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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » How does refinancing a mortgage work?

How does refinancing a mortgage work?

I’ve seen that you can put down as low as 3% for a down payment on a home but I know it’ll cost more for monthly mortgage payments this way. How does refinancing a mortgage work? Would someone be able to put down 3% and then later on refinance to a better interest rate?

Thanks!

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3 Responses to "How does refinancing a mortgage work?"

  1. godged says:
    The only way this will work out is when you do not have to pay PMI.
  2. OneEye says:
    With interest rate as low as it is now. No point of getting refinance later. Now it’s almost 5%. unless interest rate drop to about 3.5%, dont even bother to consider refinance. Refinancing is when you borrow a new loan to terminate your current loan. Fee to consider when refinancing, pre-payment penalty fee(from you current loan for not carrying out the full term of the loan), new loan application fee(usally 1-2% of the new loan amount), and of course some closing fees (small fee for lawyer and documentation).
  3. Gregory F. says:
    Well you heard it right, but when you refinance for your mortgage it increases your interest rate by 0.2%, for more information you can visit: http://blog.badcreditwhiz.com/refinance-mortgage-rates/

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