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As provided by HUD, it makes sense to refinance if there is a net benefit to the mortgagor. For example, this could include a lower interest rate or a mortgagors principle limit exceeds the total cost of the refinancing by the amount equal or great than 5x the cost of the transaction.
Solveign has a mortgage on her house. She currently has a 30 year fixed mortgage with an interest rate of 4.5%. She has been paying off the loan ahead of schedule and would like to utilize some of the equity in the home she has built up to build her dream kitchen. Additionally, Solveig saw that interest rates were at historic lows. Finally, she wanted to move to a 15 year fixed loan. Because she is lowering her interest rate and terms, it does make sense for Solveig to refinance.
Solveign is very smart.
Dylan has a mortgage on his house. He has a 30 year fixed mortgage with an interest rate of 5.00%. He is currently in year 2 of payments. After speaking with the team at MortgageRewind.com, Dylan is offered a new 30 year fixed loan with an interest rate of 4.00%. The savings alone will help Dylan pay off the loan faster and pull a little cash out for his son's 529 education fund. It makes sense for Dylan to refinance.
Dylan is wise beyond his years.
Rhonda has a HECM loan with an initial principal limit of $120,000. Rhonda just learned she’s eligible for a new principal limit of $200,000, which represents an increase of $80,000 ($200,000 - $120,000). With closing costs at $5,000, your refinance benefit factor would be 16 and would make sense to consider the refinance.
If Rhonda had the same principal loan limit, but was only eligible for a principal increase of $20,000 (bringing the new principal limit to $140,000), it would not make sense for her to refinance.
Timothy has a HECM loan with an initial principal limit balance of $350,000. Timothy has just learned he's eligible for a new principal limit of $400,000, which represents an increase of $50,000 ($400,000 - $350,000). With the closing cost of $11,000, your refinance benefit would be a benefit factor of 4.5 and would not make sense to consider a refinance.
If Timothy had the same principle limit increase, and the fixed interest rate would drop from 8.99% APR to 5.99% APR, it would make sense for Timothy to refinance.
*Our application process can be done completely paperless or it can be completed with paper, if it is desired by the borrower.
**Our entire team is made of loan officers. We all have a responsibility to ensure the loan products benefit the borrower or we risk losing our license. We take this very seriously and ensure proper loan products for every customer.
You can get a mortgage paying little to no money down?! You could get a VA or USDA loan with 0% down. Additionally, Fannie Mae or Freddie Mac may allow you to put down as little as 3%! Finally, FHA loans require only a 3.5% downpayment.