• Refinancing

  • How does refinancing work?

    Refinancing works by giving a homeowner access to a new mortgage loan which replaces the existing one. The details of the new mortgage loan can be customized by the homeowner, include the new loan’s mortgage rate, loan length in years, and amount borrowed. Refinances can reduce a homeowner’s monthly mortgage payment, access cash for home improvements, and cancel mortgage insurance premiums, among other uses.

    Your needs as a homeowner today, though, may be different from your needs tomorrow. In the future, you may not like mortgage terms you created for yourself.

    Thankfully, there’s an option to change your mortgage loan terms. It’s known as a “refinance.”

    To refinance your home means to replace your current mortgage loan with a new one. Refinances are common whether current mortgage rates are rising or falling, and you can get one from a lot of different Lenders. As a Mortgage Broker we can shop around for you to get you the best rates.

    You’re not limited to working with your current mortgage lender.

    Some of the reasons homeowners refinance include a desire to get a lower mortgage rate; to pay their home off more quickly; or, to use their home equity for paying credit cards or funding home improvement.

    Refinances typically close more quickly than a purchase mortgage loan and can require far less paperwork. In some cases we can also get a Appraisal waiver, helping you save even more. Contact me for more information.