How does refinancing work?

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With a refinancing, you pay off an old loan on your home and take out a new one, usually at a lower mortgage interest rate. To refinance, you will generally need to have equity in your home, a good credit rating, and steady income. You can borrow a percentage of the equity to cover remodeling costs, debt consolidate, and college tuition.

When you refinance, you will incur all the closing costs that go along with getting a new mortgage. So unless you are doing extensive renovations and can get a mortgage interest rate at least two points below your current loan rate, you may want to select another financing option.

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Craig Proctor to Speak at RISMedia’s Leadership Conference

RISMEDIA, August 28, 2008-Everybody wants to know how to succeed in today’s real estate market. In today’s real estate reality, you need to be on your game. You need to be educated, informed and open to change.
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