Are you getting questions about mortgage refinancing from your real estate clients? I am, and I recently found a good consumer’s guide to home loan refinancing by the Federal Reserve Board. One of the reasons I like it is that it seems to clearly explain some mortgage topics that people commonly get confused about, including:
- Comparing home loan refinance options
- Understanding ‘no cost’ refinances
- Calculating when you recoup the expense of refinancing a mortgage
- Home mortgage prepayment penalties
There’s also a glossary of home loan refinance terms that’s highly useful.
The pamphlet dates from 2008 and is 29 pages, it opens up in just a few seconds via pdf – here’s the link at the Federal Citizen Information Center:
A Consumer’s Guide to Mortgage Refinancings
