REFINANCING YOUR EXISTING MORTGAGE LOAN
Refinancing your existing home loan is most often used to lower your current interest rate. If interest rates have dropped since you last financed your home, you may want to consider refinancing.
Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan, or to
take cash out. A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.
Just imagine what you could do with an extra $100, $300 or more each and every month.
You might decide to apply the savings toward your balance and build equity faster. Or maybe you just might want to put the money in your savings account or portfolio and watch it GROW! The best thing is. you're in control. You decide what is best for your family!
In order to refinance your existing home, or to simply help you decide if refinancing makes sense, just call our refinance experts at (651) 552-3681, or click to fill out an online refinance application.
A standard refinance is used primarily to refinance any loan into a new loan.
It will require an application, appraisal, and a verification of your income and assets, as well as most of the same paperwork required when you originally financed your home. Adequate property insurance and new title insurance is necessary.
The cash out refinance loan option will also allow you to take additional cash out against your home. Standard conventional loans let you refinance to 80% of the appraised value of your home, FHA cash out loans allow up to 85% of the appraised value, and VA cash out loans allow up to 100% of the appraised value to be take out.
A streamline refinance, allows you to refinance an EXISTING FHA or VA loan, with a process (as the name implies) that is streamlined. Generally streamlined means reduced documents, and WITHOUT the need for an appraisal.
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