The Real Deal on Refinancing your Mortgage

Here's a Video on the real scoop on refinancing your property. A lot of people think that a refinance is available to whomever, whenever...for not a lot of cost involved. Well, that's not true. There are certain considerations that need to be addressed before an owner can just go get refinanced.

First I must say...Videos are great! They are a quick and easy way to get informed - fast! So, here's a good one for you. Personally, information sinks in the faster if I see it in more than one form, so I'll break it down for you as well.

In order to refinance you and the property in question must meet certain criteria.

Credit must still be good 675+, or For FHA 620...some lenders are saying they will go lower, but the folks I work with disagree...each lender is different:)

Debt to equity must be high enough to refinance...which means the property must have some equity

Home owner must also consider if it is worth the cost associated to refinance. In most circumstances it will take 2-3 years to re-coup the initial investment it cost to refinance.

Here's an online refinance calculator that will help you determine if a refinance will benefit you, how long it will take you to recoup you investment, and the costs involved.

Some questions to consider:

1. How good is your credit?


2. What kind of rate can you get?


3. What is the current value of your home?

For help with any of these questions consult a mortgage professional and your Realtor.