Refinancing is often used to lower your interest rate. If rates have dropped
since you last financed your home, you may want to consider refinancing. Other
common reasons to refinance include paying off a balloon payment, converting
an adjustable rate loan to a fixed rate loan or to extract cash equity in your
home (cash out). A few reasons for cashing out include: home improvement, an
education fund, and consolidating debt.
Another way to convert equity in your home to cash is a "home equity" loan. A "home equity" loan is an alternative to refinancing if your home loan has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan.
Just imagine what you could do with an extra $100, $300 or more each and every month. You might decide to apply the savings toward your balance and build equity faster. Or maybe you just might want to put the money in your savings account or portfolio and watch it GROW! The best thing is. You're in control. You decide what is best for your family!
Reduce Your Interest Rate
Cash Out Equity for Home Improvements
Lower Monthly Payments
To Refinance You'll Need:
Current Appraisal and Analysis
Verification of Assets and Income