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If you are experiencing financial stress because of your mortgage, it may be time to consider refinancing your home. Here are mortgage.info we want to arm you with the best information to help you choose and finance in the most efficient ways.
What Is A Refinance?
A refinance is pretty straight forward, it is financing, and setting up mortgage payments again. However typically with a new loan there will be savings with the interest rates and possible with the monthly payments. Essentially you will be paying off your old loan by obtaining a new one.
When you have applied for a refinance there will be a few documentation checks of your credit score and payment history, your income and employment, and there will be an appraisal to determine the current value of your home. These check will vary on the type of refinance you choose to do. A very popular refinancing option, Streamlined Refinancing, will not require many of these.
If you are experiencing financial stress, or would like to take advantage of new lower rates refinancing could be for you. Homes that have little or no equity, or homes that are underwater are great candidates for a refinancing.