Frequently Asked Questions

Find answers here to frequently asked questions about how to refinance your home now.

Do I need a down payment to refinance?

No. Though you can offer up a down payment for your refinance if you wish in order to get lower payments on the new mortgage it is not required.

What if my home is worth more than I owe on it?

There are lending options available for people who may be upside down in their home loan to allow them to refinance anyway. The key to this type of situation is getting enough in your loan (or loans) to cover the current mortgage payoff while making up the difference between your home's value and what you owe on it. The most common way to accomplish this is by taking out multiple loans.

How long does it take to refinance my mortgage?

The amount of time it takes to refinance varies depending on several factors including your lender's underwriting process, the ease of verifying the information you provide on your application such as employment, and how responsive you are in your dealings with the lender to provide information that they request.

does SaveMoneyRefinanceNow.com offer mortgage loans?

No mortgage loans are offered directly through this site. You can receive a referral to our large network of mortgage lenders and refinance companies by using the form on this website.

Is refinancing worth it if I'm only going to save a small percent on my APR?

If you intend to stay in the home and with your loan for a long enough time, even a .20% drop in your APR can mean significant savings over the life of the loan. If you owe $200,000 on a 30 year mortgage at 5.8% interest, you will save approximately $20.00 per month on your payment. Doesn't sound like a whole lot until you begin to multiply it out over the life of the loan: that's $240 per year or $7,200 over the life of a 30 year loan.

Are there closing costs involved with mortgage refinancing?

Usually there are, but some lenders do not use closing costs. There are three types of closing costs that you will have to pay for when you refinance if you go with a lender that uses closing costs: Lender fees, third party fees and pre-paid items such as interest, hazard insurance and taxes.

Do I need an appraisal in order to refinance my home loan?

Yes, under most circumstances you will be required to get an appraisal, though a few lenders will pay the cost for you under certain circumstances.