Posted by: Larry Stevens | April 30, 2014

Five Questions You Might Want To Ask Before You Refinance Your Home

Real Estate Finance Insights

Five Questions You Might Want To Ask Before You Refinance Your HomeRefinancing your home might be a great way to save money or tap into the capital needed to pay off large debts. However, a refinance can also be an expensive endeavor, and you could even risk harming your credit rating or risk foreclosure if you’re not careful.

Before you take the plunge with a refinance, here are five essential questions that you should ask before signing on the dotted line.

How Much Equity Do I Have In My Home?

Many homeowners today owe more on their mortgage than what the property is actually worth. For mortgage refinancing to be possible, a homeowner must have at least 20 percent equity in their home in order to avoid paying private mortgage insurance. The benefit of refinancing would be negated if PMI has to be added to the cost of the new loan.

Do I Have A Good Credit Score?

The health of…

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