Refinancing can potentially lower your monthly mortgage payment, pay off your mortgage faster, It can help millions of homeowners to reduce the amount of their monthly payments, and save money. We will help you to choose the best refinance lender for you.
Refinancing a Mortgage means paying off an existing loan and replacing it with a new mortgage with a new term, interest rate, and monthly payment. The typical American homeowner with a mortgage refinances every four years, according to the Mortgage Bankers Association.
Refinancing a loan involves taking out a new loan to pay off and replace the first one.
Refinancing can make sense if it will lower your monthly payments by replacing a high interest rate with a lower one.
You’ll pay all the same closing costs that you did when you took out the first loan, and this can add up to thousands of dollars upfront, depending on the size of your new loan.
A cash-out refinance can provide you with some cash to pay for a significant life event like a wedding or to remodel or improve your home. You’ll receive the difference between your new loan balance and the old loan balance in cash.
If you've decided that now is the right time to apply for a refinanced mortgage, process of refinancing is very similar to applying for a mortgage
Should be a clear financial goal
Understand Your Current Mortgage
Check how much home equity you have
Getting quotes from multiple lenders
Be transparent with your finance
Prepare for your appraisal
Come to the closing with cash
Keep tabs on your loan