REFINANCE

Rate & Term Reduction

Homeowners can realize significant savings by refinancing their mortgage to secure a lower interest rate or a shorter loan term. The term refers to the duration of the loan. For example, refinancing from a 30-year mortgage to a 15-year mortgage may result in a slightly higher monthly payment, but the loan will be paid off in half the time—often with substantial interest savings over the life of the loan.

Switching to a Fixed Rate

Refinancing from an adjustable-rate mortgage (ARM) or a home equity line of credit (HELOC) to a fixed-rate mortgage provides stability and peace of mind. With a fixed rate, borrowers have the security of knowing their monthly payment will remain consistent for the entire duration of the loan, protecting them from potential interest rate increases in the future.

Removing a Borrower from a Loan

There are many reasons a borrower may need to be removed from a mortgage. However, the only way to accomplish this is through a refinance. By refinancing, the loan is restructured under the remaining borrower’s name, effectively releasing the other party from responsibility.

NMLS # 940186 Company NMLS # 129386

Cash-Out Refinance

Because mortgages typically carry lower interest rates than other forms of borrowing, a cash-out refinance can be an excellent option for homeowners seeking funds for home improvements, paying off high-interest debt, or making other investments. By refinancing, you can access the equity built in your home—especially if recent market appreciation has increased your property’s value—while potentially benefiting from more favorable loan terms.

Eliminate Mortgage Insurance

Homebuyers who purchase a home with less than 20% down are often required to pay mortgage insurance. However, with recent home value appreciation, many borrowers may now qualify to remove this expense from their monthly payment. Eliminating mortgage insurance can result in substantial long-term savings and reduce the overall cost of homeownership.

Loan Consolidation

Managing multiple loans can feel overwhelming and costly. By consolidating your debts into a single mortgage through refinancing, you may simplify your finances while also reducing the overall interest you pay. This approach can make repayment more manageable and potentially save you money over time.