Cash Out Refinance Calculator
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Cash Out Refinance Calculator
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Engaging in Mortgage Refinance to Reduce Loan Payments by Simon Volkov
Mortgage refinance is a strategy that can be used to reduce home loan payments or receive lump sum cash from accrued home equity. This option is also offered through the Making Home Affordable program to homeowners facing foreclosure.
Before applying for mortgage refinance, homeowners should take time to carefully weigh the pros and cons of this decision. The Federal Reserve Board offers a consumer guide to refinancing, along with financial worksheets and lender comparison guides.
Another good source for comparing lender rates is BankRate.com. The primary goal of refinancing is to reduce payments by obtaining a reduced rate of interest. Homeowners often refinance through their current lender, but spending time at BankRate may help borrowers save more by taking time to compare interest rates.
Homeowners should also take time to examine the Truth-in-Lending statement of their mortgage note to determine if a prepayment penalty clause is in effect. Banks typically charge penalties when borrowers pay off loans early. Fees can be costly and hover around 5-percent of the principal loan balance. Homeowners who have two or more mortgages could encounter substantial prepayment penalties which would negate savings obtained through refinancing.
Loans obtained through chartered credit unions, the FHA or VA, are exempt from prepayment penalties. Homeowners will want to determine if they qualify for VA or FHA loans or apply for mortgage refinance through credit unions.
Another option is the government-sponsored Making Home Affordable program. MHA offers three refinancing programs to qualified borrowers. Applicants must meet eligibility criteria and adhere to established protocol. Program details are offered at MakingHomeAffordable.gov.
When homeowners refinance mortgages they must qualify for a new loan. In today’s credit-tight industry it can be challenging to qualify unless FICO scores exceed 720. Borrowers are required to undergo the standard credit approval process and pay associated closing costs.
In addition to loan application fees, which range between $75 and $300, borrowers are responsible for settlement costs which generally range between 3- and 6-percent of the outstanding balance owed on the original loan.
Refinancing can extend the term of the loan, so borrowers need to calculate the true costs vs. savings. If homeowners have 20 years of payments and refinance into a 30-year loan, they will add 10 years of payments and interest. This can amount to several thousand dollars over the duration of the loan.
The Internet can be a good source for researching mortgage refinance information. In addition to the Federal Reserve and Making Home Affordable, homeowners may find it helpful to obtain HUD housing counseling.
Currently, HUD provides no-cost counseling services and can help borrowers submit Making Home Affordable applications. Due to government budget cuts, HUD housing counseling services are on the chopping block, so those who need help should reach out while the program exists.
Homeowners whose loans are owned by the FHA can apply for mortgage refinance through Streamline Refinancing program. Streamline is offered to borrowers in good standing and allows them to bypass income verification and credit checks. This program is only intended to help homeowners reduce mortgage payments and prohibits obtaining cash back from accrued home equity.
About the Author
Simon Volkov is a California real estate investor who has written extensively on mortgage refinance. His comprehensive article library offers information and resources to help homeowners make informed decisions about refinancing and provides foreclosure prevention strategies and resources. Learn more at www.SimonVolkov.com.