New Loan, Better Terms
What is refinancing? Simply put, it’s getting a new mortgage to replace your current one. When you refi, your new loan will be paying off your original loan while your new monthly payment will be based on the new rate and terms you lock-in.
One type of refi is a cash-out refinance. The maximum loan amount for this type of refi is 80% of the appraised value of your home. This product allows you to capitalize or “cash in” on the equity you’ve built, then use it toward cool things like college tuition, weddings, a new car, and more.
- Can be used to eliminate mortgage insurance
- Can shorten the term of your loan (example: 30 year to a 15 year)
- Can often lower your monthly payment
- Can refinance from an adjustable rate to a fixed rate
- Eliminates private mortgage insurance (PMI)
- Can cash out equity from home for large expenses