So, you're a homeowner. Maybe you've been in your cozy abode for a while now, or perhaps you're just starting to nest. Either way, there comes a time when you might consider a cash-out refinance. But when is it a good time to take the plunge into the world of cash-out refinancing? Let's explore.

When It’s a Smart Move

First off, what exactly is a cash-out refinance? Well, it's like hitting the reset button on your mortgage, but with a twist. You snag a new loan that's a tad bigger than your current one, pocket the difference in cash, and then kick back and ponder what to do with it.

Now, picture this: you've been keeping up with your mortgage payments, and your home's value has soared over the years. Suddenly, you find yourself with some

If you want to know if FHA loans permit cash back to the borrower, then you’re in the right place. Here’s what you need to know about getting cashback on this popular government-backed home loan.

How Cash Back Works With Refinancing

A cash-out refinance is designed to give the borrower more than $500 cashback at closing. The FHA’s cash-out program allows you to cash out a portion of your equity and loan up to 85% of your home’s value.

You can receive less or up to $500 cashback when closing either a “no cash-out” refinance or a streamlined refinance. These refinance programs change your monthly payments with the streamlined program resulting in lower monthly payments or better loan terms.   

Note that in cases where an FHA refinance loan

If you own an investment property, you already know that getting a mortgage for this type of property is different than a refi of a primary home. If you recall, the qualifying requirements for getting an investment loan are more stringent than a primary home loan. 

Let's take a look at everything you need to know about refinancing an investment property.

Why Refinance Your Investment Property?

Owning a second property comes with costs, and some may feel that these additional costs tie up too much of their free cash flow. Others choose to refi to free up some money for repairs or improvements to the property. 

If this sounds like you, it could make sense to refinance into a better rate --possibly lowering your mortgage payment --and

A condo refi is similar to refinancing any other home. The lender will look at your income, assets, and credit to ascertain your qualification. Plus, the condo will also be appraised to determine the property value.

However, since there are more variables when refinancing a condo, such as shared amenities, lenders usually conduct a condo review. 

It's worth noting that not every condo will require a review. A conventional loan refi of a detached condo typically won't need one since they're considered a single-family residence. The same goes for condo projects with four units or less.

Otherwise, it's safe to assume that you will need a review to refi your condo. Here's what that might look like. 

Condo Review For Government-Backed Loans

With rates at incredible lows, Americans across the country are refinancing their mortgage. But if you have poor credit, you may be wondering if it's possible. 

Refinancing with a low credit score isn't the ideal position, but it is possible. Here's everything you need to know about refinancing into a lower rate mortgage while having bad credit. 

But first, why bother refinancing in the first place? 

Refinancing saves you money because you end up paying less interest over the life of the loan. That can also translate to lower monthly payment, but if nothing else, it means that more of your payment will go to the principal than the lender. 

A handsome prospect for anyone! But for those with less-than-ideal credit, refinancing at a fair