Understanding your Options: Mortgage Refinance and Home-Equity Loans

During and since the refinance boom, home-equity loans have also experienced explosive growth. … Refinance and Home-Equity Loan Comparison Worksheet 37 …

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Understanding your Options: Mortgage Refinance and Home-Equity Loans

  • Acknowledgements ii
  • Forward iii
  • List of Worksheets and Sample Documents vi
  • Objectives 1
  • Section 1: Understanding Your Financial Goals 2
  • Determining Your Financial Goals 3
  • Section 2: Understanding If Refinancing for a Better Rate or Different Terms Is Right
  • for You 9
  • What Is Mortgage Refinancing? 9
  • Is Refinancing for a Better Rate or Different Terms Right for You? 9
  • Refinancing to Save Money on Interest Rates 10
  • Refinancing to Lower Your Monthly Payments 11
  • Refinancing to Convert One Type of Mortgage to Another 12
  • Refinancing to Build Equity Faster 13
  • Important Considerations When Thinking About Refinancing a Mortgage for
  • Better Rates or Different Terms 14
  • Section 3: Understanding If Converting Equity to Cash Is Right for You 19
  • What Is Home Equity? 19
  • How Can You Use Equity Without Selling Your Home? 19
  • Is Converting Home Equity to Cash Right for You? 20
  • Determining the Amount of Equity You Have in Your Home 22
  • Which Loan Product Is Right for You? 22
  • Important Considerations When Thinking About Converting Your Home Equity
  • to Cash 23
  • Home-Equity Loan Cautions 24
  • Section 4: Understanding How to Prepare for Borrowing Again 25
  • Checking Your Credit Score 25
  • Preparing a Realistic Spending Plan 26
  • Gathering Your Financial Records 27
  • Section 5: Understanding How to Shop for the Right Lender and Loan 29
  • Key Financing Terms 29
  • How Do I Decide Whether To Pay Discount Points on My Loan? 34
  • How Do I Choose Between Private and Government-Assisted Loan Products? 34
  • How to Find the Best Lender 35
  • How Do I Select the Best Loan? 36
  • Section 6: Understanding the Loan Process 40
  • Loan Application 40
  • Loan Processing 41
  • Loan Underwriting 41
  • Loan Closing 42
  • Section 7: Understanding How To Avoid Predatory Lenders 45
  • Warning Signs 45
  • Tips To Avoid Predatory Lenders 46
  • What To Do If You Think You Have Been Victimized 48
  • Section 8: Understanding Your Responsibilities After Loan Closing 49
  • Importance of On-Time Mortgage Payments 49
  • Tax Considerations 49
  • Importance of Home Maintenance 50
  • Importance of Paying Your Real Estate Taxes 50
  • What To Do If You Are Having Trouble Making Your Mortgage Payments 50
  • Summary 51
  • Glossary 52
  • Sources and Web Sites 58
  • Sources 58
  • Web Sites 59


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