How much do you know about refinancing your home?

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My husband and I bought our home a little more than a year ago. At the time we could not qualify for a traditional mortgage so we used owner financing. It was part of the agrreement that we would refinance within a year if we could so we are ready to look into it but we don’t understand all the legal mumbojumbo. Please tell me what you know about the process and costs. Thanks!

5 Comments
  1. Reply
    Use Your Noodle
    July 21, 2011 at 2:22 am

    You wouldn’t be *refinancing*. You would be getting a mortgage. When you refinance, that means you already own the place and have a mortgage on it. This isn’t the case if you have been in a lease option for a year.

    You would need to go to your lender and apply for a mortgage for this house.

    Again, you are NOT doing a refi.

  2. Reply
    Revolutionary
    July 21, 2011 at 2:40 am

    You’re going to have to go to the library and get some books on the topic. It’s complicated and can’t be answered decently here.

  3. Reply
    susanperr
    July 21, 2011 at 2:59 am

    You need to shop around and find a company who will do your refinance. In doing so, you will learn the costs and various interest rates the different companies offer and would want to take advantage of the one that is the best for you. Look at various companies/banks and talk to them in person and they should be happy to answer all your questions.

  4. Reply
    Me Me
    July 21, 2011 at 3:49 am

    if it ends up being a first mortgage, there are programs for first time home buyers. sorry no link

  5. Reply
    Plays with Squirrels
    July 21, 2011 at 4:33 am

    Jamie,
    Call a mortgage broker, there’s lots of ’em around. A broker will fill you in on everything that’s required and disclose financing options, closing costs etc. You may qualify for FHA financing for first-time home buyers. A broker is really the best way to move forward on this.

    Best of luck to you.

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