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Mortgage Refinance FAQ
Before you open an account, make sure you have a good understanding of the ground-level details:
Should I refinance my mortgage?
How much time and money can I save by refinancing?
It is important to note that refinancing your mortgage will not change the principal balance of your loan, it will only change the interest rate or length of term.
How much will my new payment be?
Can I refinance to get rid of PMI?
How do you calculate your new mortgage payment and refinance rate?
For refinancing, a home appraisal is very important. An appraisal is done by a 3rd party and the appraiser will inspect your home to see if the home’s value has gone up or down. They will look at the value of neighboring homes and check to see if repairs and other features have been added to the home. If the home value has increased since the purchase, you have gained equity. If the value has gone down so low that you are underwater, you won’t be able to refinance.
Your Loan to Value ratio (LTV) affects the rate and type of loan you may qualify for. It shows what you owe on your mortgage against the home value. Having a low LTV is best because it can get you a better interest rate. If you have a high LTV, your refinance may require PMI.
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