| Why
Refinance |
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the key
reason why home owners refinance their mortgage
is to lower their current rate.
Your new rate should be 1-2 points
lower than your current rate in
order to benefit:
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homeowners
with payment-risk mortgages such
as adjustables, interest-only,
minimum payments, and other high-risk
mortgages will refinance into
more stable, fixed-rate mortgage loan.
Many of these payment-risk mortgages do not build equity and/or are subject to negative amortization:
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homeowners
may want to shorten or lengthen
their payoff terms depending on
their financial situation:
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Refi Now: get up to four lender reviews |
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homeowners
with interest-only loans or minimum
payment plans run the risk of
negative loan payoff. Refinancing
your mortgage can protect your
mortgage investment:
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| Another
Reason Why Refinance |
Many
homeowners will refinance their
home mortgage to take extra
cash out for home improvements,
paying off debts, college education,
auto buying, and other.
They will refinance at a higher
mortgage value to repay their
existing mortgage loan and take
cash out for need expenditures. |
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| Cash-Out
Ideas |
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Use
the extra cash to remodel the
kitchen, bathroom, attic, and
other:
view
ideas |
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Use
the extra cash to make home improvements
and buy home decor:
view
ideas |
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Use
the extra cash to consolidate
and payoff high interest rate
card and other debt:
view
ideas |
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Use the
extra cash to start a home business
or buy into a business:
view
ideas |
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Use
the extra cash to pay college
expenses for your child or yourself:
view
ideas |
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Use
the extra cash as a down payment
to build a new home:
view
ideas |
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Use
the extra cash to buy a new or
used vehicle for yourself or the
family:
view
ideas |
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Use
the extra cash to travel the world.
We have discount travel programs:
view ideas |
| Advantages and Disadvantages |
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lower payments:
refinancing your current mortgage can lower
your monthly payments
cash out:
refinancing your current mortgage at higher
loan amounts allows you to take cash out
to pay home improvement, debt balances,
and other cash needs
better tems:
refinancing your current mortgage can put
you in better payoff terms; i.e., paying
off an ARM mortgage and moving into a fixed-rate
mortgage
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refinancing costs:
refinancing your mortgage will cost you
in loan processing and closing costs
these costs may never be recovered if you
decide to move out our home within a short
period of time
loaded loan balance:
many lenders will add the refinancing costs
to your new mortgage loan so that you do
not have to bring cash to the closing table
tacking on the costs simply increases
your new mortgage loan amount, for example:
if your current payoff mortgage is $120,000,
and closing costs are $2,000, your total
refinancing loan amount is $122,000 |
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Start Your Home Refinancing Application |
