For borrowers with a loan insured by the Federal Housing Administration, known as FHA loans, refinancing into a conventional mortgage can eliminate annual mortgage premium payments once you’ve reached 20 percent equity in your home. Don’t forget that removing someone from a mortgage doesn’t remove them from the deed of the home, which may require filing a legal document called a quitclaim deed (check your state’s property laws for guidance). The person who is refinancing the loan into his or her name will have to qualify for the new loan solely with their own income, credit and employment. This might also apply if you bought a home with another relative or friend. The average 15-year fixed refinance APR is 6.71, according to Bankrates. Divorce is another reason to refinance in order to get your former spouse’s name off the loan. On Wednesday, July 05, 2023, the national average 30-year fixed refinance APR is 7.30.
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