How Would You Know if it’s the Best Time to Cash-Out Refinance?

Mortgage interest rates are at tempting levels that could make you wonder if it’s the right time to reap the rewards of your investment as a homeowner. Cash-out refinancing could be an option if you want to take advantage of the historically low interest rates and augment your finances especially during this difficult time as the nation deals with a health crisis.

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Is it Possible to Refinance My Mortgage if I’m Self-employed?

Self-employed homeowners who were able to take out a mortgage to buy a home may possibly refinance their mortgage. Mortgage refinancing could be beneficial in several ways including getting a much lower interest rate, mortgage insurance elimination, cashing-out on home equity, or changing an adjustable-rate mortgage into a fixed-rate mortgage. Refinancing a mortgage as a self-employed homeowner could be a challenge if you’re unfamiliar with the process.   

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Why Mortgage Refinancing Could Be Beneficial

Whenever mortgage interest rates take a plunge, most homeowners could be asking themselves if they would benefit from refinancing their current mortgage. Like taking out a mortgage to buy a home, there are also significant fees associated when refinancing a mortgage. When refinancing a mortgage, homeowners need to determine their financial goals so that they could figure out if they would benefit from the process. As a rule-of-thumb, refinancing could make sense if it will improve the homeowners’ finances along the way.

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Tips to Consider Before Refinancing a VA Loan

Mortgage refinancing is making a buzz as interest rates continue to become favorable to eligible homeowners. As a VA home loan beneficiary, you could get unsolicited offers from mortgage lenders and other financial institutions to seize the opportunity to reduce your monthly payments. Although the U.S. Department of Veterans Affairs (VA) makes it possible for eligible VA home loan beneficiaries to fulfill their homeownership dreams, there could be situations when refinancing can make a VA home loan even more rewarding.  

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4 Steps to Refinance Your FHA Loan

It makes sense to refinance your FHA loan with a conventional loan if you want to stop paying for mortgage insurance premium, or MIP. MIP is the annual and monthly fees you pay for when opting to put a low down payment. Homeowners who put a 3.5 percent down payment on their FHA loan expect to pay MIP until they finish repaying the loan.

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Typical Fees Associated in Refinancing a Mortgage

Many homeowners have been refinancing their mortgage to take advantage of the historically low interest rates. Aside from getting a low-interest rate, it makes sense to refinance your mortgage if you want to adjust the length of your mortgage term, change from an adjustable-rate mortgage to a fixed-rate mortgage, or if you want to cash out your home equity. However, if this is your first time to do refinancing, you need to be aware of the typical fees associated with it. Refinancing fees could go between 3 to 6 percent of your outstanding principal in addition to any prepayment penalties or other costs for paying off any mortgages you might have.

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Reduce Your VA-backed Home Loan Interest Through IRRRL (Interest Rate Reduction Refinance Loan)

The Department of Veterans Affairs (VA) extends its helping hands to financially-challenged Veterans who have taken a VA-backed home loan. After serving the country, our Veterans truly deserve to get all the help they need to have a comfortable living back here at home. Through the Interest Rate Reduction Refinance Loan or IRRRL, it is possible for Veterans to streamline refinance their current VA-backed loan, especially nowadays that interest rates are becoming more favorable to borrowers.

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Get The Home Remodeling Funds You Need Through Refinancing

Many families who live on a tight budget may have to hold off on remodels or upgrades. A few years after taking out a loan, you may find it necessary to make some home renovations as your family grows. If you think it’s time to make home improvements to give your family a comfortable living, refinancing could be your best option!   

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