Refinancing is the process of replacing an existing mortgage with a new loan. Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable-rate mortgage to a fixed-rate mortgage.
Additionally, some people need access to cash in order to fund home renovation projects or pay off various debts and will leverage the equity in their house to obtain a cash-out refinance.
Regardless of your goal, the actual process of refinancing works much in the same way as when you applied for your first mortgage: you’ll need to take the time to research your loan options, collect the right financial documents and submit a mortgage refinancing application before you can be approved.
What happens during the refinance process?
When you refinance your mortgage with us, a dedicated mortgage specialist will walk you through three simple steps:
Our streamlined process really can be that easy. Get in touch today, and you’ll be assigned to one of our loan officers, all of whom are experts in the field.
With a Debt Consolidation Refinance, you consolidate all your debts in one single payment. Our Loan Consolidation Calculator helps you decide whether or not is beneficial for you.
Use money from a Cash-Out Refinance for any upgrade you want to make such as a new kitchen or new paint, a new roof, an extra bedroom, adding a pool, etc.
Some homeowners who have enough property appreciation or principal paid off will not be required to pay mortgage insurance which will reduce your total monthly payment.
With rising home values, you may have enough equity to take out a cash-out refinance. This money can be used to finance home improvements, pay off debts, or fund large purchases.