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We are happy to answer all of your Mortgage Refinancing questions...

Whether you're sick of paying for more than one mortgage, looking to change to a lower adjustable or fixed interest rate, need to get access to extra cash from your equity, want to get rid of your private mortgage insurance (PMI), or just want to lower your overall monthly payments, refinancing is an option with many potential benefits for a large spectrum of homeowners.
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Considering all the factors related to your financial situation is important in determining whether or not to pursue a mortgage refinance. Ask yourself the following:

• Are your monthly payments too much to bear?
• Do you need access to cash for large expenses?
• Do you want to adjust the term of your mortgage and/or take advantage of lower interest rates?

Answering, "Yes," to any of these is a strong indication that you should consider mortgage refinancing.
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Both are viable options depending on your individual financial situation; however, the closing costs of a reverse mortgage are typically much higher than a mortgage refinance.
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Mortgage refinancing can be a daunting undertaking for many homeowners—especially first time homeowners and those with complicated financial backgrounds. With the assistance of a professional mortgage consultant, the shroud of uncertainty and stress surrounding mortgage refinancing is virtually eliminated.
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Typically, the lender will require proof of your income (including current a current pay stub and W-2 for the past couple of years), and documents related to any additional income, including investments. Depending on your employment situation, there might be other forms required by the lender before they will process your refinance. There are also limited documentation mortgages available. However, these types of loans can often carry higher interest rates than loans requiring extensive documentation.
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Because everyone's financial situation is unique, it is best to disclose as much information to your lender as possible in order to make sure your lender can make an accurate assessment and offer you viable refinancing options.
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An application fee, property appraisal, and mortgage prepayment penalty are some of the possible costs associated with refinance.
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A no or low cost refinance is when the lender agrees to pay for all or a portion of the non-recurring closing cost related to the mortgage refinance in exchange for a slightly increased rate (sometimes as low as a quarter of a percent). This is different from a zero point mortgage, in which a borrower has decided not to pay points to buy their interest rate down but remains responsible for the closing costs. There are very few loans that actually have no closing costs.
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Cash out refinancing is when you use the equity in your home in order to secure a loan amount greater than the principal remaining in your mortgage, and keep the difference. Cash out refinancing is a way to put money in your pocket to pay for expenses, consolidate debt, pay off high-interest credit cards, and is considered one of the major benefits of mortgage refinancing.
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Typically, a cash-out refinance loan will have the same interest rate as non-cash out refinances. However, your lender might charge a slightly higher fee for a cash-out loan.
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As opposed to a home purchase, mortgage refinancing does not carry an obligation to close at a specific date. Therefore, the borrower in a refinance could essentially delay closing in order to hold out for lower interest rates. Determining an answer to this question depends on the forecast for interest rates and how sensitive your situation is to an increase in those rates (whether of not you would be discouraged from proceeding with the refinance if rates declined). There may also be a fee associated with delaying closing and "floating" the interest rate for a period of time.
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Although a slightly lower rate will not lower your monthly payments by much, even a rate decreased of a few tenths of a point could translate to significant savings over the long-term—especially if you plan on staying in your current home for several years to come.
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The basic difference between an ARM and fixed-rate mortgage is security: With an ARM, the interest rate could rise dramatically over time—resulting in inflated mortgage payments. Refinancing to a fixed-rate loan might equal slightly larger monthly payments when compared to introductory ARM payments in the short term; but because the fixed-rate mortgage interest remains constant, there is absolutely no risk of inflated mortgage payments for the life of the loan.
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Many homeowners are considering refinancing to switch from a risky ARM to a more secure fixed-rate interest loan. Especially if interest rates are on the rise and inflated monthly payments are in your financial forecast, refinancing an ARM should be considered a few months before your loan is scheduled to adjust.
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APR, or annual percentage rate, is a calculation of the annual cost of the mortgage above the principal. APR is meant to give a more accurate depiction of the mortgage cost by considering closing costs, fees, and the interest rate over the life of the loan.
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Private mortgage insurance (PMI) is often required by lenders for loans secured with less than a 20% down payment by the borrower.
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If you have consistently made your mortgage payments without delinquency, and if you have reached having 20% equity in your home, you may be eligible to refinance and eliminate private mortgage insurance for good.
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Non-conforming or jumbo loans are mortgages above the national loan limit set defined by the government. Currently, jumbo loans range from $417,000 to $729,750 (or 125% of a metropolitan area or region's median home price as defined by the Department of Housing and Urban Development). Conforming loans are mortgages below this amount. For more information about jumbo loans, please visit the HUD website at http://www.hud.gov/.
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Because the property is considered collateral for a mortgage, an appraisal is nearly always necessary. Property appraisal is one of the common costs of mortgage refinancing.
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A prepayment penalty is a condition of some mortgages in which the lender is allowed to charge a fee (consisted of additional interest) if the borrower repays a mortgage before the mortgage term is finished. Mortgages with a prepayment penalty typically carry a lower interest rate or discounted closing costs.
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Seasoning is when the lender requires the borrower to make payments on an existing mortgage for a period of time (typically 12 months), before refinancing.
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For both questions the answer is yes. After bankruptcy, the borrower should wait for a period of time—typically between 2 and 4 years depending on the type of filing—in order to obtain the best rates. While still in bankrupt, you will need the bankruptcy court's approval, and you will need to disclose your bankruptcy information to your lender.
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As long as the value of your home is greater than the remaining balance of your previous mortgage, you are still likely to qualify for a mortgage refinance.
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