Refinance September 28 2017

4 Refinancing Myths BUSTED

You may have heard that refinancing could save homeowners thousands —so why are so many hesitant to see if they qualify?! There are common misconceptions about refinancing that tend to steer possible homeowners away. Consider these 4 myths about refinancing and why they should be kicked to the curb.

Myth 1: You Missed the Chance

You may have heard how the Fed is raising interest rates making you wonder if you’ve missed your chance to refinance—but don’t worry! As long as you’re clear on the costs associated with refinancing and confirm that the transaction will lower your monthly payments, refinancing can still be a great move.

Myth 2: You Won’t Qualify

Following the housing crisis in 2008, many lenders did tighten up their guidelines for mortgages. However, as the market improves, there are more opportunities for those with credit issues. The best way to find out is to talk to an expert, contact a Loan Officer to see if you qualify.

Myth 3: You Need 20% Equity in Your Current Home

Yes, lenders typically like homeowners to have 20% equity before refinancing, but there are options for those who don’t! According to Fox Business, the Federal Home Affordable Refinance Program is specifically designed to help homeowners with little to no equity. If you are a Veteran, you may also have options in getting a refinance with less than 20% in equity. You won’t know your options unless you ask.

Myth 4: Refinances are Costly

While there are costs that come with refinancing your mortgage, by the time you adopt lower interest rates and monthly payments those additional costs should be covered by the money you save down the road! Read our guide to the do’s and don’ts when refinancing and look into different refinance methods to find out what makes the most sense for your unique financial situation.  

Curious if a mortgage refinance is right for you?

Speak to a Loan Officer today!

Sources: www.realtor.com www.foxbusiness.com

Search Results for query

July 11 2019

Family, Friends, & Fulfilling the Dream of Homeownership

The prospect of coming up with a down payment for a home can feel downright scary, but luckily there are plenty of options out there! 

Read More

June 25 2019

The Modern Digital Mortgage Application

Technology has changed the way we live our lives. The way we connect, stay in touch, travel, and shop. And now it’s changing the home financing, too! Get pre-qualified for a home loan faster and easier than ever before – from any device, anywhere...

Read More

June 17 2019

Looking for a mortgage with flexibility?

Qualifying for a mortgage is now easier than ever before! If you have less-than-perfect credit or are carrying some higher debt, you may still qualify for a home loan with Eagle Home Mortgage’s new flexible financing option.

Read More

June 11 2019

Mortgage Rates at Historic Lows - Again!

Mortgage rates are constantly changing, but they have remained historically low for quite some time now. If you’re in the market for mortgage financing, it may make sense to go ahead and get pre-qualified now!

Read More

May 31 2019

What is Escrow?

When you’re buying a home, you’ll hear the word escrow multiple times throughout the process! The meaning varies slightly, but all of the variations have to do with funds being set aside for your home.

Read More

April 18 2019

Eagle Home Mortgage's Homebuyer Solutions Group

If you’re ready to buy a home, but are unable to qualify due to credit challenges, our Homebuyer Solutions Group (HBSG) team is here to help you get the education and advice you need to turn “not today” into “You’re a...

Read More

March 27 2019

Interest rates have dropped!

Get Your Home Equity Working for YOU and Refinance Today 

Read More

March 25 2019

5 Steps to Kickstart Your Mortgage Refinance

Ready to refinance your home, but don’t know where to start? Here are some necessary steps to get you started to possibly decrease your monthly payments!

Read More

March 15 2019

Student Loan Debt? How You Can Still Get A Mortgage.

While your student loan debt may look like the biggest obstacle getting in the way of homeownership, a lender may not see it as much of a threat. Here are what lenders are looking at and how your student loan debt affects your approval.

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?