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.
Benefits:
- Reduce Your Interest Rate
- Cash Out Equity for Home Improvements
- Consolidate Debt
- Lower Monthly Payments
To Refinance You'll Need:
- Copy of current Mortgage Statement
- Current Appraisal and Analysis
- Verification of Assets and Income
- How much your Homeowners Insurance Premium is per year, and what the renewal date is (check the insurance policy on your home)
- What do you think the value of your home is?
- Do you need cash out for anything?
- Are you currently remodeling your home?
- How long do you anticipate remaining in your home?
- Are you making bi-monthly mortgage payments?
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