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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. ....
Cash-in Can pay a lot of money at once No-closing-cost Can make higher monthly payments Streamline Have an FHA, VA, or USDA mortgage FMERR or HIRO Have a conventional mortgage 1. Rate-and-term refinance A rate-and-term refinance is probably what you think of as a regular refinance. You replace your original mortgage with a new one with different terms. Your interest rate and monthly payments will change, and you ll probably refinance into a new term length. Conventional, FHA, VA, and USDA mortgages are eligible for rate-and-term refinancing. You ll need a certain credit score, debt-to-income ratio, and amount of equity in your home â but the exact requirements will depend on which type of mortgage you have. ....
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. ....