For homeowners who have existing home loans are eligible for a mortgage refinancing loan. Refinancing your mortgage can potentially lower your monthly mortgage payment, accelerate the rate in which you payoff your mortgage or provide you with some additional cash.
Thinking About Refinancing Your Mortgage?
Refinancing may be a good idea for you depending on your current goals and mortgage terms. Some reasons to refinance include: reducing your payment, reducing your mortgage term or taking cash out. Before making a decision, please consider the following:
- Are you currently comfortable with your monthly mortgage payment?
- Can you estimate the value of your home?
- Are you aware of what your credit score is?
- Will a refinance change your debt to income ratio?
How Long Should I Wait To Refinance?
This mainly depends on the your current mortgage and how to compares to current products available and your goals. While there is no specific time frame as to when you should refinance, it may be a good idea to reach out to us to find out if it is a good idea for you given your situation.
How Does Refinancing Work?
A refinance is done by paying off the original mortgage on your home and replacing it with a new one. The terms on the new loan will most likely be different.
Is Refinancing Difficult?
Not at all! Since you already own your home, refinancing is typically much smoother and quicker than a new purchase loan.
How Much Does Refinancing Cost?
The cost associated with a refinance depends on which interest rate you choose. Since we have different options available, it is most certainly possible to refinance with no extra costs at all. Doing this would make sense if the new interest rate you plan on getting is much lower than your current rate.
