To Get a Better Interest Rate
Lowering your interest rates can decrease the amount your monthly payment as well as save you thousands over the life of your loan.
Get Rid of MIP
A Refinance is also a great way to remove MIP (Mortgage Insurance Premium) from your monthly payment on an FHA loan once you have reached 20 percent equity in your home.
This can be used for many purposes:
Home Improvement Projects
Debt Consolidation to manage your credit score
Paying off solar panels or other energy efficient loans
Buying out another owner of your property
Down payment needed to purchase a vacation or investment property
New Type of Loan
You may want switch from an adjustable rate mortgage to a fixed rate mortgage for added stability.
Pay Off Your Home Faster
Lowering your remaining loan term from 30 year to 15 or 20 year can be one of the best ways to save yourself thousands of dollars while achieving the dream of owning your home free and clear much sooner than you ever thought possible.
Not only do you pay your loan off much quicker, but depending on the program, 15 year rates can be significantly lower than 30 year rates.
If you are 62 or over and have equity in your home, you may be eligible for a reverse mortgage.
There are minimal requirements
No mortgage payment
Cash-out can be taken and provided as a lump sum or provided as monthly income.
A reverse mortgage isn’t right for everyone but can often be a valuable retirement investment tool.
Removing equity from your home is not always the best solution. Call today and we can discuss the solution that best meets your needs together.
When to Refinance
Current Interest rates are less than 1 percent lower than your existing rate.
You plan on owning your home for another 2-5 years depending on rates and closing costs.
You anticipate being approved from the refinance loan.
What You Will Need
Tax Returns and W-2’s and/or 1099s
Credit Report (run by us)
Statements of Outstanding debt
Statements of Assets
What Do You Have To Lose
Try our refinance calculator and then give us a call to go over the results! We are excited to help you find the best possible option and move you closer to your financial goals.