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Mortgage Refinancing

The best way to refinance a mortgage

In the easy-credit years of the housing boom, refinancing your mortgage was almost as easy as showing up at your lender’s office with a pulse and a driver’s license. These days you’ll need considerably more documentation — not to mention very good credit — in order to refinance. Still, when mortgage rates fall far enough below what you’re now paying on your current mortgage, it makes sense to refinance.

Before you set out to do so, you need to ask three questions:

  • Is your application likely to be approved? That depends on your creditworthiness, but also on the value of your home and current mortgage.
  • Will refinancing actually save you money? If you don’t plan to stay in your home long enough to recoup your closing costs, you’re probably better off sticking with your existing home loan.
  • Are you getting the best possible deal? There are still a lot of loans out there, and you’ll need to understand the market to make sure you’re not overpaying.

The links below will help you understand the current state of the refinancing market, your own refinancing prospects, and how to find a good deal.

Editor's Pick

  • Should I Refinance Now? 3 Things to Know

    To determine whether you should refinance your home, says MoneyWatch.com's Jill Schlesinger, investigate these three areas: your credit score, your home equity, and whether you can actually save money.

  • What You Need to Refinance Now

    A quick guide to what you’ll need if you want to refinance your mortgage payments. The keys are: a good credit score, some home equity buildup and patience. A jumbo loan will mean a higher interest rate than what other borrowers pay. And you may need to pay off a home equity loan or credit line.

  • Four Ways to Land a Refinancing Deal

    A how-to guide to get the best refinancing terms possible. You’ll learn where to borrow, how to find the best rates, and the hazards to avoid.

  • Tax Tips: The Benefits of Refinancing

    If you refinanced your mortgage in 2008, you’ll want to see how to claim all the related deductions on your ’08 federal income tax return. Here’s a guide to the write-offs.

  • Compare Local Mortgage Rates

    Before committing to a lender for refinancing, you’ll want to find the lowest rates and best terms. Bankrate.com will give you the latest data, once you plug in the type of mortgage you will refinance.

  • Calculator: Should You Refinance Your Mortgage?

    This handy calculator will help you determine whether it pays to refinance your mortgage. You enter info about your current loan and what you expect your refinancing costs will be. Then bankrate.com shows you how much, if anything, you’ll save and how long it will take to recoup your costs.

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  • Refinancing? Here's The Mortgage Deal I Choose

    Yesterday we started shopping around for our refinance. Today we chose a lender and a got an amazing deal. Here's the scoop on what I hope will be the last mortgage of my life. by Ilyce Glink

    Blog posts | Nov 20, 2009

  • Act Now on Refinancing -- or Kiss Those Low Rates Goodbye

    Procrastination can be costly in financial affairs, especially with the biggest combined asset and debt most of us own and owe: our home and the mortgage we pay for it. There's a window of opportunity right now in the mortgage market that seems likely to close in months ahead...

    Blog posts | Nov 18, 2009

  • Borrowers Save Billions By Refinancing Their Mortgages

    Mortgage interest rates dropped to 50-year lows in 2009, and borrowers will save billions of dollars by refinancing, according to a new report from Freddie Mac. According to Freddie Mac's quarterly Refinance Report, one-half of borrowers who refinanced their conventional loans lowered their...

    Blog posts | Nov 2, 2009

  • Refinancing: Is Your Credit Good Enough?

    The window for mortgage refinancings has cracked open a bit. But banks and mortgage companies have become even more skittish and slow to process loans. So even if you do get approved, the wait could be eight to 12 weeks. And unless you have truly gold-plated credit, don’t expect to be...

    Articles | Jul 7, 2009

  • Can You Get Credit Now?

    Yes, lenders are starting to loosen up. But apply for a mortgage, refinancing, home-equity credit line, car loan, or credit card, and you’ll quickly learn that the credit crunch isn’t over.It’s no secret that the Obama administration, the Fed, and Congress would love nothing more than to...

    Articles | Jul 7, 2009

  • Lenders Say Unemployment and Mortgage Refinancing Don't Mix

    Last week's bit of unwelcome news: Michigan's unemployment rate has shot up to 12.6 percent in March. At least that's the official unemployment rate. The unofficial unemployment rate (which includes everyone who has stopped looking for a job, or who is working part-time instead of full-time,...

    Blog posts | Apr 20, 2009

  • Can I Avoid High Refinancing Fees?

    Dear Ali; Since mortgage rates are so low and our budget is so tight, we want to refinance. Can we avoid the high fees our friends are getting slapped with? A: Probably not. The mortgage pipeline is flooded with refinance applications: earlier this month, almost four out of every five...

    Blog posts | Apr 29, 2009

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