REFINANCE OPTIONS
A homeowner has the option of replacing their mortgage loan with a new one through the process of refinancing. A refinance may provide benefits of getting a lower interest rate, changing the loan amount, or the terms of the loan. We are experienced with refinancing and are experts on the entire process. Learn more below as to why refinancing my be the right option for you.
REFINANCE
About Refinancing Your Home
Refinancing could save you a considerable amount of money over the life of your loan and potentially improve your overall financial outlook.
We’re here to make the home refinance process easier, with tools and knowledge that will help guide you along the way.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you. Refinancing Your Loan Process
CASH-OUT
In short, a cash-out refinance is a loan to refinance your mortgage and get a lump-sum of cash by using the equity in your home as security.
Home equity is the difference between the value of your property and the amount you owe on it. So if your property is worth $400,000 and you owe $250,000 on your mortgage, you would have $150,000 in equity.
When you have equity, you can refinance your mortgage and take out a loan that is greater
than the amount you owe on your existing mortgage.
For instance, using the above example, let’s say you took out a loan for $300,000. You would pay off your old loan and have $50,000 left to cash out.
RATE & TERM
A rate-and-term refinance changes the interest rate, the term—or both the rate and the term—of an existing mortgage without advancing any new money. It is also known as a “no cash-out refinance.”
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A rate-and-term refinance alters an existing mortgage's interest rate or without advancing new money.
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Rate-and-term refinancing activity often occurs in response to a decline in prevailing interest rates, while cash-out refinances are often driven by increasing home values.
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If your credit has improved substantially, you may be able to refinance at a lower interest rate.
JUMBO
There are many benefits to jumbo loans. One of the biggest benefits is that financing options are available up to $3,000,000. This may provide convenience to many borrowers.
A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. Rates may be a bit higher on jumbo loans because lenders generally have a higher risk.
We’re here to make the jumbo home loan process easier, with tools and knowledge that will help guide you along the way, starting with our
LOW FICO
There are Non Qualified Mortgage (Non-QM) loans available that have more flexible rules.
When banks don’t sell their mortgages to investors, they’re free to set their own criteria — like lower minimum credit score requirements. Thus, some non-QM loans can be found with credit scores as low as 500. Mortgage brokers like us can recommend products from various lenders that might fit your needs.