When an owner obtains a new first Mtg on his real estate, the homeowner has undergone a home Refi. Simply put, think of home Refi as trading in an old first Mtg for a new first Mtg. To Refi a home, the homeowner must apply for a new Mtg. During the application process, the subject home will undergo a new appraisal to determine its value, and the homeowner's credit file will be reviewed. The lender will also order a title report on the property to search for any other liens that may appear. Assuming all these items meet with the lender's approval, the loan will be approved. Once approved, the homeowner will meet typically at the office of the lender or title company to sign the new Mtg.

How Much Can You Afford to Spend on a House? The answer to this question depends heavily on how much of a loan you can get and how big of a downpayment you can afford. The easiest way to answer these questions is to be pre-approved for a loan before you go home shopping. That way you’ll know exactly what you can spend; saving you time, effort, and possibly even the disappointment of finding out that you can’t afford the house you were sure you would buy.

Insurance Issues Obtaining insurance can be difficult for a number of reasons, many of which boil down to whether the insurer thinks you will need it. If you’re likely to use your insurance, you’re not likely to acquire it. Here are some things that will affect your likelihood of becoming insured. High-risk Features Some of the features of your house may keep you from obtaining insurance or make any insurance you do obtain comparatively expensive. Swimming pools are a notorious liability issue that insurance companies focus on. Sometimes even a trampoline will cost extra on your insurance premiums. Pets If you have many pets or just a mea