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Easy Refinancing

Refinancing is a good decision that allows you to meet a variety of needs:

  • Reduce your Monthly Payments by lowering your interest rate or extending the repayment period.
  • Reduce the amount of interest you pay over the life of the loan by lowering your rate.
  • Pay off your mortgage faster by reducing the term of the loan.
  • Reduce your risk by switching from an adjustable-rate loan to a fixed-rate loan.
  • Obtain funds for home improvements, major expenses or to consolidate debt.

Remember that refinancing your mortgage actually means getting a new mortgage loan. The loan process will be similar to what you went through when you received your initial mortgage loan.

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Types of Refinanced Loans

  • Rate/Term Refinance

You pay off an existing First Mortgage to reduce the rate, reduce the payment and/or shorten the term of the loan. Closing costs and escrow amounts can be included in the new loan in most cases.

  • Cash-Out Refinance

You pay off an existing First Mortgage, an existing Second Mortgage and/or use your home's equity to pay off other debt.

Is It Time to Refinance?

  • It may be time to refinance your mortgage loan if the rate you are paying now is 1/2% or higher than current mortgage rates.
  • Even though rates may be lower now than you are paying or you would like to pay off debts, think about how long you plan to stay in your home. Having a lower interest rate may not be beneficial if you plan to sell your home in the near future. Understand how you will make the best use of the equity if you decide to take cash out and how all of this fits into your future financial security.

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