Refinancing

Refinancing a mortgage involves replacing your current home loan with a new one, often to take advantage of better terms, lower interest rates, or to adjust your loan structure to better suit your financial needs.

Lower Interest Rates

One common reason for refinancing is to secure a lower interest rate than what you currently have on your mortgage. Lower interest rates can result in reduced monthly payments and potentially significant savings over the life of the loan.

Cash-Out

A cash-out refinance allows you to borrow more than your current mortgage balance and receive the difference in cash. It's often used to finance home improvements, pay off high-interest debt or cover major expenses like education or medical bills.

ARM - FRM Conversion

If you currently have an adjustable-rate mortgage (ARM) and want more stability in your monthly payments, you may choose to refinance into a fixed-rate mortgage (FRM). Fixed-rate mortgages offer predictable payment over the life of the loan, which can be beneficial if interest rates are expected to rise.

Find Out More About FRM

Eliminate PMI

If you initially made a down payment of less than 20% when you purchased your home, you likely have to pay for private mortgage insurance (PMI). Refinancing may be an option to eliminate PMI if your home's value has increased enough to meet the criteria.

Adjusted Loan Term

It's possible to change the term of your loan. You may be able to switch from a longer-term mortgage (30 years) to a shorter one (15 years) to pay off your loan faster and save on interest. Conversely, you may be able to extend your loan term to reduce your monthly payments.

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Cindy Regan - Originating Branch Manager - NMLS #264375

The Lending Authority Team - Hancock Mortgage -Powered by City First Mortgage Services LLC - NMLS #3117

Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. The Lending Authority Team powered by City First Mortgage Services is not an agency of the Federal Government, and is not acting on behalf or at the direction of HUD/FHA.

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Cindy Regan - Originating Branch Manager - NMLS #264375

The Lending Authority Team - City First Mortgage Powered by Gold Star Financial Group

NMLS #3446

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Gold Star Mortgage Financial Group, Corporation (NMLS ID #3446) is an Equal Housing Opportunity lender and FHA-approved lender. Gold Star Mortgage Financial Group, Corporation is a California financial lending institution licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Gold Star Mortgage Financial Group, Corporation is not the FHA or any other government agency. The FHA does not directly originate, underwrite, service, or guarantee any residential mortgage loan. Not all products are available in all states.

Gold Star Mortgage may choose to recommend Modern Title Group LLC (at times, d/b/a Gold Star Close) or Radiant Insurance, LLC. Gold Star Mortgage has a direct or indirect financial or ownership interest in Modern Title Group LLC (at times, d/b/a Gold Star Close) and Radiant Insurance, LLC. You are not required to use either Modern Title Group LLC (at times, d/b/a Gold Star Close) or Radiant Insurance, LLC.