secured by some real property, so the crucial factor is to determine the correct value of the property. Property value can be determined in a number of ways:

Market value of the property
The price that a buyer will pay for it in the open market, and what other comparable properties in the neighborhood have been recently sold for.
Appraised value of the property
The price which a trained and licensed professional determines for the property based upon a personal inspection, and a thorough analysis of the property along with its neighborhood.
Replacement value of the property
The cost incurred to build a house of similar size and dimensions having the same construction criteria on a vacant lot. The appraiser reduces this cost by an age factor to take into account deterioration and depreciation of the total property.

Refinance home loans cater to home mortgage refinancing through mortgage refinance programs. You can avail a good refinance mortgage loan, but for that you have to select the company that best suits your needs. Ideally lowered mortgage interest rates help to regularly save your money on a monthly basis.

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