A mortgage refinance is the replacement of your existing mortgage with a new loan that has different and potentially more favorable terms.
The Benefits of Refinancing
Refinance Loans
Conventional Refinance
Get a lower interest rate and/or adjust the terms of your current loan.
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If you’re planning to live in your home for a maximum of 7 years, an adjustable-rate mortgage may be more favorable
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If you’re planning to live in your home for more than 7 years, a fixed-rate mortgage may be a better option
Cash-out Refinance
Turn your home equity into cash to:
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Pay off high-interest debt
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Pay for college tuition
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Make home improvements • Increase your savings or retirement accounts
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Take care of emergency expenses
FHA 203(K) Refinance
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A rehabilitation loan that can help repair or modernize your home
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In addition to the cost of the home, the loan also covers the cost of qualified repairs
Other Refinance Loan Options
I offer a wide variety of refinancing options including FHA refinance, VA refinance, and USDA refinance. Whatever your goals are, I will provide you all of the information necessary to make the best decision for you and your family.
You can refinance your home for a number of reasons, most of which typically result in a more favorable financial situation. Some of the benefits of refinancing include:
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Lower your monthly payments: By obtaining a lower interest rate, you may lower your monthly payment – keeping more money in your pocket. Refinancing can reduce your monthly payment initially, but that doesn’t always mean it will save you money in the long run.
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Shorten your loan term: Maybe you’re making more money now than you were when you first got your mortgage and can afford to put more money toward it. By shortening your loan term, you’ll pay off your mortgage sooner. Short term means you’ll pay less interest over the life of your loan. An example would be refinancing a 30-year mortgage into a 20-year or 15-year mortgage.
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Extend your loan term: Maybe you want a lower monthly payment and are willing to extend your mortgage out several years to get it. It’s important to understand that you’ll pay more over the long term in interest, but you’ll have a lower payment each month.
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Get cash out: As you pay on your mortgage, you build equity. Eventually, you can refinance through certain programs to get access to funds from that equity. These funds can be used in a variety of ways, such as paying bills, making a special purchase, improving or repairing your home or paying for college tuition.