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What are the benefits of refinancing?
Asked by unknown
1 Answers
There are several benefits associated with refinancing your home loan, these benefits include, your monthly payment gets lowered, you can save money on interest costs, shorten the loan term, consolidate debts, removal of private mortgage insurance, the length of your loan is reduced, switching to fixed rate loan from adjustable rate mortgage, conso
Is a good credit score necessary for a home loan refinance?
Asked by unknown
1 Answers
Eligibility for applying for a home loan refinance depends on several factors. One of the most important factors out of all is your credit score. A minimum of 680 (below 36% DTI ratio) to 700 (above 36% DTI ratio) credit score is required for refinancing with less than 25% equity. A minimum of 620 (below 36% DTI ratio) to 640 (above 36% DTI ratio)
How much equity is needed for refinancing one’s home loans?
Asked by unknown
1 Answers
Home loan refinancing costs vary with every individuals preferences and choices. Some common refinancing costs involved are the discharge fee, application fee: $0 to $1000, valuation fees, land registration fees, lenders mortgage insurance, ongoing fees: $0 to $750 per annum, and break fees. The entire cost of refinancing will mainly depend on the