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25 results for refinance

Dictionary Refinance
Usually done to lower your rate or payment, change the term, or remove mortgage insurance. Compare the closing costs with the monthly savings to find your break-even point.
Calculator Should I Refinance? Refinance Break-Even Calculator
See your new payment, monthly savings, break-even point and how far ahead you could be after the years you plan to stay. Free refinance calculator.
Dictionary Cash-In Refinance
The opposite of cash-out. You bring money to closing to pay the balance down while you refinance. People do this to get under a loan-to-value limit, drop mortgage insurance or get a lower rate.
Dictionary Rate-and-Term Refinance
A refinance to get a better rate, a shorter term, or switch from adjustable to fixed, without pulling cash out. Because you are not taking equity out, pricing and approval rules are usually easier than a cash-out refina…
Dictionary FHA Streamline Refinance
A faster, simpler way to refinance an FHA loan into a new FHA loan, usually to get a lower payment. There is less paperwork and often no appraisal. You must have a good recent payment history and have had the loan for a…
Dictionary Cash-Out Refinance
Turns equity into cash, but replaces your current rate. If your current rate is low, a HELOC may be the better choice.
Loan guide FHA 203(k) renovation loan
Buy (or refinance) and renovate with one FHA loan.
Page Homeowners
Tools for homeowners: free monthly home value reports, Extra Credit (HELOC) savings, faster mortgage payoff, refinancing and reverse mortgage options for 62+.
Page Business Loans
A plain-English guide to business and commercial loans: SBA 7(a) and 504, equipment, lines of credit and commercial real estate. What lenders need, documents and a readiness check.
Page Your Home Roadmap
Free step-by-step guides for buying a home, selling, doing both, moving to a new area, refinancing, renting, and what to do after closing: what you do, what we do, questions to ask, who is involved and what it costs.
Page HomesCalculator.com
Free calculators and simple, jargon-free help for buying, selling and owning a home: affordability, mortgage payments, rent vs buy, home value, Extra Credit (HELOC) and more.
Loan guide Adjustable-rate mortgage (ARM)
A lower fixed rate for the first years, then a rate that adjusts.
Page Down Payment Assistance in Florida
Find out which down payment and closing cost assistance programs you may qualify for. Florida buyers can search the programs with our free Down Payment Connect tool.
Calculator ARM vs Fixed-Rate Mortgage Calculator
Compare an adjustable-rate mortgage with a fixed rate if rates fall, stay the same or rise: payments, highest payment and total interest over the years you keep the loan.
Dictionary BRRRR Method
Buy a fixer, fix it up, rent it out, then refinance based on the new higher value to pull your cash back out. Then do it again. It only works if the numbers and appraisal hold up.
Dictionary FHA MIP Refund
If you refinance from one FHA loan into another within three years, part of the upfront insurance you paid is credited toward the new loan's upfront insurance. The credit shrinks each month. It is not paid to you in cas…
Dictionary Right of Rescission
On most refinances and home equity loans on the home you live in, you get three business days after signing to change your mind. The money is not released until that period ends. It does not apply to purchase loans.
Dictionary Funding
Signing is not the last step. After you sign, the lender reviews the signed papers and sends the loan money. Once the lender has funded, the closer can pay everyone and the sale or refinance is complete.
Dictionary VA IRRRL (VA Streamline)
A simple refinance for people who already have a VA loan. The goal is usually a lower rate or moving from an adjustable to a fixed rate. The VA usually does not require an appraisal, and the funding fee is smaller than …
Dictionary Rent Roll
A summary sheet of who lives in each unit, what they pay and when their lease ends. Buyers and lenders ask for it when you buy or refinance a rental with tenants.
Dictionary Deferred Second Mortgage
A down payment loan you do not pay monthly. Instead, you pay it back later, usually when you sell or refinance. Plan for it, because it reduces what you take home at sale.
Dictionary Subordination
When you refinance your first mortgage but keep a HELOC or assistance loan, that second lender must agree to stay in second place. That approval is a subordination. It can take a few weeks, so start early.
Dictionary Lender Credits
Money from the lender to help pay your closing costs. The trade-off is a higher interest rate for the life of the loan. It can make sense if you are short on cash or plan to sell or refinance within a few years.
Dictionary Mortgage Recast
You pay a big lump sum toward your loan, and the lender recalculates your payment based on the lower balance. Your rate and payoff date stay the same. It costs far less than a refinance, but FHA and VA loans usually can…
Dictionary Payoff Statement
This shows exactly how much it takes to pay off your loan on a certain date. It is different from the balance on your monthly statement because it adds daily interest and any fees. The title company orders it when you s…

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