Post-Purchase FAQ

Frequently Asked Questions

If I refinance my home, will my taxes go up?

No, in general, refinancing your home does not affect your taxes. If you take out cash and increase your principal, you may pay more interest on your mortgage over the year and that interest is tax-deductible.

Will my interest rate go up if I refinance my house?

Your new interest rate will depend upon current mortgage interest rates, the type of loan you select, your current credit report and score and your current debt to income ratios.

My lender sold my loan; can the new service provider raise my interest rate?

When a mortgage company transfers your loan to a new service provider, the terms of the loan stay the same. When your loan is transferred to a new service provider, you should receive a letter from your previous mortgage loan provider advising you that the loan servicing has been transferred. Never forward your payments to a new servicing company unless your current loan company has notified you. If you have any questions, call your old servicing company to confirm that you should be paying the new company.

Should I get a consolidation loan to payoff my creditors?

You should assess your whole financial situation first and consider all of your options. Make an appointment with one of our certified counselors to assist you in an analysis of your financial situation and to discuss the various options for resolving your debt problems as quickly as possible.