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Rea Estates
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Myths on Mortgage Refinancing Now Debunked
Mortgage refinancing is primarily done to lower the rate that a borrower currently has on his loan, to pay off an existing liability sooner or to obtain a cash-out. The cash can be used to pay delinquent bills and home remodeling projects. Some use the amount that they receive from a new bank to pay off the other bank that has foreclosed their house. But too many have been misled to the nature of refinancing. Here, we discuss the myths surrounding this method. Myth: Refinancing can substantially cover your credit card debt. Truth: While it may be true that your past purchases can be paid off once your refinancing application has been approved, the consequences in the long term aren?t favorable at all. Your credit card has accumulated purchases that could have been put off if not because of your impulsiveness. Tolerating your buying whims can cause your finances to fall and could lead to putting your home on the line. You might have cleaned your personal balance sheet now but your shop-a-holic nature won?t change, so in the end, you?re still worse off by spending for something that you?re most likely have less use of. Myth: Refinancing would always demand for a new appraisal of your property. Truth: It depends. Some lenders still require you to spend for a re-appraisal of your property regardless when you had your last application. However, a growing number of lenders are using past appraisals to eliminate the long paperwork that most first-time homebuyers are filing. Myth: It is always safer to settle for a 30-year fixed mortgage when refinancing. Truth: This isn?t necessarily correct. Refinancing is a smart choice for homeowners who have plans of staying less than 5 years in their house. This is common among those who transfer to other cities or those who plan of buying larger homes when their incomes improve. Ideally, a homeowner should continue staying in the house once the refinancing costs have been recovered. But if a homeowner has already completed 15-20 years of his mortgage, taking another 30-year loan would mean starting back at the first year again. Borrowers should not fall for a lender?s advice of letting them settle for a shorter payment term unless they are secured of their job for the next 15 to 20 years. A steady income and permanent work will always allow you to plan things in the future easily. Myth: You will not pay anything with a no-cost refinancing. Truth: Just like any zero-cost loan, you would still be shelling out for upfront fees in this kind of refinancing. The lender may increase the yield spread premium (YSP) or worse, offer you a higher interest rate. Myth: You cannot sell your house while you are refinancing. Truth: Some people are actually surprised to know that they can sell their homes while they are as early as 5 years into their refinancing. Traditionally, lenders are adamant to allow borrowers to put their house on sale for fear of missing their payments. However, if a homeowner can find another buyer who is willing to finance, the lender may allow him to sell the house. An early termination fee must also be paid to the lender once a buyer expresses his interest. Myth: Low credit scores would deter you from pursuing your application for refinancing. Truth: Not anymore. A lot of approved homeowners actually have tarnished credits considering the current recession. However, lenders are too picky these days and they approve applicants with low credit scores only if they can produce enough evidence that support better finances. In other words, they?ve passed the eye of the needle to achieve this. Andy Denton of http://www.realty.com
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