​Refinancing

​Beginning in 2005 and leading up to 2008, lax lending standards enabled potential homeowners to qualify for mortgages that they previously would have been denied. Many borrowers were directed to take out subprime loans when they actually qualified for prime mortgage rates. You should exercise caution before you add more debt to your house – whether it is to consolidate credit card debt, finance a child’s education or to make home repairs.

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If you are considering refinancing your mortgage, keep in mind these tips and information

• Know your credit score
• Check your local bank or credit union to find out the mortgage programs they have available.
• If you got a mortgage during the period of historically low interest rates (between 2009-2016) it may not be to your advantage to refinance. Consider a home equity line of credit instead.
• Each time you refinance you are paying more closing costs (title insurance, loan origination fees, appraisal fees, etc.)
  
  

For refinance options please review the PHFA site and contact AHCOPA today to see a housing counselor.