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Yes, you can refinance your condo mortgage. It works similarly to a refinance for single-family homes, giving you the option to lower your interest rate or change your loan term. You can also tap ...
Refinance Only If Your New Interest Rate Will Be Much Lower, But Consider Costs. Keep in mind that refinancing is a complicated and time-consuming process. It’s also not free; you will need to ...
Refinancing for the Same Length of Time as Your Previous Loan “One of the biggest mistakes I see homeowners making is trying to refinance for the same length of time,” said John Li, ...
The FHA streamline refinancing program requires no repairs be made to the property except for the removal of lead-based paint. [6] For example, repairs to a roof, foundation or electrical wiring are not required for an FHA streamline refinancing. The FHA streamline refinancing program does not permit home owners to receive equity back as cash. [7]
Closing costs on a mortgage refinance can run between 2 and 5 percent of the amount you refinance. These line items include discount points, your loan’s origination fee and an appraisal fee to ...
According to the Federal Deposit Insurance Corporation (FDIC) chairman, Sheila C. Bair, looking back as far as the 1980s, "the FDIC applied workout procedures for troubled loans out of bank failures, modifying loans to make them affordable and to turn nonperforming into performing loans by offering refinances, loan assumptions, and family loan transfers."
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.
To refinance your rental property, be sure you’re up on lender requirements, know your equity and are ready to shop around to find the best rate. Refinancing isn’t just for a primary residency.
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