Can I refinance my mortgage to a better rate?


Can I refinance my mortgage - this is a common question people ask when they need to come out of an expensive mortgage loan they cannot afford to pay.

You may have taken on an expensive ARM to get a big house counting on combined income with your partner, and then one of you lost their job. Or you have been pressed to take a home equity loan to cover for some big ticket purchase and now you can't keep up with payments and you are looking to refinance either separately or combined your loans.

Refinancing your mortgage usually works better if you refinance loans together but it depends on the case.

If you have a very nice fixed rate mortgage, I wouldn't want to refinance it together with a HELOC into another loan that may not bring monthly payments down, especially if your credit rating has dropped. If that is the case, refinancing the HELOC (or your second mortgage) stand alone may make more sense.

You will need to go to a loan officer and ask them to run calculations for you. There may have been changes in your income and/or credit score that should be considered in details for you to come up with best options to refinance your mortgage.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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