REFINANCE
Regardless of why you're refinancing, we’ll work with you to ensure you understand your different options and their impact on your financial goals. Identifying and capitalizing on refinancing opportunities can save you tens or even hundreds of thousands of dollars over the life of the loan. Refinancing is broken down into two primary categories based on whether you're accessing equity or simply adjusting the Interest Rate and/or Term of the loan.
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Rate and Term
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Rate and Term refinances are designed to restructure the Interest Rate and/or Term of the mortgage in order to meet a specific goal. The most common example is when interest rates drop and it's beneficial to refinance the loan to secure a lower interest rate. It's also common to see someone refinance an Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage.
Rate and Term refinances can produce a variety of financial incentives depending on your specific goals. Often a reduced monthly payment can be the primary objective whereas others might prefer paying less interest over the life of the loan.
If you're ready to apply, click the button above and visit our How to Apply page for more details on what to expect along the way.
CASH OUT
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A Cash-Out refinance allows you to convert the equity in your home to cash. They’re utilized for a variety of financial reasons and can be highly beneficial if done correctly. Here are some of the most common reasons for a Cash-Out refinance but there are many others as well. If you're ready to apply, click the button above and visit our How to Apply page for more details on what to expect along the way.
1. Reinvesting the cash into a higher yielding investment such as stocks or bonds.
2. Using the cash for home improvements which will ultimately raise the home’s value more than the cost of the project.
3. Taking cash out of one property to put towards the down payment of another.
4. Consolidating debt where you take the cash out of your home to pay down debts with higher interest rates than your mortgage.
5. Accessing cash for an emergency. Sometimes it might be your only option or maybe you’re trying to avoid having to liquidate an investment for tax reasons.
6. Eliminating your monthly mortgage payment altogether by obtaining a Reverse Mortgage. This can be a highly beneficial financial planning tactic for those 62 or older who want to access equity in their home.
