Refinancing & Home Equity - The Mortgage Porter

Refinancing isn’t just about lowering your rate — it’s about improving your overall financial strategy.

In this section, you’ll find educational resources explaining when refinancing makes sense, when it doesn’t, and how to evaluate your break-even point. Whether you’re considering a rate-and-term refinance, cash-out refinance, HELOC, renovation mortgage, or reverse mortgage, understanding the numbers and long-term impact is critical.

Topics covered include:

“Should I refinance?” scenarios
Cash-out strategies for remodeling or debt consolidation
Home equity planning
Recasting and re-amortization
Renovation loans and ADU financing
Refinancing with a second mortgage

My approach is always low-pressure and analytical — we look at the math, your goals, and your timeline before making any decisions.

If you’re a homeowner in Washington State wondering whether refinancing could improve your situation, start here.

Refinancing Your Seattle Area “High Balance” Mortgage Over $506,000

October 4, 2011 by Rhonda Porter Leave a Comment

UPDATE: Please visit our complete mortgage guides for updated loan limits for homes located in Washington state.

If you obtained a high balance mortgage over the current limit ($506,000 in King, Pierce and Snohomish Counties) and missed the opportunity to refinance before the loan amounts were reduced, you may still have some options worth checking out. Especially with Fannie Mae hinting that loan limits may be reduced further in just a few months, effective January 1, 2012. FHA loan limits may be further reduced in 2012 as well. We typically learn what 2012 limits will be in November. The gap between yesterday’s higher loan limits and conforming/FHA loan limits may actually widen in a few months making most of these scenarios tougher to obtain in 2012. [Read more…]

Filed Under: Refinancing & Home Equity Tagged With: conforming high balance, jumbo, refi, va

Refi Window of Opportunity Closing Soon for Larger Loan Amounts

August 4, 2011 by Rhonda Porter Leave a Comment

NOTE: Loan limits have changed since this post was published. Please visit my up-t0-date mortgage guides for current loan limits for homes located in Washington state.

I’m working with a couple in Seattle who are looking at refinancing their current adjustable rate mortgage to a 30 year fixed. Their proposed amount will be about $560,000 for a conforming high balance mortgage. If they wait too long to start the refinance process, this transaction will not be eligible to be a conforming high balance mortgage as the loan limits in King County are dropping to $506,000. Although Fannie Mae states the roll-back in conforming loan limits is based on Notes dated prior to October 1, 2011, lenders will implement their own deadlines well in advance in order to avoid being caught holding a mortgage they can no longer sale as conforming. [Read more…]

Filed Under: Refinancing & Home Equity

Another Reason You Should Not Postpone Refinancing Your Seattle Home: Your Neighbor’s Foreclosure

October 28, 2010 by Rhonda Porter Leave a Comment

The media is reporting that the Seattle-Tacoma-Bellevue area saw a huge increase in foreclosures from information provided by RealtyTrac. According to the media, the Seattle area has had an increase of 71% in foreclosures; one of the largest increases in the nation. I agree with CNBC’s Diana Olick’s take on the data: [Read more…]

Filed Under: Refinancing & Home Equity

FHA Streamline Refi’s with No Appraisal

August 20, 2010 by Rhonda Porter Leave a Comment

UPDATE: Please check out our current FHA Guide for Washington state homes.

When HUD changed the guidelines for FHA streamlines last fall,I thought they had pretty much stuck a fork in a program that has been very beneficial to home owners who have an FHA insured mortgage loan. You see, HUD made it to where if a borrower opted to not have an appraisal, they cannot finance their closing cost or reserves/prepaids. Back then I never thought we would see rates at their current levels. With today’s rates, many home owners can opt for a slightly higher than “par” rate to have the lender pay for a portion of their closing costs. In addition, it doesn’t matter what your home’s current appraised value is since there is no appraisal! [Read more…]

Filed Under: Refinancing & Home Equity Tagged With: fha streamline, refi, streamlined

Disclosure Periods: Three Days Counted Three Different Ways

August 3, 2010 by Rhonda Porter Leave a Comment

Anyone who’s refinanced a home they live in probably remembers having to wait a couple days after signing before their loan can close. This is called the Three Day Right of Recsission. Thanks to all our new guidelines over the past year, we now have waiting periods triggered if your rate changes (for better or worse) with MDIA and once you receive your appraisal thanks to HVCC. All of these waiting periods are for three days and each one is counted differently–go figure! Here’s a quick overview. [Read more…]

Filed Under: Refinancing & Home Equity