#QUICKEN LOANS REFINANCE HOW TO#

Read all the fine print and ask questions when speaking with your loan officer. Once you narrow your choices to a shortlist, do some research on your own. Ask friends and family members about lenders and scan online reviews. Savvy mortgage shoppers compare interest rates and closing costs for any potential mortgage refinance. Research potential mortgage refinancing lenders Use the online mortgage refinance calculator from Fannie Mae or online calculators available from mortgage lenders websites to help you decide if refinancing is a wise decision. If it takes longer to benefit from the refinance than you plan to stay in your home, itвЂ™s probably not the best choice.

Whether itвЂ™s the right time for you to refinance depends on the amount of the downpayment on your house when you closed on the mortgage, how long youвЂ™ve been paying on the loan and home market values in your area.Дivide the total estimated closing costs by monthly savings on your mortgage payment if you refinance. What that means to you is refinancing generally makes more sense earlier in a loanвЂ™s life, but not so soon after the original mortgage that you have no equity built up in the home. In other words, the portion of your mortgage payment applied to the loanвЂ™s principal is much lower in the first few years, with most of your payment going to pay down interest. Lenders routinely collect the majority of the mortgageвЂ™s interest early in the loanвЂ™s payback period. Ask your lender about government programs such as Fannie MaeвЂ™s Home Affordable Refinance Program (HARP) or lender options designed to help retirees qualify for new or refinanced mortgages based on assets and monthly income. If youвЂ™re 62 or older, itвЂ™s common to use a reverse mortgage to payoff an existing mortgage. You also need to determine how long you intend to make payments. For example, is travel or modifying your home to accommodate physical needs like a wheelchair or stairlift in your future plans? ItвЂ™s also critical to look at lifestyle choices that affect finances. Decisions to make before refinancingД«efore contacting a lender to refinance, consumers need to make some important decisions regarding how long they want to stay in the home. If you are considering a mortgage refinance but arenвЂ™t sure where to start, check out these four tips to help jumpstart your research. Monitor your credit score leading up to refinance вЂ“ and take steps to clean it up.Plan to stay in your home at least 5 years before refinancing.

Refinance when interest rates are low or falling, and when home values are increasing.

#QUICKEN LOANS REFINANCE HOW TO#

In this guide, we will explain how to determine what you need to get the funds from a refinance, compare costs and how to find the best lender for your financial situation. To find mortgage refinancing options that appeal to a majority of consumers, we researched large companies offering refinancing in most or all states. Fortunately, there are government and lender programs to help with eligibility based on factors such as the value of your retirement funds, veteran status, Native American status, or other special considerations. Not all consumers qualify for conventional mortgage refinancing. Over the course of your loan, making the right decision could save you thousands or even tens of thousands of dollars.

The decision to refinance your home mortgage is highly personal and depends on your income, amount of home equity and how long you plan to stay in your home. Borrowers may refinance to take advantage of lower interest rates, to extend or shorten the payoff date, for a reduction in (or the elimination of) mortgage insurance (called PMI), to refinance equity and receive cash, or for a combination of factors. Saving money isnвЂ™t the only reason to refinance, either. Most people live on a budget, so mortgage refinances are common because a refinance may save hundreds of dollars a month in mortgage payments or related expenses, especially if you know how to maximize your refinance savings.

Quicken loans refinance