By Rafael Reyes, Sales Manager with Loan Depot in Astoria, Queens.
If you have refinanced in the past, then you know how the process works. However, if this is your first time going through it, you may be asking yourself these common questions:
Q: How much equity do I need for a refinance?
A: The amount of equity typically depends on the type of loan and lender. For conventional mortgage loans, most lenders will require at least 20% equity. An FHA loan will require much less.
Q: Do I need good credit to refinance?
A: Because refinancing pays off your old home loan and creates a new mortgage, the process does involve meeting certain credit score criteria. If you have since improved your credit score, more beneficial loan terms may be available to you. (Alprazolam)
Q: How much does it cost to refinance?
A: Closing costs vary by circumstance so it’s important to assess whether the overtime savings from the refinance outweigh closing costs. I can help you determine which loan option can maximize your savings over the term of your new loan.
There are many more questions I’d love to answer for you. If you have any other questions or would like to schedule a time to meet, please visit my website or contact me directly.