You say: You can't borrow more than 80% of the property value for a SoFi cash-out refinance or 90% for other mortgage refinancing. I don't understand what is meant by "other mortgage refinancing" , so I click on your link and it brings me here. But where is the answer to what other mortgage refinancing means?

Hi Steven Bluhm, thanks for reading and commenting! Can you clarify where you read that passage about "90% for other mortgage refinancing?" Once we know exactly what you're referring to we can ask the author for clarification.

I have been working for years on a Microsoft Excel system to calculate amortization with different payment options, loan refinancing, and affordable house or rent vs. buy which I checked with the https://www.zillow.com page and I think that we agree almost in everything with difference of criteria in loan refinancing and affordable home presenting my system more options.
The main difference I found in loan refinancing, so I looked for your page since I wanted to find the differences in the break even expenses and I found that the cost-benefit calculation is not correct because it does not consider interest benefit.
I would like to know if anyone is interested in discussing my calculations for which I would send them a copy of my system.
Sorry for my gramar.

My question is whether to do a refi or recast. I would love to lower my monthly payment, but also working to pay off our loan in a year or two, unless something unexpected pops up of course.

I have been working for years on a Microsoft Excel system to calculate amortization with different payment options, loan refinancing, and affordable house or rent vs. buy if you want I can input your information in my system or you do it by self for that I can send you a copy and you can play with numbers to find best answer.

@NerdWallet Thanks for all the info. You guys really put it to us straight which is what I like...The biggest issue we are having with refi with cash out is the endless phone calls with people who aren't even able to help us.. they ask us all the same questions we put on the online forms and then put us on hold to speak with an agent...the non stop robo calls from putting in an inquiry... I don't know about the rest of the country, I assume it is the same for all, but time is money in my world and being self employed owning my own shop I can't be on the phone for hours with these people... Why can't they get their information in order and straight to the point.. how do I cut out all the wasted time?

Hi Alex Barsanti, thanks for reading and for reaching out! This article may help:

https://www.nerdwallet.com/...

We mention when a particular lender has high reviews for customer service. You can read through full reviews that are linked on the that page to find out more about the lenders before reaching out to them.

Hope that helps! Thanks again for reading NerdWallet.

I would like to apply for a HELOC. I have a decent credit score of about 720. My wife and I are both retired and our income includes my pension and our social security. Our mortgage is in my wife's name and we have a perfect payment history on that but her credit score is not good at this time. I applied jointly and was turned down because of her credit score. Should I or can I apply individually even though the mortgage is in her name?

I have been in my home for 15.5 years at 5.78% balance of $107,000. and would like to refinance to a lower rate and include a second mtg that is due to run out in two months and has a 7.8% rate for $17,000. My home is now worth around $39,000. so plenty of equity. What I need to know is with a 682 credit score and a yearly income of around $38000. being 1/3 from real estate income as a broker , 1/3 from a long term house share person and the balance SSA can I even get a refinance at a good rate?

I have gained knowledge from this; thank you

Hi anon, thanks for reading and commenting! We're so glad this was helpful. As a next step you may want to check out our refinance calculator to see how much you may be able to save:

https://www.nerdwallet.com/...

Please do keep in mind though that due to the coronavirus outbreak, refinancing may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues.

Thanks for reading NerdWallet and good luck!

This is my unique situation and I hope someone can help.

15 yrs ago I divorced and the home was awarded to me with the children. But financially the mortgage couldn't be turned over in my name. My ex-husband kept it in his name while I made the payments. I only have a $34,000 balanced left on the mortgage. The equity in my home is apprx: $150,000+. Based on it's original condition when purchased over 20yrs ago. I've made HUGE investments in my house over the yrs. The kitchen, dining area, living room and hall way all redone with new cabinets, ceramic and porcelain floors and recess lighting. A new heating / ac unit on the roof less than 6mos old. The house will be paid off in less then 4yrs if I do nothing. My Ex passed away 3yrs ago and of course I still make the payment. So many scenarios and I don't know what to do. My present interest rate is 7% and today the rates are so low. My Ex could've also had mortgage insurance in case of his untimely death?? But I'm afraid to bring this up with Mtg company. I'm 62 and want to plan for retiring. So today I would love to put this mtg in my name with some extra. I don't do credit so my score is very low. My wages are very low. Upon examination one would wonder how I've possibly maintain a home and done the upgrades. I have a substantial cash savings not in my bank but in my mattress. :)

Can somebody help or advise me???
Thank-U
Lenora

Lenora,

I'm not a Nerd Wallet usual visitor but somehow I was led here and while more knowledgeable people haven't chosen to lend you advice you definitely need some.

Your query didn't talk about your whether you might be a heir in your husband's will or if he had one, and/or whether you might have one for your children but I feel that with the amount of equity you have in the property and your obvious ability to be responsible for the mortgage should qualify you for one in your own name. If the house isn't yours legally you absolutely need to find out immediately so you can proceed on the best path for you.
I do not have any affiliation or license where I could be of service to you or I would. There is a gentleman on the radio by the name of Dave Ramsey who has a radio show that helps people with general knowledge advice, he's on 2-5pm EST. He is a very knowledgeable and compassionate person who will provide advice for people who call in to ask questions. If he offers to provide you with training please accept because it will enhance the knowledge that you so desperately need so you can make choices based on your own reasoning rather that what someone thinks you need. He may offer the services of one of his checked out people refered to as an ELP. (Endorsed local providers) These are people in your area that are examined and known to be a fiduciary, (someone who is legally bound by oath to provide you with the best service for your situation, not what makes them money).
Hopefully, with this newfound knowledge you will be able to sleep at night knowing that your questions are answered and your situation will be what you desired not what is unknown to you! Typically, there is a fee for this service (since they don't profit from recomendations they make you.)
Good luck, you have worked hard and deserve the fruits of your labor!

Dave Dutcher

Refinancing your mortgage will allow you some leverage in house building, and that's why you should focus on doing this right now. Some people might advise you not to do it, but don't listen to them. That would be my best advice.

This is a bad article. I thought NerdWallet was pro-consumer but this article is way biased toward their sponsors.

The first thing you should do when shopping around for a refinance is to hit up every mortgage loan officer you can find (in or out of state) and find the one who is willing to do the deal for the cheapest price!

There were over 1/2 million mortgage loan licenses issued last year, find someone who isn't greedy and trying to squeeze every penny out of you. Most of them are full of BS, but there are unicorns out there.

@masterRothschild you can do this, but consumers should make sure that each of these loan officers are not pulling their credit score, you are only allowed so many in a period of time for it not to place an effect on your credit score...

At NerdWallet, we strive to be very transparent about how we make money. Thanks for the opportunity to clarify that, while some financial institutions on our site may pay us a referral fee when customers get approved for certain products, companies are not able to pay a referral fee to be listed on our website.
We try to list the best options out there, regardless of our relationship with any single company. Bottom line: We're on your side - every single time, even if we don't make a dime. Read more and see a full list of our partners here: http://www.nerdwallet.com/b....

I'm currently 2 months behind on my mortgage payments. My credit score is 520. Is there any lender that will help me refinance to get current on my mortgage and pay bad debt off? So my family can pay one lender going forward.

See a Mortgage Broker - There are many B lenders that will do a short term mortgage (1 or 2 years) to help you pay off your debt.