Reasons to Refinance
What is Refinancing?
Refinancing is the process of obtaining a new mortgage loan to replace an existing loan. Most people refinance when they have equity in their home, which is the difference between the amount owed to the mortgage company and the worth of the home. This is typically done to reduce your monthly payments, reduce your interest rate, or swith your mortage repayment type from adjustable rate mortgage (ARM) to a fixed rate mortgage or vice versa. Addiontally, a home owner may need to access extra cash through a cash-out refinance in order to make a large purchase such as a car, fund a home renovation project, or pay off various debts. The refinancing process works much in the same way as when you applied for your first mortgage: you’ll need to research your loan options, collect the right financial documents, and submit a mortgage refinancing application for which will be reviewed for approval.
Reasons to Refinance
Save time
Lower Your Montly payment
Interest rates may currently be lower than when you first purchased your home. Refinancing with a lower interest rate could lower your monthly payment and give you a little more cash in your pocket.
Save time
Need Cash?
Whether you want to buy a new home or refinance your current one we tailor quotes to meet your individual needs.
Save time
Consolidate Debt
Do you have multiple loans with multiple lenders, with different rates for each? If you do, refinancing could allow you to consolidate your loans into a single loan with one rate. Combing existing loans together may improve your credit score and potentially lower your mortgage interest rate.