Refinancing Resources
From GoPrime Mortgage
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Key Benefits to Refinancing
Take advantage of lower interest rates to lower your monthly payment or utilize the equity in your home to take cash out for remodel projects or debt consolidation.
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Refinancing
No-cash-out Refinance
Otherwise known as a rate/term refinance, this type of refinance pays off your old loan and replaces it with a new one. Typically, this is done to get a reduced interest rate or shorten the term of your existing loan, hence “rate/term.” Working with a loan officer is essential in this process because you want to make sure that the refinance is worth it! Refinances have a cost and our job is to make sure that the benefits of refinancing “pay for” the cost of the loan in a reasonable amount of time.
Another reason you may want to refinance is in the event of divorce. This is a tool to remove one of the parties from the loan and can also be used to pay out equity owed to an ex-spouse. You want a loan officer on your team for this as well! It’s important to start this process ahead of time so you know what you can afford and what your loan looks like before finalizing all of the divorce terms.
Refinancing
Cash-out Refinance
Time to upgrade the kitchen, finish the basement or build an addition? Need some extra cash for your children’s education or daughter’s wedding? How about consolidating all those expensive credit cards and reducing monthly expenses? Maybe you’d just like to take advantage of lower rates and put a little extra money into savings? A cash-out refinance can be a powerful tool in reworking your finances or funding a project without having to drain your emergency fund. Whatever the reason, call one of our mortgage professionals today and we’ll show you how quick and painless the process really is with GoPrime Mortgage!
What are the Expenses of Refinancing?
The costs associated with refinancing are similar to those of obtaining an original home loan and include legal fees, application fees, settlement costs, and other related fees. When refinancing, additional fees will arise and they can include a fee charged if you paid off your original mortgage early, the points associated with the refinance, and the home loan interest rate. Typically the cost runs between three and six percent of the total amount of the home loan.
Should I Refinance for the Second Time?
Refinancing makes sense for many of our clients because refinancing can result in valuable savings. Now is also a good time to refinance for a second time. The timing is important because when interest rates are falling quickly you can reduce your monthly payments even further. Your mortgage brokers will also help you understand the tax write-off associated with a second refinance. The money that American’s are saving can be used to build emergency cash funds, build additions onto their homes, or they can save it for a child’s college fund.
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