Refinancing allows you to replace your existing mortgage with a new one, taking advantage of new mortgage terms, lower interest rates, or cashing equity out of your home. Refinance also allows you to consolidate other debt, including student loans, personal loans, credit cards and even other second mortgages such as a HELOC (Home Equity Line of Credit).
It can be a great idea to refinance from a 30 year fixed loan into a 20, 15, or 10 for many reasons. By doing this, you pay less interest over the life of your loan, which means more money in your pocket. We would like to help you shorten your loan term in addition to locking you in to a lower interest rate. We will help you choose a loan term that makes the most since with your given financial sitauation.
It may be in your best interest to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortage (FRM). This will give you peace of mind by eliminating the risk of having your monthly payment increase.
This option is popular for our clients that have built equity in their home and would like to borrow against their home’s equity in order to finance or pay for other expenses. You can borrow against the equity of your home and lock in a low rate at the same time!