The “no cost” refinance also called a “no fee” refinance idea is promulgated via advertisement by many mortgage companies across the country. This no closing cost refinance fantasy will be put to rest here and now. I estimate half of the people I have discussed mortgage refinancing with over the last year have wanted to [...]

The servicing mortgage company is the company to whom you make your payments. The servicing mortgage banks often benefit from the belief you can save time and money refinancing with them. Refinancing with your current servicing mortgage company gives you no guarantee of cost or time savings! But mortgage shoppers don’t know that. Another misguided [...]

A cash out refinance is cashing out home equity by refinancing into a new mortgage with a higher balance than the old mortgage in order to pocket the difference. For example, your home is worth $300,000 and your current mortgage balance is $200,000. You can increase your new loan amount all the way up to [...]

Mortgage payoff is not the same as mortgage balance. Which is why the question, “Why is my mortgage payoff amount higher than my balance?” was asked almost every time I originated or processed a refinance. You know what your mortgage balance is because it is on your statements. Also on your mortgage statements referring to [...]

I have a bit of mortgage refinance advice that will sound so obviously beneficial, and yet it is rarely followed. Before that, let me ask you a few questions about your last home mortgage refinance. Mortgage Refinance Loan Questions “Did you only look at lowering your payment as the primary determining factor as to whether [...]

A California refinance decision dumping an adjustable rate loan in favor of a fixed rate loan, goes from a maybe to a must. The popular California refinance choice made by many, the Option ARM, continues to rise. California Refinance: Get Away From the Option ARM As you may know, the COFI (pronounced “coffee”) Index refers [...]

In addition to the credit issues, the bad credit refinance is facing barriers of dropping home values, loss of cash-out programs, and the loss of many bad credit lenders. A bad credit refinance home loan is a loan that replaces an existing loan with a borrower who typically has less than 600 credit score. Bad [...]