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One can refinance interest only mortgages through various means. GuideToLenders offers advice on which mortgages to refinance. It's recommended to only refinance your mortgage once.

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Q: How can one refinance interest only mortgages?
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Related questions

Who refinances mortgages for interest only?

One will refinance a mortgage for interest only if one decides it is the right time to do so. It is the loan taker who decides whether it is the right time or not.


Which banks offer interest only mortgages?

One bank that offers interest only mortgages is Citizens Bank. A few more banks that offer interest only mortgages include Wells Fargo and HSH or Ameristar.


If you are coming into money and have two outstanding mortgages should you pay the second one off or refinance and use the money as a larger down payment?

Pay off the highest interest (most likely the 2nd mortgage) first. Then if the interest rate on the first mortgage is high, refinance. High is anything over 7%. Low is 5.25. Be careful of interest only mortgages and paying down points, they are both a bad idea. Watch the junk fees as well.


What are the requirements for an FHA refinance loan?

An FHA refinance loan is a service offered to individuals with mortgages. It is capable of reducing one's interest rate. To be considered for this program, one's mortgage must already be FHA insured and no cash may be taken out of the mortgage.


Where can one find an interest only mortgage refinance calculator?

There is a website called Bankrate that has an interest only mortgage refinance calculator. Just enter in your info such as the loan amount and the rest is easy.


Can you refinance two mortgages on one property?

Yes you can. But when you refinance your 2nd mortgage you have to inform your 1st lender and 2nd lender both.


When should one refinance their mortgage?

One could refinance their mortgage when the interest rate decreases. However, one must also think the amount they have to pay to refinance their mortgage.


What advantages do ARM loans have over regular mortgages?

One of the main benefits an ARM loan has over a regular mortgage is the interest rate. Should the interest rate drop, one with an ARM loan has an advantage of a lower interest rate without having to refinance. Monthly payments will be lower as well with an ARM loan due to fluctuating interest rates.


Where can one get updated about the interest mortgages online?

One can get updates about interest mortgages by going on a website called Revenue. One can also contact one's local bank to subscribe to their emails for more information.


What is the purpose of debt consolidation home loan refinance mortgage?

There are a few purposes of a debt consolidation home loan refinance mortgage. One purpose is to combine multiple mortgages together in hopes of leveling out the payment over the loan period. Other purposes include obtaining a lower interest rate or a lower monthly payment.


Where can one find a refinance interest rate calculator online?

One can find a refinance interest rate calculator online at many different sites. CalcXML is one such site. Bank Rate is another, and Mortgage-Calc is a third. Additionally, Nationwide, Chase, and Capital One all have refinance rate calculators online.


Do auto refinance loans generally come with high interest rates and how do I qualify for one?

Auto refinance loans do typically have higher interest rates than new purchase loans. You can get refinance loan from many major banks and credit unions.