Refinancing: Step-by-step basics for successful refinancing

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Starting Out

•	What is a mortgage? You know it's a loan to buy a house -- but there's more to it.
•	Fixed vs. adjustable Fixed means security, adjustable can mean lower rates. Which is for you?
•	30 years vs. 15 years Know how your choice will affect your payments.
•	Do's and don'ts for the months leading up to a mortgage Follow these steps and your good fiscal behavior will lead to a lower rate.
•	Coming up with a down payment Lenders have dramatically eased down payment requirements -- do you qualify?
	More

Getting your loan

•	Understanding your credit report You had better know what it means -- and how to improve it.
•	Get pre-qualified, pre-approved One is better than the other. Do you know the difference?
•	10 questions to ask your lender If you ask only about rates, you put the lender in the driver's seat on your deal.
•	The basics of private mortgage insurance (PMI) Unless you put 20 percent down, you're likely to be hit by this additional payment.
	More

Closing the deal

•	Your mortgage broker to-do list A five-point checklist for finalizing your mortgage broker selection.
•	Tips to avoid last-minute mortgage surprises Rates, points and terms can change mysteriously. Here's how to minimize the damage.
•	Closing costs: Are you paying too much? Bankrate's exclusive survey will help you figure out if these add-on fees are fair or foul.
•	Should you pay points? It depends on your cash supply and how long you intend to stay in your home.

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National Mortgage Rates

OVERNIGHT AVERAGES

Rates may include points.

30 yr fixed mtg	5.03%
15 yr fixed mtg	4.53%
5/1 jumbo ARM	4.67%

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	RELATED CALCULATORS
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	How much house can you afford?

	Fixed or adjustable rate: Which is right for you?

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Mortgage Basics

Follow the process from house hunting
to closing.

•	How much can I afford?
•	How much is my payment?
•	What documents do I need?
•	What is a home inspection?
•	What is the closing?
•	Can I remove PMI?


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