THINKING ABOUT REFINANCING?
The process of obtaining a new mortgage loan to pay off the existing debt from loan proceeds using the same property as collateral. This type of loan is generally requested to obtain a lower interest rate and/or reduce payment or term.
There are many benefits to refinancing; it just depends on what your objectives are. Some of the most popular reasons are:
- To lower your monthly payments by refinancing at a lower interest rate.
- To convert a portion of your equity into cash by obtaining a new loan for a larger balance than your current loan.
- To switch from an adjustable rate to the stability of a fixed rate.
- To consolidate debt by refinancing a higher loan balance and using the cash difference to pay off credit cards, auto loans or other debt.
- To pay off the mortgage sooner by switching to a shorter term.
Homeowners can now take advantage of their home equity by refinancing their existing home to put their cash equity to use. You can take this equity and spend it on whatever you choose: children's education, pay off debts, your dream vacation, boat or a new car. Most states now allow loans up to 125% of your homes appraised value.
Contact us today for more information on these exciting programs or apply online!
MB/2110 ML/1721
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