Refinance Your Home
With the assistance of your Real Estate Agent and a knowledgeable Loan officer, refinacning your mortgage should be efficient and pleasant.
A mortgage refinance can be beneficial in a variety of ways that may not be obvious to an average homeowner.
Utilize the equity in your home to consolidate your debts and decrease your overall interest expense on these debts.
Rate Reduction Refinance
If your initial mortgage has an interest rate higher than what is offered today, you could benefit from refinancing into a lower interest rate. Your loan officer will review the interest savings and the costs associated with doing the refinance to determine if it is financially beneficial.
Cash Out Equity Refinance
Receive funds at closing to use on a variety of purposes, such as: putting in a pool, purchasing a large ticket item, funding a college education, and much more.
Change in Terms Refinance
There are a variety of mortgage terms that can be modified through a refinance based on your specific circumstances. Some common scenarios are:
- Decreasing the length of the term of the mortgage (for example: Refinance a 30 year into a 15 year to pay it off sooner)
- Fixing the interest rate if it is currently adjustable to eliminate market interest rate risk
- Lower the monthly payment, by extending the length of the mortgage. This will help free up your monthly cash flow. (for example: refinancing back into a 30 year mortgage for a retiree who needs a low consistent mortgage payment)
- Remove mortgage insurance through refinancing