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Refinanced Mortgage |
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Refinanced Mortgage A mortgage one repays by taking out another mortgage. Refinancing a mortgage can allow one to secure a lower interest rate; for example, one can replace a mortgage at an 8.5% rate with one at 5.5%. In the case of a balloon loan, refinancing can repay the principal if one does not have sufficient funds to do so; that is, if one has made only interest payments over the life of the loan and has not saved the principal amount when the loan comes due, refinancing can prevent bankruptcy. There are two main drawbacks to refinancing. First, there is no certainty that one will be approved for it. One thus takes a risk every time one decides to make only interest payments on a mortgage. Secondly, refinancing generally resets the repayment period; that is, if one refinances six years into a 10 year mortgage, then one generally repays the new mortgage over 10 years instead of the remaining four. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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Eligibility * Your property must be in negative equity position * You must be current on your loans and owe more than your property is worth * The property should be your primary residence and not a second home * FHA will check your credit score, it should be greater than or equal to 500 * Your current loan should not be backed by FHA * The refinanced mortgage must have a loan to value ratio of no more than 97. In that time period the ratio of refinanced mortgages to mortgages for home purchases has changed to 60-to-40--evidence that the activity level of home buying as a percentage of mortgage borrowing is increasing. Other times, a change in job situation or home plans makes the refinanced mortgage unnecessary. |
Refinanced Mortgage |
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