Question 1

Can you lose your house with a reverse mortgage?

Accepted Answer

When refinancing with a reverse mortgage, you could lose your home, but only if:You don’t live in the home or use it as a primary residence. You move out of the home or sell it. You are away from the home for more than 6 months or 12 consecutive months. You pass away and no spouse is listed on the home loan. You stop paying your property taxes and homeowners insurance. You don’t maintain the home according to FHA requirements.

Question 2

How do I find a reputable refinance lender?

Accepted Answer

Finding a mortgage lender to help with your refinance is crucial to the refinancing process. It’s important to do your research and shop around for a lender that best fits your needs. Don’t be afraid to negotiate and find the best lender that can make the refinancing process easy and painless. We would love to earn your business at Rocket Mortgage.

Question 3

Can you get cash back on a USDA streamline refinance?

Accepted Answer

USDA streamline refinance loans do not allow any cash-out opportunities for the borrower. Cash may be received from the borrower’s own funds from final adjustments at closing.

Question 4

Are there closing costs on a rate and term refinance?

Accepted Answer

Yes, borrowers could end up paying 3% – 6% in closing costs for this type of refinance.

Question 5

Can I sell my house after a cash-out refinance?

Accepted Answer

You are able to sell your house right after refinancing unless there is an owner-occupancy clause in your mortgage contract that requires you to occupy the home for a certain amount of months before you can sell or rent it. To check for this type of clause, read through the loan documents you’ve received.

Type Of Refinance	Purpose For Refinancing	Standard Requirements
Rate-and-term refinance	Change the terms of your loan, including the length and interest rate	You generally have a good financial situation, including a qualifying credit score and debt-to-income ratio (DTI)
Cash-out refinance	Take cash out to fund home renovations, pay off debt and more	You've built enough equity in your home
Cash-in refinance	Increase the amount of equity in your home	You have a large sum of money available to out toward the mortgage balance
FHA Streamline refinance	Change the terms of your FHA loan without a home appraisal	You have an FHA loan
VA Streamline refinance	Change the terms of your VA loan without a home appraisal	You're a veteran, service member or surviving spouse of a veteran with a VA loan
USDA Streamline refinance	Change the terms of your USDA loan without a home appraisal	You have a USDA loan
Reverse mortgage	Take cash out against the equity in your home	You're over the age of 62 with sufficient equity in your homes
No-closing cost refinance	You don't have the funds to cover closing costs	You plan to live in your home for several years and can afford a higher monthly payment
Short refinance	You defaulted on your mortgage loan	You can prove to your lender that you can afford the new monthly payments

Types Of Mortgage Refinance: Which Option Is Right For You?

Mortgage Refinance Options: At A Glance

9 Types Of Refinances

See What You Qualify For

1. Rate-And-Term Refinance