A Guide to Refinancing Your Mortgage

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I‘ve been in the middle of a refinancing frenzy. Last week my wife and I closed on a second refi in under 12 months on our home. We brought our rate down from 5.625% to 3.875% on a 30-year fixed. And my business partner and I are in the middle of refinancing three rental properties. So I thought this would be a good time for a week-long series on refinancing your mortgage.

As I’ve said before, lowering the interest on a mortgage is my favorite way to save money. It’s totally painless. Your life style doesn’t change one bit, yet you can easily shave hundreds of dollars from your monthly budget.

The difficult part is qualifying for the loan. Because of a home equity line of credit my wife and I had, we were denied a refi several years ago. Over time, however, we were able to pay off the line of credit, so the last two refinancings have been a snap.

So over the next five days we’ll cover some important topics to help you navigate through refinancing your mortgage:

Monday: When to Refinance Your Mortgage – One question we get a lot is when should you refinance your mortgage. For those simply looking for a lower rate, the calculations are fairly simple. But there are other reasons to refinance, too, which we will explore in this article.

Tuesday: Home Affordable Refinance Program (HARP) – HARP can help homeowners with mortgages guaranteed by Fannie Mae or Freddie Mac refinance quickly and with fewer requirements. We’ll look at the details of this program and how you can qualify.

Wednesday: HFA Streamline Refinance – If your mortgage is insured by the FHA, you may be eligible for a streamline refinance that has fewer documentation and underwriting requirements. And there was a recent change in the requirements that will make getting a loan even easier.

Thursday: 7 Obstacles to Refinancing Your Mortgage (And How to Overcome Them) – As someone who has been turned down for a refinance in the past, I know first hand that there can be obstacles to getting your interest rate lowered. We’ll look at seven of the key hurdles and how to clear them.

Friday: Where and How to Refinance an ARM into a Fixed Rate Mortgage – In our last article in the series, we’ll looking at refinancing out of a variable rate loan and into a fixed rate mortgage. With rates at rock bottom, this is an important consideration for those with a variable rate mortgage. In fact, that’s exactly why I’m in the process of refinancing my investment properties.

Finally, you can check out today’s home loan interest rates to see if you can do better than your current mortgage.

Published or Updated: April 2, 2013
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. dalecalvertz says:

    Want to refinance your mortgage to a new lower interest rate? You should – the money you save could be so significant even with 1 or 2% reducation check “Official Refinance” and learn how refinance can affect you.

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