Refinancing is a word used frequently in the world of mortgages and Homeownership. What is it? Is this an option for me? When should I? How can I? These are all questions we ask ourselves as we explore mortgage decisions. Deciding to refinance can help you save money on your mortgage or help you shift debt to a more favorable position using the equity you have built up in your home.

What is Mortgage Refinancing

When you choose to refinance your mortgage(s) you are simply paying off your current mortgage loan(s) with a new mortgage. The process follows the same rules and steps you took when you purchased your home initially. You will need to submit an application, have your mortgage application complete an underwriting review and you will need to successfully complete all the conditions required to close on the new mortgage. Choosing to refinance can offer better terms, lowering your monthly payments and allowing you to pay off the loan sooner.

Why You Should Refinance?

The decision to...

FHA stands for Federal Housing Administration. VA is short for Veterans Affairs part of the US Departments of Veterans Affairs. Both of these agencies are US government organizations that offer home loans to qualifying buyers. In short, FHA Mortgages are federally insured mortgages designed to help qualified borrowers buy a home with less money down and lower credit. VA Mortgages are government insured mortgages for active or veteran military service members and their spouses.

VA Mortgages

VA mortgages are insured by the US Government through the US Department of Veterans Affairs. In order to qualify, a borrower must be a service member, veteran or a spouse of a military service member or veteran. Generally, to qualify for a VA Loan only one borrower must meet the following:

• Borrower(s) must have satisfactory credit score, which is typically 620 and above.
• The borrower(s) must also have a...

Many people enter into the mortgage process and are unfamiliar with the products that are available, while some borrowers are have been through the mortgage process before. Whichever category you fall into, it is worth understanding an Interest-Only ("IO") mortgage when you are looking at all the options. Interest-Only loans are attractive to buyers wanting to save money on their monthly payments and who may be looking for different amortization timelines.

What Is An Interest-Only Loan?

An Interest-Only Loan is a loan where you pay only the interest portion of the loan at the beginning and the principal at the end. The interest payments last several years at the first portion of the loan term (usually the first 10 years).

What Is Re-Amortization?

Re-amortizing your loan means that you can adjust the terms of your loan to change the loan payment amount or to shorten or lengthen the loan term. In short, the loan payment is recalculated. In the case of Interest Only mortgages, when the interest portion of the loan finishes...

Are you looking to tap into extra equity while in retirement? Is most of your equity tied up in your home? Are you age 62 or older?

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What is a Reverse Mortgage?

A reverse mortgage is a loan available to homeowners ages 62 or older, who own their homes. Generally reverse mortgages are federally insured products, however many lenders have proprietary reverse products that they can lend with, which may help you tap into your home equity.

Qualifications for a Reverse Mortgage

To be eligible, the primary homeowner must be 62 years or older. You must own your home outright and all existing mortgages must be paid off or you can refinance your existing mortgages through a reverse mortgage transaction. The property must be maintained and the primary residence you reside in, as well as up to date on current property tax, homeowner’s insurance, homeowner’s association dues and fees.

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