Mortgage Investors Group
Refinancing
Take the first step to refinance.
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When you refinance a loan, you pay off your standing home loan and substitute it with a new one, or combine a first and second mortgage into one new loan. Refinancing is an exceptional way to benefit from lower rates, change the type of home loan you currently obtain, or access equity in your house.
You typically will need good credit, minimal debt, and a certain amount of money to refinance. We can help you determine what is best for your situation. Not everyone fits in the same box!
Our professional loan officers are here to assist you when you need us!
Why Should You Refinance?
There are three primary reasons to refinance your mortgage.
Cash-out Refinance
If you have a substantial amount of equity in your home, you can refinance into a new, higher-balance loan to cash out your equity. This is a popular choice among homeowners who want to pay off debt or get together cash for a big purchase, such as a vehicle. A cash-out refinance usually has a higher interest rate than a straight refinance. Keep in mind that while your interest rate will be lower than a credit card interest rate, your payments will be spread out over 15 to 30 years, so you will likely pay more in the long run. Doing so will also turn unsecured debt into secured debt – with your home as collateral.
Reduce Your Rate
The most common reason to refinance is to take advantage of lower interest rates. There are closing costs with a refinancing loan, so it is usually best to refinance if the interest rate will be at least 1 percent lower. With a lower interest rate, your monthly payments will be lower.
Change Mortgage Type
You can also refinance your mortgage to get a new type of loan. For example, you may want to turn an adjustable-rate mortgage (ARM), interest-only loan, or balloon payment loan into a standard fixed-rate mortgage.
