A typical closing lasts about one hour. However, if any problems are uncovered with the paperwork, for example, this can cause delays
Getting Cash from Your Home
During the Break Up, 10 Strategies for Hassle-Free Mortgage Refinancing
By JASON RICH
As of early-November 2007, the real estate market nationwide is experiencing a dramatic slowdown in home and condo sales, and there appears to be little good news on the horizon. Interest rates are on the rise, plus mortgage lenders have become much stricter in regard to their approval process. These days, it’s difficult to obtain a mortgage with no money down, if you’re unable demonstrate a steady income, or if you have a poor credit history.
If you’re in the midst of a divorce and are being forced to sell real estate quickly, finding a buyer willing to pay top-dollar, or even fair market value for your property might be a challenge. On the flip side, if you’re newly single and looking to buy a home or condo, your selection will probably be vast, and in many areas, you’re apt to find excellent deals.
For a variety of reasons, it might make financial sense to keep your existing home and refinance it, either to cash out on some of your equity in the property, to lower your interest rate, or to convert from an adjustable rate mortgage to a fixed-rate mortgage. A financial planner, accountant or knowledgeable mortgage broker/lender will be able to assist you in deciding if refinancing an existing mortgage makes sense.
Deciding to refinance means finding a reputable mortgage broker whom you’re comfortable dealing with, and who is willing to help you find a mortgage product that’s best suited to your needs, based on your current credit score and financial situation. You also want to insure the broker you opt to work with is willing and able to get you the best rates possible, while at the same time, charging you the lowest fees.
Refinancing is the process of replacing a mortgage on a property with another mortgage that offers different, hopefully more financially appealing, terms. It’s common for homeowners to refinance multiple times before fully paying off their home or condo. Each time you refinance, however, you’ll go through a similar process as you did when you first purchased the home or condo and obtained your original mortgage.
By refinancing, you could potentially lower your interest rate, cut the duration of the loan, cash-out on some of the equity in your home, and/or obtain better financing terms. When you refinance, many of the fees associated with the process can be built into the new loan to avoid out-of-pocket expenses at the closing. However, expect to pay to have your property appraised at an out-of-pocket cost of between $250 and $350.
