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What are the pros and cons of owning a condo? A condo can be a more manageable and affordable option compared to a single-family home, especially if you are looking for a starter home. Many ...
Cons of refinancing You’ll need solid credit and income: The underwriting process for a refinance is not unlike the one to get your first mortgage. Lenders want to see you’re in good financial ...
Condo loans can be a bit trickier than a typical single-family home loan, even if you have an excellent credit score, as the lender will want to scrutinize the finances of the condo development as ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
Streamline refinancing has become more popular because reuse of the original home's appraisal may be the only way someone underwater on the property can refinance it at all. [ 2 ] Streamline refinancing is an option for borrowers who want to take advantage of low interest rates, get out of an adjustable rate mortgage (ARM) or graduated payment ...
To refinance a mortgage, you’ll pay between 2 and 5 percent of the loan amount in closing costs, so if you’re refinancing to save money, you’ll need to calculate your break-even point.
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