Mortgage Refinance Options
There are several different types of mortgage refinance options.
If you’re currently interested in saving money on your current mortgage, rate and term refinancing could be a wonderful. This type of refinancing configures your current mortgage balance at a lower interest rate at a term that fits your budget. As you know, your home is an asset and can be used to pay off your existing debt. In cash out refinancing, a new mortgage loan is granted for a higher amount then what you currently owe. Next, the difference is paid out to you in cash to go towards any current debt.
Keep in mind, refinancing maybe an option for you if you’re interested in transforming your ARM loan to a fixed rate or ready to shake your FHA mortgage insurance. Refinancing can also be in option for divorce settlement, no matter your need, one of our mortgage refinance professionals can help.
Mortgage refinancing has its benefits, but it’s important to ensure the pros out weigh the cons. Meaning, the total amount of monthly savings exceeds the fees associated with refinancing. Contact one of our professional loan officers to learn more about your mortgage refinance loan options.