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.
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, All Rights Reserved
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.
Cindy Regan, All Rights Reserved
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.