We have a pretty good feeling you’re here because you’ve realized that a mortgage refinance could help you accomplish a financial goal. Smart thinking! A refinance can be a huge asset for you.
We don’t want to assume, but chances are you want to do one of these four things:
- Lower your rate to reduce your monthly payment
- Shorten your loan term to save on interest (e.g., going from a 30- to a 15-year fixed)
- Consolidate your high interest debt (credit or personal loan debt)
- Do a cash-out refinance for a major expense (like home improvement, college tuition, and more)
And that, right there, is the beauty of a refi. It enables you to change your current home loan to better suit your personal and financial needs.
What homeowner wouldn’t want to take advantage of that?
Once you’ve figured out which of these benefits to take advantage of, you’ll need to determine what loan option will suit your refinancing needs.
Enter, our (FREE) loan comparison guide:
Here’s a little of what we cover in the guide:
The Loan Option Breakdown: A high-level description of each of the refinance loan options we offer: fixed rate, adjustable rate, FHA loan, FHA streamline refinance, VA loan, VA streamline refinance and the HARP refinance.
Refinance Terms: A quick-hit list of some mortgage terms that will help you take stock in which loan is right for you.
The Loan Option Comparison: This is where it all comes together. In this section, you’ll have a full side-by-side comparison of each of your refinancing loan options, broken down by: the benefits, the requirements, and right for your situation if.
For example: A Fixed Rate
The term options: 10-, 15-, 20-, 25- and 30-year loan terms.
The requirements: Typically, a credit score of at least 620, debt-to-income ratio between 40-50%, and a maximum loan-to-value ratio of 80% (mortgage insurance required if over 80%).
The benefits: A fixed interest rate, stable monthly payment, flexible terms, and can cash out with as little as 20% equity.
Right for your situation if: You want a lower rate, you have an ARM and want a fixed rate, you want a shorter loan term, or you want to do a cash-out refinance.
And this is just a quick teaser of all the refi info you’ll get in our comprehensive comparison guide.
So if you’re thinking about a mortgage refinance, the next step is getting your hands on the guide: