Refinance Options

With rates at historic lows, we have helped thousands of Homeowners use the equity they've built up to pay off charge cards and other high interest debt or to finance other "quality of life" expenditures. The type of refinance you should choose will depend on your individual purpose. Call us today to see which one is best for you.

Rate and Term Refinance

If you simply want to lower your mortgage payment, or convert from an adjustable to fixed rate.

FHA Streamline

If you are refinancing an FHA mortgage to another FHA mortgage, this option does not require that you requalify for the loan. No income or asset documentation is necessary.

VA Interest Rate Reduction

Similar to an FHA Streamline, but refinancing a VA loan to another VA loan.

Cash Out Refinance

When you want to borrow against the value of your home to get money for other purposes. This procedure involves paying off your first mortgage, taking out a bigger mortgage that gives you the difference in cash.

Reverse Mortgage

A very good choice for seniors in the right situation. Instead OF making a payment each month, with a reverse mortgage you receive a payment every month (or when you need it). Click here for more information.

Things To Consider Before Refinance

The Interest Rate You Are Paying

Consider the interest rate you are now paying before refinancing. Compare it against the current interest rate to see how much you would save by mortgage refinancing.

The Current Interest Rate

Check the current interest rate. To get the benefits of a lower rate, you may have to pay fees associated with the loan, unless your lender is doing a no fee loan. Before committing to a refinance, be sure you have discussed the fee options with your loan officer.

How Long You Will Live In Your Home

The median length of stay in a home is 8.2 years. However, you may have a better idea of how long you will be in your home. If you do not plan on owning your home for much longer, the lower payments associated with the refinancing may not cover the mortgage refinancing fees. If you plan on staying in your home for a long period of time, refinancing could be an excellent way to reduce your monthly payments. Also, if you are planning on moving into a new home while retaining the old home as a rental property, refinancing is a solid plan. You can lower your monthly mortgage payment and in turn, increase your rental income.

Consolidation

If you have several outstanding bills, you may want to consider refinancing your home and in turn, consolidating and paying off your other debts. If you have equity in your home, you may be able to access that equity through a "cash out" refinance. You could choose to apply that equity to a debt consolidation plan, a new car, or home improvements.

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