Refinancing a mortgage can be a stressful time for homeowners. But you can smooth out the experience (and I dare say, have a little fun) with my insider secrets, designed to guide borrowers through every step of the loan process.
The letters that you are about to read come from homeowners struggling through the mortgage maze while attempting to refinance their homes.
I'm Kate, author and creator of this website, Ask Kate About Your Mortgage. I will be your guide to a successful refinance process.
For example, I help borrowers understand what action to take when their loan approvals develop a glitch... how to identify and avoid unfair loan fees... and most importantly, how to get affordable house payments.
There's no time like now to learn how to refinance and feel good about the outcome. So let's get started!
Is HARP Refinance a Cash-Out Mortgage Program - I am perplexed that Sandra has been approved for HARP since she has more than 20 percent equity. However, she might have a 2nd mortgage which could explain her eligibility.
Mortgage Bank Charges $450 Processing Cancellation Fee - Ben accepted the bank's refinance offer then cancelled the transaction 2 days later since he actually preferred a 20 (vs a 15) year term. Three months later, he's discovered a $450 cancellation fee. What is his recourse?
Cash Out Mortgage Refinancing for Home Improvements: Conventional, VA, and Reverse Mortgage - I wish at my age that I did not have to refy, but to do some maintenance and remodeling, it is the only way. I am a veteran but my bank loan officer said I should stay away from VA loans.
Mortgage Lender Cancels Refinance at Closing Due to Technical Error - Steven's refinance was cancelled without notice during closing. Why? The bank had experienced a technical error. Steven asks me if the lender is legally obligated to fund his new mortgage.
How to Avoid Mortgage Refinance Runaround - Cathy asks how long her lender can delay her refinance and if it's legal or ethical. Jason was denied loan aproval more than 12 times since 2012. He asks how to find out the reason behind the denials.
How to Avoid Mortgage Refinance Runaround - Cathy's lender keeps delaying the refinance process. How legal and/or ethical is this? Jason requested loan aproval more than 12 times and each time was turned down. He asks how to find out the reason behind the denials.
The Best Way to Refinance My Mortgage - When Sherry contemplates refinancing, the fact that her FHA mortgage insurance will eventually go away stops her from going forward. But now she's reconsidering and wants to know her options. Miriam just heard about HARP and is nervous about qualifying. Ross was told his mortgage is not Fannie Mae backed but is sure that is wrong.
Mortgage Refinance Options: How to Avoid the Evasive Lender Run Around - Stacy asks... I now owe $435 for the appraisal yet have no loan. Would HARP help or will I get the same run around? Doug asks... What is the criterion to qualify for the cash payments and deed-in-lieu of foreclosure? I don't feel I will get an honest answer if I call the bank.
Is Your Mortgage Refinance Worth the Cost - Larry is refinancing from a 30 to a 15 year mortgage. By his calculations, his breakeven point will be reached in 2 years even though his payment is increasing. Learn how to calculate the 2 breakeven points every borrower should understand.
Cash Out Refinance: No Closing Costs vs Lower Rate - Kathy can refinance with her lender at 3.875% and no closing costs. Another lender offered 3.125% plus closing costs. Which is the better option, paying closing costs or a higher interest rate?
Surest and Best Way to Refinance Your Mortgage - Steve is concerned he'll miss inferior terms in his paperwork. How does he know if he is part of the HARP refinance program? Meet Shirrley whose lender left the US. What are her refinance options?
How and When to Refinance for an Affordable Mortgage Payment - We have paid our mortgage faithfully, have excellent credit, but my husband's current job is less than what we were making when we purchased our home. What can we do?
Best Way to Refinance a Problematic Mortgage - Cate can't complete her refinance because the bank who is dodging her calls won't respond with a pay-off. Carol's 1st and 2nd mortgages must be paid off by 2015. Her only financing choice carries lender paid mortgage insurance (LPMI).
How to Refinance Your Home in Spite of Challenges - From senior citizens with underwater mortgages to refinancing your home after the short sale of a rental property. From getting rid of interest-only mortgages to modifying looming balloon payments.
Mortgage Refinance Options: No Cost Refi vs Best Mortgage Rates vs Low Payments - Scott's banker offers 3 refinancing options. Full of pros and cons, Scott admits to total confusion. Topping it off, the no cost refi includes ambiguous verbiage regarding the interest rate and prepayment penalties.
How to Refinance a Mortgage and Solve Loan Approval Glitches - Pushing past certain home loan requirements can be frustrating. You know you're a good risk. But how do you convince the bank's underwriter? Meet 4 borrowers in the throes of financing their homes.
How to Refinance Jumbo Mortgages - Sandy asks about refinancing her California jumbo loan. To complicate matters, she also has a home equity line of credit. Included are charts to clarify conforming loan limits and surprising alternatives to a jumbo mortgage refinance.
4 Mortgage Refinancing Questions - Linda asks about paying down her mortgage to lower payments. Cindy's banker wants to collateralize her investment property in addition to her home. Darcel asks about cash-out refinancing and adding co borrowers. S. wants to refinance without his spouse.
Pay Off Mortgage Early vs Refinancing - Financial Wizards that I know are convinced that I should refinance my mortgage with less than 5 years left on the term. I am no Financial Brain but it just doesn't make sense to me logically! Thoughts please!
Homeowner Insurance Coverage Delays Refinance - John's mortgage broker says the lender does not accept his homeowner association insurance coverage. A second homeowner can't get the money sitting in his escrow account refunded to him, even though it belongs to him.
Mortgage Refinancing Tip for Adding Co-Borrower - I'd like to remove my deceased husband's name and add my daughter's for tax purposes as she pays part of the mortgage. Will this be possible since I'm in school and not working?
Home Mortgage Refi on the Fritz - Our refinance was supposed to fund on Friday. But the loan "specialist" tells me it can't because our file has been pulled for a random quality control (QC) audit. Can they do this?
Ask Kate How to Refinance Your Mortgage - 4 Questions - Refinancing the home mortgage proposal, refinancing and mortgage companies, home refi rates on 5 year ARM, and refinancing with bad credit.
How to Reduce Mortgage Refinancing Costs - What can I do about reducing mortgage closing costs? For title fees, how do I know if that's as cheap as I can get it, and if not how do I get it lowered?
Discrepancy in Home Appraisal Value - We were refused the amount requested for refinancing due to a $10,000 discrepancy between what we said our property was worth and what it was appraised at. What recourse do we have?
Cautionary Cash-Out Mortgage Refinancing Tip - We hope to refinance to get a lower interest rate and cash-out some of our equity to remodel the home. Is there any advice you can offer to help us?
Refinancing a Home Mortgage to Save Money I Think - We were told that in addition to HARP, we qualified for another program. But the mortgage closing costs continue to rise, from $100 to $4,000.
Cash-Out Refi with Nationwide Mortgage Lender - We want a cash-out refinance for our girls' tuition. How long will it take until we have the cash in our hand?
Refinancing with 10 Year Mortgage Rates - I have $81,000 left on a 15 year fixed rate mortgage at 5.5 percent. We want lower payments with a better rate and I think we can get both. Should we go with a 10 year fixed?
Dreaded IRS Form 4506 and Mortgage Refi - The lender offered us a no appraisal, no proof of income refi on our mortgage. Now they require an IRS form 4506. Is this legal?
Good Faith Estimate Form vs HUD 1 Settlement Statement - On my good faith estimate, I received a credit of $2,543, but my HUD-1 shows only $1850. Are they trying to get one over on me? Can they do this?
Should I Lock Or Float A Mortgage Interest Rate? - My mortgage broker for my refinance is recommending to float my interest rate. Are there additional fees? How risking is floating my mortgage rate?
Pros And Cons Of Refinancing My Mortgage - Kate, is this mortgage refi worth the cost? Am I missing something? They have the papers ready to sign.
Co-Borrower Refinancing Questions - Pros and cons of adding a co-borrower to an existing mortgage.
Mortgage Refinancing In South Carolina - We own the land and are looking for a mobile home but need to finance the well and septic along with the home.
Refinancing Guidelines For Vacation Homes - John, lenders are not shy about checking on occupancy. My advice is to toe the line on occupancy certification.
Should I Refinance My Mortgage - Having the housing market the way it is now with prices not increasing, do you believe it is a good idea to increase the loan balance now hoping to save in the long run?
Refinance Fees TOO High - Is the Compensation From Rebate of $4839 just a way for the broker to make cash by giving me a higher interest rate?
How Does Refinancing Work With PMI - Seems crazy that PMI has increased SO much! We are not in dire straits, but our monthly payments are becoming increasingly a strain.
Monthly Payments On Mortgage - For my HARP refi, do I have to make my August payment even though I'm preapproved. We are extremely low on cash.
Refinancing Advice For Financial Trouble - All these taxpayer dollars and none of it helps us.
Ask Before Your Refinance - By changing from an interest only mortgage to a fixed rate mortgage, how much more would they be paying per month, and overall, in interest rates.
Mortgage Refinancing Advice - I would encourage anybody to refinance during this bleak time in our economy.
Refinancing Advice Look Carefully - Make sure you know exactly what you are getting before you sign that dotted line.
My Mortgage Rate Refinance - Mortgage rates were a lot higher then the media reported which is why I expected my mortgage rate refinance to drop more.
Enjoying Mortgage Rate Refinance Benefits - The recession and trauma created in the financial industry created a tough time for me to refinance.
Interest Rates and Mortgage Rate Refinancing Advice - Check your penalties and fees, check your rates and try to get a low fixed rate mortgage.
Home Mortgage Refinance Gets Appraisal Shock - We were only shocked when we were told the new value of our home.
3 Important Refinance Questions - There are lots of charlatans who masquerade as benevolent lenders.
Ask Now or Pay Later Refinancing - Find out if your lender has options other than refinancing your mortgage.
Three Refinancing Questions For Friends - Three questions I would recommend my friend ask when refinancing...
The Ultimate Refinance Question - To do or not to do, your dollar doesn't stretch as far and things are maybe beyond reason.
My Refinancing Advice - If you are adding debt into a refinanced mortgage every year, you could be in for a lot of trouble.
Refinancing Benefits - I do not wish to refinance again but it did help me out of tight situations in the past.
Are You Ready To Refinance - First, figure out what you can truly afford.
Save Money Refinancing - We paid our home off before we reached the age of 50 and it felt so very good.
Refinancing Advice For Financial Crisis - I met the person in the bank to sell the jewels.
Refinancing Advice-Home Equity Loan - Refinancing advice from a financial adviser provided me with a solution to pay off my mortgage faster.
Refinancing Advice From Successful Homeowner - By refinancing, I reduced my total monthly pay-out by $600.00 a month.
Proactive Homeowner With Refinancing Advice - While the payments are now much higher per month than the low introductory payment amounts were, we are locked in at a good interest rate for the next 30 years.
Refinance Seemed Good Idea-Refinancing Advice - With the housing market like it is, we are almost 15,000 upside down and unable to sell.
Refinancing Advice-Protect Yourself - See if you can consolidate outstanding debt.
Refinancing Advice - Rate is not always the most important factor.
Hold on! For more Ask Kate answers, go to Refinancing Help I
Three Questions To Ask - Rate and fees, monthly payment, and are there penalties for early payoff?
Refinancing Advice For Friends - If your lender refuses to stand behind its estimate, go elsewhere.
Experienced Refinancing Advice - Without a thorough understanding of the costs of the loan, you can't compare one lender to another accurately.
Haven't found what you're looking for? Here's the solution! Go ahead and Ask Kate for answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please share Ask Kate About Refinancing a Mortgage with your friends. I hope you'll come back and visit often.
Aug 11, 16 10:49 AM
Aug 11, 16 10:18 AM