{"id":58638,"date":"2023-02-27T02:46:05","date_gmt":"2023-02-27T06:46:05","guid":{"rendered":"https:\/\/www.iwillteachyoutoberich.com\/?p=58638"},"modified":"2025-04-04T11:01:30","modified_gmt":"2025-04-04T15:01:30","slug":"refinance-home-mortgage","status":"publish","type":"post","link":"https:\/\/www.iwillteachyoutoberich.com\/refinance-home-mortgage\/","title":{"rendered":"How and Why to Refinance Your Home Mortgage"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"58638\" class=\"elementor elementor-58638\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ebacd78 elementor-section-boxed elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"7ebacd78\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59446a28\" data-id=\"59446a28\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1dec9e9 elementor-widget elementor-widget-text-editor\" data-id=\"1dec9e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 id=\"h-key-takeaways\">Key Takeaways<\/h3>\n<p><!-- \/wp:heading --><!-- wp:list --><\/p>\n<ul>\n<li>Refinancing can save money if you can take advantage of lower interest rates, which makes your mortgage debt less expensive to carry.<\/li>\n<li>There\u2019s more than one way to refinance, so choose the solution that complements your finances.<\/li>\n<li>Refinancing can eliminate extra costs over the lifetime of your home loan like private mortgage insurance.<\/li>\n<\/ul>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>Although the pandemic has caused economic turmoil, it\u2019s also resulted in at least one bright spot: interest rates are dropping to <a href=\"https:\/\/apnews.com\/0bf306e62565c5cee20a0e23e45eb4d9\">historic lows<\/a>. Lower interest rates can mean <a href=\"http:\/\/iwillteachyoutoberich.com\/pay-off-mortgage-early\/\">lower iwillteachyoutoberich.com<br \/>monthly mortgage payments<\/a> or better loan terms, which is especially helpful for individuals who\u2019ve lost their jobs, had hours cut, or otherwise felt the impact of a worldwide health crisis.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>But there\u2019s more to refinancing than waltzing into your local bank and demanding a new loan. Understanding the different forms of refinancing can guide you to a decision that makes sense for you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d17ecfb elementor-widget elementor-widget-text-editor\" data-id=\"4d17ecfb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<!-- wp:heading {\"level\":3} --><!-- \/wp:paragraph --><!-- wp:heading -->\n<h2 id=\"h-what-does-refinancing-your-home-mortgage-mean\">What Does Refinancing Your Home Mortgage Mean?<\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>Refinancing your mortgage means you replace your existing home loan with a new one. Homeowners can use home loan refinancing to leverage lower interest rates, restructure their mortgages, or tap into their home equity.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading -->\n<h2 id=\"h-when-should-i-consider-refinancing-my-mortgage\">When Should I Consider Refinancing My Mortgage?<\/h2>\n<!-- \/wp:heading --><!-- wp:list -->\n<ul>\n<li><strong>To leverage a lower interest rate: <\/strong>You can lower your monthly mortgage payments if you can secure a lower interest rate, which makes your debt less expensive to carry over time.\u00a0<\/li>\n<li><strong>If you can recoup the costs: <\/strong>Refinancin\u2019 ain\u2019t free, so you\u2019ll have to whip out a calculator to confirm that you reach a break-even point relatively early on in your new loan. At first, your loan will be more expensive because of the closing costs for the new mortgage, but you\u2019ll save money later in the form of less interest.<\/li>\n<li><strong>If you want to reduce your loan term: <\/strong>Homeowners often opt for a 30-year mortgage to spread out payments. This is a double-edged sword because it <em>also <\/em>means that you\u2019re paying more in interest plus other potential expenses like insurance. By reducing your loan to a 15-year term, you can pay more cash toward the principal.\u00a0<\/li>\n<li><strong>If you want to transition from an ARM to fixed:<\/strong> If you\u2019re in an adjustable-rate mortgage (ARM), your interest rate stays the same for an initial period, but then changes every year for the life of the loan, according to an interest rate index. Worried about your interest rate going up? If you\u2019ll be in your home for the long haul, it might make sense to restructure into a fixed-rate mortgage.\u00a0<\/li>\n<li><strong>To use a cash-out refinance:<\/strong> For homeowners with a substantial amount of equity (over 20%) in their homes, there\u2019s an opportunity to refinance and \u201ccash-out\u201d the difference between your old home loan and your new one. This cash is free to use for home improvement projects etc. You can think of cash-out refinancing as a way to both refinance your mortgage and borrow money, simultaneously.<\/li>\n<li><strong>To get rid of mortgage insurance:<\/strong> Many lenders require at least a 20% down payment if you want to avoid mortgage insurance. If you\u2019re still paying mortgage insurance, refinancing is a way to eliminate it.<\/li>\n<\/ul>\n<!-- \/wp:list --><!-- wp:heading -->\n<h2 id=\"h-what-are-the-costs-of-refinancing\">What Are the Costs of Refinancing?<\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p><em>Refinancing <\/em>is Latin for \u201cnew loan.\u201d\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>Okay, it\u2019s not, but refinancing still means that a new loan is created to replace your old one. Remember all those fees and expenses you had to pay for your first home loan? Unfortunately, those same costs apply.\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:heading -->\n<h2 id=\"h-okay-how-do-i-refinance\">Okay, How Do I Refinance?<\/h2>\n<!-- \/wp:heading --><!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-step-1-know-why-you-re-refinancing\"><strong>Step 1: Know why you\u2019re refinancing<\/strong><\/h3>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>Do you want to restructure your ARM into a fixed-rate loan? Do you want to shorten your loan duration? It\u2019s essential to nail down exactly why you want to refinance your mortgage, so you can approach the refinancing process with a specific goal in mind.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-step-2-take-your-financial-temperature\"><strong>Step 2: Take your financial temperature<\/strong><\/h3>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>Just like your original home loan, your new mortgage requires approval. Do you have a good to excellent credit score and a low debt-to-income ratio? The better your finances, the better your potential loan terms.\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>If your credit score could use a little work or you have lots of outstanding loans you can pay off, it\u2019s in your best interest to work on improving it before applying for a new loan.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><!-- \/wp:paragraph -->\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-db7c06e elementor-section-boxed elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"db7c06e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-66240c7\" data-id=\"66240c7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-360978f elementor-widget elementor-widget-heading\" data-id=\"360978f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-xl\">The world wants you to be vanilla...<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a5f6ae elementor-widget elementor-widget-text-editor\" data-id=\"1a5f6ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>\u2026but you don\u2019t have to take the same path as everyone else. How would it look if you designed a Rich Life on your own terms? Take our quiz and find out: <!-- notionvc: b62a81e1-fa03-40d9-a468-00fc6312278b --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-746263e elementor-widget elementor-widget-button\" data-id=\"746263e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.iwillteachyoutoberich.com\/rich-life-quiz\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Take the Quiz<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2158188 elementor-widget elementor-widget-text-editor\" data-id=\"2158188\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 id=\"h-step-3-calculate-how-much-home-equity-you-ve-built-up\"><strong>Step 3: Calculate how much home equity you\u2019ve built up<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Home equity is the difference between your property&#8217;s value and how much you owe the mortgage lender. So, let\u2019s say your home is worth $500,000, and you owe $300,000 on the loan. Your home equity would be $200,000. Figuring out your home equity will tell you if you can avoid getting private mortgage insurance and other fees.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>Note:<\/strong> If you have more than 20% equity in your home, you\u2019ll be charged with fewer fees and be eligible for better loan terms. But you can still refinance if you have at least 5% equity.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3 id=\"h-step-4-get-quotes-from-lenders\"><strong>Step 4: Get quotes from lenders<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>When you\u2019re shopping for clothes, you probably don\u2019t take home the first thing you pick up on the sales rack. You likely try on a few clothing combos, decide those horizontal stripes are unflattering and put a few pieces back before ending up at the register. The same process should apply to your refinancing\u2026 Minus the horizontal stripes.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Approach multiple lenders to get a variety of quotes. Make sure you look beyond interest rates when evaluating your quotes\u2014the fees and other costs are also important to consider.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3 id=\"h-step-5-gather-your-paperwork\"><strong>Step 5: Gather your paperwork<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Have you ever had to give a speech without your notecards there to guide you? Although winging it can sometimes result in success for the lucky few, you\u2019ll have a lot more success if you prepare. You shouldn\u2019t \u201cwing\u201d your refinancing, either.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Gather appropriate tax documents, pay stubs, IDs, and all the other paperwork your lender needs for the loan approval process. In some cases, you\u2019ll also need to prepare for an appraisal\u2014but not all lenders require this step.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3 id=\"h-step-6-prepare-for-closing\"><strong>Step 6: Prepare for closing<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Like your first home loan, you\u2019ll be on the hook for closing costs. Lenders will give you the closing disclosure and loan estimate that details how much cash you\u2019ll need to close on your new loan.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3 id=\"h-step-7-pay-your-loan-and-settle-in\"><strong>Step 7: Pay your loan and settle in<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Ask your lender about autopay discounts and make sure you keep track of your loan payments. Make copies of your paperwork and review your statements regularly.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2 id=\"h-your-home-for-a-little-cheaper\">Your Home, For a Little Cheaper<\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Refinancing isn\u2019t for everyone, but it\u2019s worth your time to look into your options when interest rates drop or if your current mortgage terms aren\u2019t ideal. The pandemic has delivered a slew of unfortunate news, but for some homeowners, it can make a mortgage debt less expensive to carry.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-978bf1f elementor-widget elementor-widget-qi_addons_for_elementor_blockquote\" data-id=\"978bf1f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"qi_addons_for_elementor_blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"qodef-shortcode qodef-m qodef-qi-blockquote qodef-layout--top qodef--\">\n\t\t\t\t<h4 class=\"qodef-m-text\">\n\t\t\tIf you liked this post, you\u2019d LOVE my New York Times Bestselling book\n\t\t<\/h4>\n\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-97c32f4 elementor-widget elementor-widget-text-editor\" data-id=\"97c32f4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>You can read the first chapter for free \u2013 just tell me where to send it:<!-- notionvc: b0bff419-461b-47c1-bc24-c09fee4d00ac --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3d8ef2 elementor-widget elementor-widget-qi_addons_for_elementor_wp_forms\" data-id=\"a3d8ef2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"qi_addons_for_elementor_wp_forms.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"qodef-shortcode qodef-m qodef-qi-wp-forms\">\n\t<div class=\"wpforms-container wpforms-container-full\" id=\"wpforms-53529\"><form id=\"wpforms-form-53529\" class=\"wpforms-validate wpforms-form\" data-formid=\"53529\" method=\"post\" enctype=\"multipart\/form-data\" action=\"\/wp-json\/wp\/v2\/posts\/58638\" data-token=\"7f28716b04ece2336b53308f30a5e769\" 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data-alt-text=\"Sending...\" data-submit-text=\"Download My Free First Chapter\" aria-live=\"assertive\" value=\"wpforms-submit\">Download My Free First Chapter<\/button><\/div><\/form><\/div>  <!-- .wpforms-container --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Refinancing can save money if you can take advantage of lower interest rates, which makes your mortgage debt less expensive to carry. There\u2019s more than one way to refinance, so choose the solution that complements your finances. Refinancing can eliminate extra costs over the lifetime of your home loan like private mortgage insurance. [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":93015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","om_disable_all_campaigns":false,"_lmt_disableupdate":"no","_lmt_disable":"","_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[160],"class_list":["post-58638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"acf":[],"aioseo_notices":[],"modified_by":null,"_links":{"self":[{"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/posts\/58638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/comments?post=58638"}],"version-history":[{"count":0,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/posts\/58638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/media\/93015"}],"wp:attachment":[{"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/media?parent=58638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/categories?post=58638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}