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Mortgage Professor about Mortgage Refinancing: | |||||||||||||||||||||||
Refinancing With Two Mortgages
September 4, 2000 "I have an 8.75% first mortgage with a balance of $151,000, and a 12% second mortgage with a balance of $37,300. The second mortgage brought our total mortgage debt above the value of the property at that time, which is why the rate is so high. Our ... more... Can Mortgage Refinance at a Higher Rate Make Sense? April 8, 2002, Revised November 17, 2004 "Does it ever make sense to refinance into a mortgage carrying a higher interest rate than the mortgage you already have?" Very often it does not. Mortgage borrowers refinancing at higher rates ought to use the 72 hour ... more... |
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Mortgage Refinancing related definitions |
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Recision
Recision The cancellation of a contract. With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security. ... more... Private Mortgage Insurance, PMI Private Mortgage Insurance, PMI Loans with an LTV over 80% may require Private Mortgage Insurance (in some cases 75% or 70% when refinancing). If you do not have a 20 percent down payment, lenders will allow a smaller down payment. With the smaller down payment loans, however ... more... |
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More about Mortgage Refinancing Refinancing Online - Can You Really Save Time And Money? Refinancing is Worthwhile Under These 5 Conditions 1st and 2nd Mortgage Refinance Loan - Why Refinance Both Mortgages? About Refinancing Your Home Mortgage Loan Refinancing Your Mortgage Can Really Save You Money Ask the Expert: When Do I Refinance My Home? Should I Refinance My House - Benefits of a Cash-Out Refinance Mortgage Refinancing for People with Bad Credit - Low Credit Score Home Loans Mortgage Refinancing - 7 Important Things To Keep In Mind Bad Credit Mortgage Refinancing - Can You Refinance a Home with Poor Credit?
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