Types of Refinances

Rate / Term Refinance

Lowering your interest rate is one of the most common ways to lower your payment. If current rates are lower than when you first purchased your home, consult with your loan officer to see what rate you qualify for. Another way to lower your monthly payment is by removing private mortgage insurance (PMI). Depending on your loan, there could be other ways to lower your payment, such as changing your mortgage term.

Cash Out Refinance

To have equity is to have your home value worth more than what you owe on the property. Liquidating your equity and turning it into money in your pocket is a great way to have funds for projects around the home, pay off debt, or whatever you may need. Any money you receive is tax-free. When cashing out you don’t add a second lien to your home like you would with a home equity line of credit or home equity loan.

FHA Streamline Refinance

Easily refinance your currently existing FHA loan and lower your monthly payment. The mortgage being refinanced must be current and non-delinquent. You also may not roll in your closing costs into your new loan amount. No appraisal or income documentation is needed. You may be able to refinance even if your home is worth less than what you currently owe. An FHA Streamline Refinance is an easy an, cost efficient way to refinance your home.