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Consumer's Guide to Refinancing

Consumer's Guide to Refinancing

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Federal Reserve Board - A Consumer's Guide to Refinancing (06/08)
Federal Reserve Board - A Consumer's Guide to Refinancing (06/08)

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Published by: David Schmid, REALTOR, CCIM, CPM, CRS on Jul 28, 2011
Copyright:Attribution Non-commercial

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03/24/2014

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The Federal Reserve Board
Board of Governors of the Federal Reserve Systemwww.federalreserve.gov0608
 A Consumer’s Guide to
MortgageRe
nancings
 
A Consumer’s Guide to Mortgage Refinancings
| i
Table of contents
Mortgage shopping worksheet
 ..................................................... 2
Why consider refinancing?
.............................................................. 3 Lowering your interest rate ................................................................ 3 Adjusting the length of your mortgage ............................................ 3 Changing from an adjustable-rate mortgage to a fixed-rate mortgage ....................................................................... 4 Getting an ARM with better terms ................................................... 4 Getting cash out from the equity built up in your home ............... 5
Are you eligible to refinance?
....................................................... 6
What will refinancing cost?
............................................................ 7
What is “no-cost” refinancing?
..................................................... 10
How do you calculate the break-even period?
.................... 11
How can you shop for your new loan?
 ....................................... 12 Talk to your current lender ................................................................. 12 Compare loans before deciding ......................................................... 13 Get information in writing ................................................................. 13 Use newspapers and the Internet to shop ........................................ 14 Be careful with advertisements ......................................................... 14
Glossary
..................................................................................................... A1
Where to go for help
............................................................................ A6
More resources and ordering information
............................. A8 Print orders ............................................................................................ A9
 
ii | 
A Consumer’s Guide to Mortgage Refinancings

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