Mortgage
How can I reduce my mortgage payment as much as possible?
The most common reason for refinancing is to reduce the monthly payment. If you are looking to reduce your payment to the absolute minimum then you may want to consider a slightly different type of mortgage that reduces your payment more than any other mortgage program while still giving you some of the payment certainty [...]
Can I refinance an investment property or second home?
Yes. Investment properties and second homes can be refinanced like a primary residence either to reduce the payment, the loan term or to take cash out.
Will I have to show proof of income? Assets? Employment?
As mentioned before, there are different programs which will require different levels of documentation. Generally speaking, the more documentation you provide the lower your interest rate will be.
Will I have to pay a penalty if I re-finance and pay off my current mortgage early?
There are two questions to consider; firstly, does your current mortgage have a pre- payment penalty? Many mortgage programs do contain a pre-payment penalty and it is not uncommon for a borrower to be unaware of whether their mortgage does have such a clause.
Fixed or adjustable rate mortgage?
Having decided to refinance, one of the most significant decisions you will have to make is whether to get a fixed rate mortgage or an adjustable. Although for economists this is a very complex question, for the average borrower it boils down to consideration of two fairly simple questions, one factual and one emotional.
How much will closing costs be?
Closing costs can vary wildly from a few hundred dollars to several thousand. Keep in mind that even a “no closing cost” loan may require considerable out-of-pocket expenses on your part.