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How Much Equity Do I Need to Refinance? | Credit.com

June 30, 2015 by Admin
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refinance your mortgage

When you own a home, you often have a mortgage. But the interest rate you secure when you take out your mortgage doesn’t have to be forever. A refinance can secure you a better rate or different mortgage terms. Figuring out if a refinance is right for you requires the consideration of several factors. These range from your current home value and mortgage details to refinance rates and LTV or loan-to-value limits.

It’s important to see how refinancing will impact your monthly payment and if refinancing to a new loan with new terms makes financial sense for you in the long run as well. Before you get there, it is a good idea to better understand these factors that go into the decision-making. You will hear a lot about your loan-to-value ratio and refinancing loan-to-value limits in your research. Check out the details below so you can more properly decide if refinancing your mortgage is the right move for you.

via How Much Equity Do I Need to Refinance? | Credit.com.

 
 

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Current Rates

 

Conventional Refinance
15 Yr. Fixed

As of: October 12, 2018

4.25%
RATE
4.353%
APR

Conventional Refinance
30 Yr. Fixed

As of: October 12, 2018

4.875%
RATE
4.949%
APR

VA Home Loan
30 Yr. Fixed

As of: October 12, 2018

5.000%
RATE
5.199%
APR

FHA
30 Yr. Fixed

As of: October 12, 2018

4.75%
RATE
5.534%
APR

FHA
15 Yr. Fixed

As of: October 12, 2018

4.25%
RATE
5.098%
APR
 
 
 

 

 

Read What People Say

 

Kindyle Ledingham

"The process was great until 4 days before we were supposed to close. Some how an e-mail from several people showing our home was ready to close early didn’t get read by the team at Texas Lending. I even sent to my loan officer to confirm he received it. I honestly didn’t know we had a problem until Lydia called with MAJOR attitude asking where I got my closing date. She said my contract states March 25th. I explained it clearly says” On or Before March 28 NOT 25th” and the bulider was just waiting on flooring. They set the closing date and notified Texas Lending on March 6 and I followed up to make sure on March 7th” We closed a day late having to get power of attorney’s for my husband to sign on my behalf since I am going thru chemo therapy and it’s an all day treatment. I don’t think we should have been charged to have them drawn up the POA to your liking when we already had them in place by a highly reputable attorney and only needed them because Texas Lending dropped the ball. At the end of the day we closed and I want to say I don’t care what is messed up none of it matters...it’s the tone and attitude from your one employee who truly left a bad taste in my mouth. I did love Debbi Brown...always super super nice and only reason I have 3 stars instead of 2."

 
 

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