Mortgage Refinance

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Asked by Tony
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi Tony: Great question! Most of the world pays their mortgage every month, i.e., 12 payments. However if you split that into a payment every 2 weeks, you get 26 "h...
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Asked by Gina
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Gina: The answer you received from Nic is correct. Another term you may hear is "underwater" which means the same thing. Note that although someone may be "upside d...
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Asked by John
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi John: Yes there are definitely "no-cost" refinances. You will ALWAYS see fees but the key point is whether or not those fees are simply being "rolled into" the n...
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Asked by Joseph
Answered by Nic Netherton, Mortgage Broker in Fort Collins, CO
Private mortgage insurance is generally charged with conventional mortgages, mortgage insurance (MI) is charged on government loans (FHA).
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Asked by Martha
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
Yes, many banks will SLIGHTLY reduce the interest rate on a loan if you set up an escrow account with them for taxes and insurance. Good luck!
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Asked by Gina
Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
It's all about a cost/benefit analysis for your particular loan, rather than a "refi if your rate drops by 1%" or other general "rule of thumb". It may not pay to ref...
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