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“It’s only required to have at least 3 months of on-time payments on your mortgage and no more than one late payment in the past 12 months. ... monthly mortgage payment. Refinancing into a ...
Late or missed payments. ... Although the impact of a mortgage refinance on your credit score is usually temporary, you probably want to take steps to avoid the drop as much as possible ...
An online mortgage calculator can help you estimate how your monthly payment and overall costs would change with different rates and terms. 5. Research mortgage lenders
A mortgage refinance might be for you if you’re ready to restart your payments, you plan to stay in your home for a while and prevailing interest rates have come down since you got your loan.
The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March–May 2009. The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
So, if the mortgage rate on a $150,000 refinance would normally be 7 percent, paying one point could reduce it to 6.75 percent, at a cost of $1,500 upfront. Shop around .
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