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Home Refinance
Home Refinance 101
Home refinancing is a great way to lower your mortgage interest rate and reduce your monthly payments. However, if you have never gone through a home refinance, then you have much to learn. Before you apply for a refinance loan, check out the home refinance articles, guides, and additional resources available to you at Bills.com.
In a nutshell, qualifying for a home refinance is similar to qualifying for a mortgage. A refinance lender is looking for stable income, a good credit history, and a situation where the amount of the loan is less than the value of the property. In the refinance world, the phrase used for this concept is "loan to value," or (LTV) for short. LTV is expressed as a percentage and an ideal LTV is 80% or less.
See the articles in the right column of this page for explanations of each important aspect of home refinance. You will find current mortgage interest rates, articles on the best time to refinance, and home refinance guides for people with damaged credit. Bills.com is the online classroom for home refinance 101.
Visit the Bills.com mortgage refinance savings center to get no-cost, online quotes from up to four pre-screened lenders.
Bill's Expert Advice
Refinance Success Stories
Read a home refinance story to see how it gave one couple more financial options, and learn how it can help you.
Home Mortgage Refinance Questions
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Is Equity Necessary to Refinance?
In most cases, yes. Lenders typically require you to have a 90% loan-to-value ratio if you want to refinance. They also want to see that your home has increased in value. Most lenders will not refinance your home if it is significantly losing money. -
Will My Bad Credit Prevent Me From Refinancing?
Bad credit wil not necessarily hinder you from refinancing your home. It just means you will not get the best interest rate possible. However, if your credit is really bad, it may not be possible to qualify for a loan with an interest rate that saves you money. -
Can I Get Cash Out From My Home Refinance To Pay Bills?
For some loans it is possible to get a loan for more than the total refinance. However, this is a decision between you and your lender. Some lenders may not allow you to refinance for more than what is still owed on the property.
Home Refinance Calculators
Today's News
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Refinancing with Bad Credit
My ex-husband doesn't have much credit can I co-sign with him to refinance.
Glossary of Home Refinance Terms
Refi: short for refinance.
Adjustable Rate Mortgage (ARM): a type of mortgage where the interest rate can increase or decrease at specified periods. The interest rate is rarely fixed for more than a few years with an ARM loan.
Fixed Rate Mortgage: a type of loan where the interest rate stays the same throughout the duration of the loan.
Loan to Value Ratio: the estimated difference of the current value of your home and the loan amount you still owe.
Points: additional fees you can pay at the time of closing to decrease the interest rate of your loan.
Prepayment Penalty: a penalty type that is incurred if the loan is refinanced or paid off early. Prepayment penalties are known to expire after a specific number of payments are made.
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Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 4.54% |
| 15 Yr Fixed | 4.05% |
| 30 Yr Fixed Jumbo | 5.7% |
| 15 Yr Fixed Jumbo | 5.22% |
| 3/1 ARM | 3.56% |
| 5/1 ARM | 3.59% |
| 7/1 ARM | 3.82% |
| 10/1 ARM | 4.18% |
| 3/1 ARM (I/O) | 5.25% |
| 5/1 ARM (I/O) | 3.68% |
| 7/1 ARM (I/O) | 4.06% |
Home Refinance Articles and Advice
How to Refinance
Review this guide and learn the steps you need to take to refinance your home.
Mortgage refinance steps
The Why, When, and Where of Refinancing
You might be wondering why you should refinance. Discover the reasons why with this helpful guide.
Home refinance reasons
When is the Best Time to Refinance?
Thinking about a home refinance? Learn how to tell when the best time is to refinance.
Time for a home refinance
Chase Mortgage Refinance
If you are a Chase Mortgage holder and want to Refinance your Chase Mortgage, read our tips.
Chase Mortgage Refinance
Mortgage Refinancing Dos -- Steps to Take
There are very specific steps you should take to have a successful mortgage refinance. Learn how to ensure that the process is smooth and simple with this article.
Home refinancing process
Getting the Best Mortgage Refinance Loan -- How To
Getting a home refinance loan is not an easy thing. And getting the best refinance loan possible takes even more work. Learn how you can get the best loan possible.
Best refinance loan guide
Bad Credit Home Refinancing
Have bad credit? You can still refinance. Learn all about bad credit home refinance.
What Is No Cost Mortgage Refinancing?
Curious about no-cost mortgage refinancing? Learn what "no cost" really means and details on how this type of refinancing works.
No-cost mortgage facts
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