If you’re thinking of refinancing your home in the near future, there is a lot you need to consider. You need to determine your own reasons for refinancing and if refinancing is a feasible option for you and your circumstances. You also need to consider which mortgage company is the best option for you, keeping in mind that your current mortgage lender might not always the best choice for your refinance. Circumstances change. Your credit score/report might have changed. Your financial situation might have changed. Taking all of that into consideration, you need to do some leg work to find the right lender and right type of loan. We’ve put together some important questions to ask prospective lenders before you decide which to move forward with.
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.
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?