Refinancing your mortgage basically means that you are trading in your old mortgage for a new one, and possibly a new balance [1]. When you refinance your mortgage, your bank or lender pays off your old mortgage with the new one; this is the reason for the term refinancing.

Can only one person refinance a mortgage?

If you’re the sole owner of a house, you can refinance without your spouse’s signature or consent. If you own a property together and both of you want to remain as borrowers on the refinance loan, then your spouse will need to apply for and sign the refinance documents.

Can you refinance a residential property?

It’s possible to refinance an investment property similar to how you do it with a primary residence. When you refinance, you may be able to secure a lower interest rate or change the terms of your loan. You can also take money out of your accumulated equity using a cash-out refinance or home equity loan.

Does the deed change when you refinance?

When you refinance a home loan, a completely new loan is created. Your lender provides a new set of loan documents, including a new deed of trust, to be signed at the closing. These actions release the original deed of trust rather than change, alter or replace it.

Can my husband refinance the house without my permission?

It is not possible for one spouse to refinance a joint mortgage without the other borrower’s knowledge or consent — that would be mortgage fraud. In addition, the spouse remaining on the mortgage needs to be able to qualify for the loan on their own.

Is there a transfer fee for refinancing a home in Delaware?

The only government fee you will pay on refinancing a home in Delaware is the recording fee to the county for recording the new mortgage. Delaware technically doesn’t have a transfer tax it is actually a transfer fee. This is a big distinction because a fee is not tax deductible as a tax would be.

Where can I get help refinancing my investment property?

Get at least three quotes from different lenders. Don’t forget to consider programs from Fannie Mae and Freddie Mac: Through the Home Affordable Refinance Program (HARP), you may be able to refinance an investment property of up to four units. Need help refinancing? Find a lender on Zillow who can help.

How can I refinance my home on Zillow?

Use Zillow’s refinance calculator to determine this, making sure that you consider closing costs, fees and how long you hope to own the property. Your loan-to-value ratio — this is the mortgage amount divided by the appraised value of the property — shows lenders how much equity you have in the home.

Is it better to refinance a primary residence or an investment property?

But refinancing an investment property is a little different than refinancing a primary residence, so it’s important that investment property owners understand what they’re up against. First let’s take a look at the top reasons to refinance your investment property: