Refinancing after a short sale: what it is and when it makes sense A short sale occurs when a homeowner sells their property for less than the outstanding mortgage balance with lender approval. After a short sale many homeowners want to return to homeownership or lower the cost of an existing loan — and refinancing…
Refinance rate shopping without hurting your credit: what homeowners need to know Shopping for mortgage refinance rates can save you thousands over the life of a loan, but many homeowners worry that contacting multiple lenders will damage their credit score. The good news: with the right approach you can compare offers widely while minimizing or…
Using Alimony or Child Support Income to Refinance Your Mortgage If you receive alimony or child support, that income can sometimes be used to help you qualify for a mortgage refinance. Lenders will treat these payments like other sources of income — but they require careful documentation and evidence they will continue. This guide explains…
What is a VA IRRRL and when it makes sense The VA Interest Rate Reduction Refinance Loan (IRRRL), often called the VA streamline refinance, is a streamlined refinance program available to borrowers who already have a VA-backed mortgage. It lets eligible borrowers refinance an existing VA loan into a new VA loan—usually to get a…
Escrow waiver on a refinance — should you keep it? When you refinance your mortgage, one decision you’ll likely face is whether to keep the lender-managed escrow account for property taxes and homeowners insurance, or to “waive” it and pay those bills yourself. This article explains what an escrow waiver is, when it makes sense,…
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Broker vs Direct Lender for a Refinance: Which Should You Use? Refinancing your mortgage can save you money, shorten your loan term, or help you tap home equity. One early decision is whether to work with a mortgage broker or a direct lender. Both can get you to the finish line, but they operate differently…
APR vs. interest rate: what it is and when to focus on each The interest rate is the annual percentage the lender charges on the outstanding principal of your mortgage — the number most advertised. APR (Annual Percentage Rate) converts the interest rate plus many upfront finance charges into a single annualized figure so you…
HELOC vs. Cash‑Out Refinance vs. Home Equity Loan: Which Is Right for You? If you’re a homeowner considering tapping the equity in your house, three common options appear: a HELOC (home equity line of credit), a cash‑out refinance, and a home equity loan (sometimes called a second mortgage). Each works differently, has different costs and…
Refinancing to Combine a First and Second Mortgage: What Homeowners Need to Know Combining a first mortgage and a second mortgage (home equity loan or HELOC) into a single refinanced first mortgage is a common move for homeowners who want to simplify payments, lower interest costs, or convert variable-rate debt to a fixed-rate loan. This…
Appraisal Tips for Refinancing — and When a Waiver Makes Sense When refinancing a mortgage, the lender usually needs to confirm the home’s value. That often means an appraisal — a professional, on-site inspection and valuation — but lenders increasingly use appraisal waivers (sometimes called property inspection waivers or PIWs) when automated data shows sufficient…
What a rate lock and a float-down are — and when they make sense A rate lock is an agreement between a borrower and a lender that guarantees a specific interest rate on a refinance for a set period (commonly 30, 45, 60, or 90 days). Once you lock, the lender promises the quoted rate…