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PostHeaderIcon Refinance Value, Refi Calculator & Refinance Tax

Refinance value is a very important factor in refinancing your home mortgage. Value of the property will most likely determine the type of loan program that a client can qualify for.  The value and the amount you owe is how a lender determines that type of risk is being taken on. Value is determined through an appraisal, which is done by a certified real estate appraiser. This is how you will get the accurate value of your home. Most mortgage companies have their own certified real estate appraiser that come out and do an accurate appraisal. Value in a loan is also known is the LTV meaning the loan to value, which is the difference between your new loan amount and the appraised value.

A refi calculator determines weather it is beneficial to refinance your home mortgage. What a refi calculator does is it breaks down what your new payment will be. It’s a good way to see your current home mortgage rate and payment compared to a new loan rate and payment.

Refinance taxes are only included when a client decides to have escrow’s included in their payment. If your loan is 80% loan to value or under you have the option of including your taxes, this is only if it’s a conventional loan. If your loan to value is above 80% you must include your taxes, this also is rule for an FHA refinance. If a client wants or has to go the FHA route on a refinance their taxes must be included.

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