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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 ...
Refinancing a mortgage loan only makes good sense if you can get a lower interest rate than what you already have. So, say you took on a loan with 7% interest — a very high rate — refinancing ...
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."
Each lender has its own rules and requirements for loan modifications. Most require you to provide documentation, including a hardship letter, bank statements, tax returns and proof of income.
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]
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, ...
5 steps to prepare to refinance. You can keep in touch with a lender while you get ready to refinance, or you can use a DIY approach and wait to contact a lender until you're ready to apply.
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