By refinancing your home mortgage, you can obtain a new loan to pay off an existing loan or pay off one loan with the proceeds from another. It is generally a good idea to refinance your properties when interest rates drop and/or the property has appreciated in value--you can lower your monthly payments, effectively lowering the cost of your mortgage.

Do you want to lower your monthly payment? You might want to get some cash out of your home's equity or put more money in your pocket each month by paying off your debts. Interest rates are still historically low so you may want to refinance now and start saving.

As a rule of thumb, if your closing expenses can be recovered within the first 30 months of the new loan, mortgage refinancing is usually a good idea.

There are a few options for refinancing:

Cash-out Refinance
A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points and the amount required to satisfy any outstanding subordinate mortgage liens. In other words, a refinance transaction in which the borrower receives additional cash that can be used for any purpose.

Rate Reduction Refinance
A refinance transaction in which the rate of the loan is adjusted down. As long as you will make up the cost to do the loan within 30 Months, it will most likely be a good idea to refinance.

Term Reduction Refinance
A refinance transaction in which the term of the loan is adjusted. Increasing the term of the loan would result in a lower monthly payment. Decreasing the term would result in a higher payment, but a greater savings in Interest over the life of the loan.

Debt Consolidation

Consolidate your debt with your home equity and save hundreds of dollars every month. By refinancing and taking cash out of your home's increased equity, you can pay off your higher interest credit cards and lower your total monthly payments.

Even with bad credit, recent collections or prior bankruptcy, a debt consolidation home loan can be yours. We work with over 350 lenders with one goal in mind, to get your loan closed.