Refinancing replaces an existing mortgage with a new one, and you can customize details on the new loan including the type of interest rate, the term length, and the amount borrowed.
Speaking with a licensed loan officer will help you set clear financial objectives to choose the most appropriate terms to fit your situation.
Why Should You Refinance?
Most people refinance to lower their interest rate and reduce their mortgage payments, often saving thousands in mortgage interest. But that is not the only reason to refinance a mortgage. You can also refinance into a new loan type or a new loan term, which could help you pay off your house early or you could refinance to cash out home equity.
Types of Refinance Mortgages:
Cash Out: Allows homeowners to increase the amount that they are borrowing by tapping into their home’s equity and pulling out the cash difference. When a mortgage refinance is used to provide the borrower a lump sum of cash, you can use the cash any way you choose.
Rate and Term: The interest rate and loan term are the only changes that occur with this type. Depending on the situation, interest rate could reduce your mortgage payment.
HELOC: A Home Equity Line of Credit allows the homeowner to borrow cash against their home equity.
If you are thinking of refinancing and would like more information on the process before applying, submit your information below and one of our experienced Mortgage Loan Officers will contact you.
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