Ready to Refinance Your Loan?
There are lots of reasons to refinance your mortgage, such as getting a lower interest rate; taking cash out; switching from an ARM to a fixed rate; or vice versa; or even shortening the loan’s term.
Regardless of why you want to refinance, you have two options: cash-out or rate-and-term.
Cash-Out Refinance
A cash-out refinance lets you tap into your home’s equity. You can use the cash for whatever you want.
Benefits
- Lower interest rate than traditional loan
- Easy way to pay for large expenses, such as debt consolidation, home imporvements, or tuition
Rate-And-Term
A rate-and-term refinane changes the rate and terms of your existing mortgage by paying off your original loan and replacing it with a new one.
Benefits
- Lower interest rate
- Lower monthly payments if you select a longer term
- Pay off your loan faster if you select a shorter term.
For more information about refinancing your mortgage, including complete eligibility requirements, contact a Loan Expert today.