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The Basics of Refinancing Your Mortgage

You would think that mortgage applications always come from people looking to buy a house. But you would be wrong. Currently, about two-thirds of the mortgage applications (source: mbaa.org) in the United States are from customers who already have homes and...

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Mortgage refinance costs

Interest rates are lower now than they've been in years, and many homeowners are taking advantage by refinancing their mortgage. But when is a good time to refinance? How do you know if refinancing is worth paying the closing costs again? And how much does...

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When should I refinance out of my ARM?

ARMs or Adjustable Rate Mortgages often have a bad reputation of being risky. Once the fixed rate period ends, homeowners are often anxious to refinance into a fixed mortgage for the stability and security of knowing their mortgage payments will always be...

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What to do: refinance basics

If interest were the only "cost" in borrowing money, life would be a lot simpler. There would be no application fees, title insurance premiums or "points" to consider, and whenever rates fell by some significant fraction, you'd run out and refi. Life is more...

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Why refinance: how to know when

Refinancing is most often motivated by lower interest rates, which can bring the dual benefit of lower mortgage payments and lower interest costs over time. But there are many other legitimate motivations. Some are a product of "creative" financing products...

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Home equity loans: the types, pros, and cons

A home equity loan uses a borrowers "equity" in a home as collateral. The term generally refers to a loan taken out after the home has been owned for a while. The owner signs a mortgage, pledges his home as collateral, and walks away with a check. But technically,...

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What is a reverse loan?

After paying to live in your home for years, wouldn't it be nice if the home started paying you? Reverse mortgages enable homeowners 62 and older to convert part of their home equity into tax-free income. The lender provides income to the homeowner in one...

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Refinance case study

There are many reasons to refinance your mortgage—some good and some not so good. If interest rates have dropped since you locked in your loan, and you aspire to pay less mortgage interest over time, you may have an excellent reason. If you're looking...

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