REFINANCE

What is refinancing?

Refinancing allows a homeowner to turn their largest asset into cash to meet their financial goals and obligations.

Refinancing is a process where a new loan it obtained and the proceeds from the new loan are used to Payoff any existing mortgages, if any; and the remaining proceeds are available to the homeowner for any purpose.

You can refinance with any mortgage company you choose.

REFINANCE

What is refinancing?

Refinancing allows a homeowner to turn their largest asset into cash to meet their financial goals and obligations.

Refinancing is a process where a new loan it obtained and the proceeds from the new loan are used to Payoff any existing mortgages, if any; and the remaining proceeds are available to the homeowner for any purpose.

You can refinance with any mortgage company you choose.

Why Refinance?

To access home equity via a cash-out refinance. This can be accomplished if the homeowner has a current mortgage or if they do not have a current mortgage.

STEP 2

To lower the interest rate on the mortgage

To change the loan term. A homeowner can either shorten the loan term or lengthen the loan term.

To change the type of mortgage. For example, to go from and adjustable-rate mortgage to a fixed rate mortgage or to go from a conventional mortgage to a reverse mortgage

To eliminate Private Mortgage Insurance (PMI)

What can you do by Refinancing

  • Use proceeds to consolidate/reduce other debt, make home improvements, meet retirement goals or meet other financial or lifestyle goals that the homeowner may have.
  • Increase monthly cash flow by reducing the monthly payment
  • Reduce the amount of interest paid by paying off the mortgage faster

Refinancing often comes down to a cost/benefit analysis and the criteria is different for each person based on their specific circumstances and goals.

Our mortgage planning process helps you understand your options for refinancing and how each option meets your current goals.

INTEREST RATES

The interest rate on your mortgage is dependent upon many factors including your credit score (the higher the better), your down payment (the higher the better), the type of property, what the property will be used for and the type of mortgage, the current interest rate market and whether you’re taking cash out or not.

We provide an analysis that can show the interest rate options that are available to you based on factors listed earlier, the mortgage product that best fits your situation and your unique circumstance and goals. This is part of our mortgage planning process. Starting with the pre-qualification stage, and throughout the entire process, we provide you with information on what interest rate to expect and what is going on in the market. Once you identify a property and have a signed contract to purchase, the interest rate can be locked at your request.

While the specific rate will depend on the variable outlined above, for planning purposes here are the national averages for interest rates published by Freddie Mac. Freddie Mac publishes these average rates on Thursday of each week. The rates reported by Freddie Mac assume no points, excellent credit and at least 20% equity in the property being financed. Additionally, the rates may be up to a week behind current market rates.

MORTGAGE PRODUCTS AVAILABLE TO BUYERS

  • Conventional Mortgages
  • FHA Mortgages
  • VA Mortgages
  • Jumbo Mortgages
  • Non-QM Mortgages
  • Reverse Mortgages
  • 30-Year Mortgages
  • 15-Year Mortgages
  • Pick-Your-Term
  • Adjustable Rate Mortgages

We provide information and options on the mortgage product available to you based on your unique circumstance and goals as part of our mortgage planning process.

Get an initial estimate on how much equity you have in your home with homebot.

Please note that this is just an estimate based on your address and may not reflect the actual value of your home.