There are multiple reasons why a homeowner might make the decision to refinance. Perhaps they are trying to reduce their monthly mortgage payment or shorten the term of their current loan. Or maybe they are hoping to do a cash-back refinance in order to either pay off debt or to pay for home improvements. Whatever the reason, it’s important to remember that just because you have a current mortgage, does not mean you’re guaranteed to be approved for refinancing. Here we will take a look at some of the reasons a refinance application might be denied.
All time low mortgage rates have many people looking at refinancing options. But like with any other financial decision, there are certainly a number of questions you should ask yourself before you decide to take the plunge to refinance. To make it a bit easier, we’ve outlined some key points to consider before you call your lender.
If you are one of the many consumers that are dreading opening their credit card bills that are pouring in, know you’re not alone. At this time of year, when we are looking forward to what the new year will bring (never more so than this year!) consumers find themselves struggling with how to keep up with their holiday bills. Even though 2020 was a tough year financially for many, the NRF (National Retail Federation) reports that spending was down just slightly for the average American this past holiday season. This leads us to our question: Can a cash-out refinance help you breathe a little easier?
The first of the year rolls around and many Americans start thinking about their tax refund and how they are going to spend it. Put it towards a family vacation? Use it for a down payment on a new car? Pay off holiday bills? Maybe its time to start thinking about ways to really put that refund to good use.