A mortgage refinance is when a borrower gets a better interest rate and/or loan term. A borrower can achieve lower monthly payments and if they qualify, use their equity to obtain money that can be spent by the borrower. There are several pros and cons of refinancing a mortgage and we can help determine if this is right for you.
For more information on a mortgage refinance contact us today at 703-889-7669 or go to our Refinance Advisor to get pre-qualified.
As mentioned above, there are many reasons for a mortgage refinance;
- Lowering Interest Rate
Reducing your interest rate can have a number of benefits, including lower monthly payments and increasing the speed you build equity within your home!
- Changing Loan Term
By shortening the length of your loan term when interest rates drop, you can pay off your mortgage faster while keeping your monthly payment in a similar range.
- Removing Mortgage Insurance
Once you have reached over 20% of equity in your home, you can now use a mortgage refinance to remove your mortgage insurance and save money each month!
- Cash Out Refinances
You can use the equity in your home to cover major expenses such as college tuition or home remodeling projects. You may use up to 85% of your homes appraised value.
- HELOC, Home Equity Line Of Credit
This line of credit is an adjustable-rate loan, secured against the value of your home, providing you with revolving credit, typically at a much lower interest rate than other lending sources such as credit cards.
You can use our Refinance Advisor for more information or call us anytime at 703-889-7669 to speak with a licensed mortgage professional.