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Frequently asked questions
- Why Should I refinance?
- What are the closing costs?
- How much equity do I need to refinance?
- I have 1st and 2nd mortgage can I combine them?
- What happens at closing?
Why Should I refinance?
There are three reasons to refinance
- To lower you monthly payment.
- To take cash out of your equity.
- To pay off your mortgage quicker.
What are the closing costs?
Closing costs usually range from 2%-3% and can include
the following:
Lender fees these may include origination, application,
points, credit report, and appraisal.
Third-party fees vary by state they may include fees
for closing, title insurance, title exam, and recording.
How much equity do I need to refinance?
To make it worth your effort at least 10% equity is
a sufficient amount.
I have a 1st and 2nd mortgage can I combine them?
Yes, as
long as you have equity. Combining your 1st and 2nd
mortgage is a great way to save money on your mortgage.
Rates on 2nd mortgages are almost always twice as
much as the first mortgages rate.
What happens at closing?
Closing works the same way as it did when you purchased
the home, you will receive copies of documents that
need to be signed. When documents have been approved
you will receive your check. |
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