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What are the pros and cons of owning a condo? ... One of the main differences between a condo refinance and a traditional home refinance is that the lender must approve the condo’s COA to ensure ...
Key takeaways. Refinancing your mortgage could make sense for several reasons: lowering your interest rate, taking cash out or switching to a fixed-rate loan.
Your refinance costs are likely to be around 3.5% of the loan amount or $8,000. If you save $200 per month in mortgage costs by dropping your rate, it will take 40 months to break even, or 3.33 years.
For loans backed by the U.S. Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA), you need six months of mortgage payments under your belt before you can refinance. So ...
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.
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.
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