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Things to Consider with Mortgage Refinancing

Refinance Rate Quotes helps consumers consider both sides of mortgage refinancing. Our refinance lenders can help homeowners way both sides of the equation. Many mortgage lenders neglect to factor in the cost of refinancing into the loan benefit equation.

People refinance their mortgages for a variety of reasons. Before the housing crisis, a lot of people would cash out the equity in their homes for debt consolidation, purchasing a second home, financing a college education, making home improvements and for other reasons. Some also refinanced for lower interest rates or to avoid a pre-payment penalty because their current mortgage carries prepaid penalties.

Now, with home values decreasing and adjustable rate mortgage (ARM) rates resetting to record high levels, many are refinancing to get a fixed rate mortgage with a lower interest rate or to prevent foreclosure. Whatever the reason you have for refinancing, there are some things you need to consider before applying for the loan. You may or may not have enough equity to refinance your mortgage, especially if you're looking for a cash-out refinance loan. Loan to value (LTV) requirements are stricter now. Most lenders require 80% LTV or better.

You have to qualify for the refinance loan. Borrowers face stiffer lending guidelines, according to the Federal Reserve's quarterly survey of bank loan officers published last week. About 75 percent of the officials indicated they tightened standards on prime mortgage loans, up from 60 percent in the April survey, the Fed said.


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