24 Dec 2024
By 24hr Mortgage

When Will Refinancing Pay Off? Calculating Your Break-Even Point

Mortagage Tips, ,
Refinancing can help homeowners save money, but it’s essential to determine if the potential savings outweigh the upfront costs. One key tool in making this decision is calculating the refinance break-even point. This simple calculation reveals how long it will take for your monthly savings to cover the costs of refinancing. Here’s everything you need to know about determining when refinancing will pay off. What Is the Refinance Break-Even Point? The refinance break-even point is the time it takes for the savings from lower monthly payments to equal the total costs of refinancing, such as closing fees and other expenses.…
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01 Nov 2024
By 24hr Mortgage

Can You Refinance a Reverse Mortgage Loan?

Mortgage, ,
If you have a reverse mortgage loan, you might be curious about your options for refinancing. The good news is that yes, you can refinance a reverse mortgage, and doing so may offer several benefits depending on your unique financial situation. We will provide a detailed overview of refinancing a reverse mortgage, including reasons to consider it, eligibility requirements, costs, and important considerations. 1. Why Refinance a Reverse Mortgage? Homeowners often choose to refinance their reverse mortgage loans for various reasons, primarily centered around financial flexibility and accessing more equity. Here are some common motivations: Accessing More Equity: If the…
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31 Oct 2024
By 24hr Mortgage

Do Not Get Spooked by Your Underwater Mortgage – How Refinancing Can Help You Escape

Mortgage Tips, ,
It’s Halloween season, and while it’s fun to enjoy spooky decorations and scary movies, there’s nothing fun about feeling haunted by your mortgage—especially if you owe more on your home than it’s currently worth. If you’re feeling trapped in an underwater mortgage, don’t let it send chills down your spine! Refinancing your mortgage can be the solution to break free, no matter how far underwater you are. What Is an Underwater Mortgage? An underwater mortgage occurs when the balance you owe on your home loan is higher than your home’s current market value. This can happen for a variety of…
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18 Jun 2024
By 24hr Mortgage

Exploring 5 Types of Refinance Loans

Mortgage, ,
Refinancing your mortgage can be a smart financial move, offering potential savings, access to cash, or improved loan terms. With various refinancing options available, it's essential to understand what each type entails to make an informed decision. Let's look into five popular types of refinance loans: Rate and Term Refinance, Cash-Out Refinance, Cash-In Refinance, Home Affordable Refinance Program (HARP), and Short Refinance. 1. Rate and Term Refinance What is it? A Rate and Term Refinance allows you to change the interest rate, loan term, or both without altering the loan amount. Benefits: Lower Interest Rates: Securing a lower interest rate…
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