• It is pretty much like getting a mortgage in the first place. You can just refinance it for the amount you owe, in an attempt to get a lower interest rate, or you may wish to get more money (some of your equity) so that you can make improvements or pay off bills. You can search out loans on the internet. My favorite spot is Here you can try many different options, you can get lots of different interest rates depending on how long you want to finance or how much you're willing to pay at closing. I did actually get a mortgage through them and it ended up being with Suntrust Mortgage. Everything went smoothly and I believe I got the best rate. They don't require as much documentation as some other lenders, you will need to have your home appraised though.
  • Step1 See How to Shop for a Mortgage and How to Obtain a Home Equity Loan for a summary of the process. Step2 Ask yourself how long you're going to stay in your home. Divide the cost of refinancing by 12 to find out how many months you need to stay put for a refinance to be monetarily worthwhile. Typically you need to stay put for at least three years and secure a rate at least 1 percent lower in order for refinancing to make sense. Step3 Contact your current lender first if you've just purchased your home. With a recent appraisal on file, you may save closing costs and be able to move more quickly by working with the same mortgagor. Investigate online lenders as well. Step4 Pay attention to fees and closing costs, as with a first mortgage. These will include the cost of getting your house reappraised and may differ a great deal from one lender to another. Step5 Consider limiting the term to be no longer than what is left on your current mortgage, or you'll end up with much lower payments but a much longer mortgage.
  • not with aig...
  • You may be well served to ask the person who last financed your home, if you were satisfied with their service. A good mortgage broker is hard to find. Otherwise, ask your friends, neighbors, co-workers for referrals to their mortgage broker. Rates are spectacularly low at present, but you will need to have stellar credit and plenty of equity in the home to qualify. If you stripped the equity from you home in the past few years, chances are good that you will NOT qualify -- especially if property values plummeted by 20% or more in the past couple of years. You may also be eligible for a loan modification if your payments have become oppressive or if you are upside-down (home worth less than your mortgage loan amount). Contact you present lender, if this is the case.
  • Sorry to say this, but if you do not know how to refinance, you shouldn't own a house!
  • Sell your soul to the bank

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