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Should You Refinance Your Mortgage: An Interview with Mac Scarce of McCurdy Mortgage Corporation

Please describe the background of your company and some of your qualifications.

I started McCurdy Mortgage in 1990 to fill a void that existed in the mortgage industry: personal attention during the loan process, guaranteed low costs, and complete customer satisfaction. I have kept the company small for these reasons. I worked for large lenders and banks in the 1980s, but felt I could provide my customer better service by giving them personal attention. So I started McCurdy Mortgage.

How much equity do I need to have in my home before I consider refinancing?

Normally one would need 5% equity for a conventional and 3% equity for an FHA to refinance their home. With today's "Home Affordable Refinance Program", no equity is required.

My credit score isn't very high, will this affect my ability to refinance?

Credit scores can affect one's ability to refinance. Usually when your score is below 580, you would not qualify to refinance. Credit scores also have an effect on the rate a lender will quote.

What are the main reasons people choose to refinance their mortgage? Is refinancing the best option if I want to lower my monthly payments?

Reasons for refinancing range from lowering the interest rate, or shortening the term of the loan; to taking cash out for home improvements, or for paying for a child's college education.

Can I still refinance if I don't plan on staying in this home for a long time?

The length of time one plans on staying their home can determine whether they should refinance or not. Be sure you recoup the costs for the transaction in your monthly payment. Example: If the costs of the transaction is $2,000.00 and you save $100.00 per month. It will take 20 months to break even. There are some refinances that are classified as "no closing costs loan". This is where the lender pays all of the costs. As long as you are lowering your monthly payment, this makes since.

Can I still refinance if I have a second mortgage?

Having a 2nd mortgage does not keep one from refinancing. You can pay off the 2nd mortgage in your refinance or you can do what is called "subordinate the 2nd mortgage. This means you are leaving it in place after the refinance of the 1st mortgage.

How can home mortgage refinancing affect my financial situation in retirement?

Refinancing can have a positive effect on ones retirement situation. Lowering the monthly payment, or shortening the term of the loan puts money in your pocket. These are both advantages to your future retirement.

What are the risks associated with refinancing my home?

There are usually no risks associated with refinancing, it's just a matter of going through the process.

What is the best way for people to get in contact with you?

My best contact is my office phone (678) 797-8181 or email:

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