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5 Smart Reasons To Refinance Your Mortgage Right Now

5 Smart Reasons To Refinance Your Mortgage Right Now
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Covid's Impact On Housing: What States Are Getting Hit The Hardest And How To Prepare – Forbes Advisor

39.7%
39.6%
Options for Distressed Homeowners With Negative Equity
Today’s homeowners are benefiting from the red-hot housing market, which is sending property values through the roof. On average, homeowners across the country scored a $26,000 bump in home equity in 2020, according to CoreLogic.
Depending on where you lived, those gains were substantially higher California, Idaho and Washington averaged $50,000 in home equity increases annually. Meanwhile, states like North Dakota, Iowa and Oklahoma saw considerably lower equity lifts with an average of $9,000 year-over-year.
For homeowners who can no longer afford their mortgage payments, the amount of equity in their home can mean the difference between selling for a profit and facing foreclosure. Generally, homeowners need 10% or more equity in their home to cover closing costs, plus any overdue mortgage payments. ....

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What it means to refinance your mortgage

What it means to refinance your mortgage
Refinancing can save you money, both on your monthly payments and in the long term.
The type of refinance you choose will depend on your goals and the kind of mortgage you have.
What is a mortgage refinance?
When you refinance, you re replacing your original mortgage with a new one. Your new mortgage comes with a different interest rate and monthly payments. You ll probably refinance into a new term length, and you may even switch from an adjustable rate to a fixed rate.
Refinancing can help you achieve several financial goals. You could lower your monthly payments so you have more room in your monthly budget, lower your interest rate to save money in the long run, or switch to a shorter term length to pay your home off faster. ....

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How a rate-and-term refinance works

Who is eligible?
Not everyone qualifies for a regular rate-and-term refinance. You ll need to meet the following criteria:
Home equity. Many lenders want you to have at least 20% equity in your home.
Credit score. The minimum credit score will depend on which type of mortgage you are refinancing. A conventional mortgage requires at least a 620 score.
Debt-to-income ratio. The DTI ratio you ll need also depends on which type of mortgage you have. Most lenders will be happy if your ratio is 36% or lower.
There s some flexibility with these requirements. For example, a lender may approve you to refinance with a higher DTI ratio if you have an excellent credit score or more than 20% equity. ....

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