Back in 2005, as I finished my Master’s degree, I decided to consolidate my federal student loans. Consolidating your student…
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When buying a new home or refinancing an existing home, one of the many decisions that must be made is what kind of mortgage you’re going to get. With that decision, is the option of term – or the length of your loan (ex: a 30-year loan has payments spread out over 30 years). For most borrowers, this means choosing between the ever-popular 30-year or 15-year fixed-rate mortgage.
Before you decide what term is best for you, make sure you weigh the pros and cons of each to determine which option is right for your personal financial situation.
In part one of this series, we discussed some of the new realities of mortgage refinancing in an interview with Quicken Loans Vice President and mortgage industry veteran, Stephen Luigi Piazza. The discussion continues here in part two, with more tips and trends that homeowners should know about if they want to refinance their mortgage today.
With mortgage rates at record lows, many homeowners are looking to refinance their mortgages to save money on their monthly payments and/or pay off their mortgages faster. But what do people need to expect if they want to refinance? Is it still possible to get a home loan? Do you need a perfect credit score? What does it take to qualify, and what options do borrowers have for structuring their new loans?
Whether you’re interested in lowering your mortgage rate, or you’d like to shorten your loan’s term, refinancing your mortgage can mean big savings for you… or it might not be worth it, depending on your personal situation. Find out how to decide whether you should refinance.
Not sure what it takes to get a home loan today? Home Loan Expert, Eric Ehrhardt, covers the most important basics – credit, equity, income and assets – so when you’re ready to buy your dream home or refinance your existing home, you’ll have everything you need to qualify and move through the mortgage process with ease.