Refinance
Understanding Mortgage Refinance Companies
Thinking of refinancing your mortgage? Refinancing can be a great way to increase your monthly cash flow by resetting your mortgage terms with a lower interest rate and lower monthly payment. However, many mortgage refinance companies don’t let you know about all the kinds of refinancing options available. Let me do a customized review of your current mortgage to see how we might be able to help you to your next goal!
Some different types of refinancing you can consider are:
Rate-Term Refinance
A rate-term refinance takes your current mortgage and pays it off, possibly including the closing costs involved, without increasing the loan amount more than the actual costs. Often the purpose for this is to lower the rate, to restructure the loan program or even to remove the mortgage insurance.
Goals which may be acomplish
- Lower the interest rate. A little over the long term can create substantial savings.
- Remove mortgage insurance. If mortgage insurance was needed to qualify for purchasing and now you have 20% equity into the home, you may wish to remove this payment for an overall lower monthly payment.
- Restructure the loan term. Maybe you have decided you want to accelerate the payoff of your home, lowering the term from a 30-year loan to a 15-year loan not only save money over the life of the loan, but get you to a free and clear status sooner.
- Restructuring the loan program from an Adjustable rate mortgage to a fixed rate can offer payment stability for your budget.
Cash Out Refinance
A cash out refinance is taking some of the equity and using it for other items in addition to paying off the mortgage and closing costs.
Goals which may be acomplish
- Pay off a second mortgage which is at a higher interest rate.
- Pay off a higher rate revolving or credit card debt.
- Remodeling your home or other home improvements.
Streamline Refinance
This is a refinance which offers a lower amount of documentation requirements to accelerate the process. VA and FHA are two mortgage refinance companies who offer this type of refinancing arrangement.
Goals which may be acomplish
- Lower your rate.
- Possible no income verification.
- Possible waiver of appraisal.
Interested in learning more about mortgage refinance companies or your various options? Contact us today for a free consultation.
Rhonda is an extremely professional and efficient agent, very pleasant and easy to business with. She communicates very efficiently so you are aware of the status of your project at all times.