Is your present mortgage a constant source of stress? It may be time to consider refinancing your home. Mortgage.info provides information that can help you choose and finance in the most efficient way possible.
What Is A Refinance?
A refinance is pretty straight forward — it is financing and setting up mortgage payments again. Essentially, you will be paying off your old loan by obtaining a new one.
If you are experiencing financial stress or would like to take advantage of new lower rates, refinancing could be for you. Homes that have little or no equity, or homes that are underwater are great candidates for a refinancing.
When you have applied for a refinance, expect documentation checks to be done. Your credit score will be reviewed. Lenders will also be looking at your payment history, your income and employment, and there will be an appraisal to determine the current value of your home. These checks will vary depending on the type of refinance you choose to do. A very popular refinancing option, Streamlined Refinancing, will not require many of these.