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5 Tips for Deciding Whether to Refinance Your Mortgage: An Interview with Luke Ford of Refinance Mortgage Now

By Luke Ford

Tell us a little bit about your company and the services you offer.

We write about mortgage refinance. We give tips on how to find the best deals and what are the major forces shaping the market.

What are the main reasons people choose to refinance their mortgage?

People choose to refinance their mortgage when they can lock in rates that will provide savings greater than the fees associated with refinance.

How much equity do you need before considering refinancing?

Usually you will need at least 20% equity in your home before you can refinance. If your home is worth a million dollars and your outstanding mortgage is $800,000, you are in the game for a refinance.

If a homeowner's credit scores are low, will this affect their ability to refinance their mortgage?

If your credit score is low, you will have a difficult time refinancing.

Can someone refinance if they have a second mortgage?

It is very difficult and rarely done to refinance a second mortgage.

Are there any risks associated with refinancing a home?

The risk of refinancing a home comes when the fees exceed the benefits. There may be a prepayment penalty. There may be huge closing costs. You might be careless and get a refinance deal with variable interest rates that go way up. Some mortgage brokers are dodgy and an ignorant homeowner might find himself in foreclosure.

What's the best way for people to get in contact with you and your company?

People can email me at

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