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A mortgage refinance is a completely new loan and can be acquired either through the existing lender or through a different mortgage lender. Refinancing a mortgage loan results in new closing costs, but can be a good option for people who need to lower their monthly payment because of an unexpected change in income or financial situation.
With mortgage interest rates at an all-time low, one option to help free up cash is to refinance your existing mortgage at a lower rate, reducing your monthly obligations. The money you save can be used to pay off other debt, such as credit cards, or set aside for an emergency.
Some people refinance as a way of taking advantage of lower interest rates, called Rate and Term REFI, enabling them to reduce their monthly mortgage payments without pulling any home equity out. Some refinance to a shorter-term mortgage, which enables them to build equity in their homes faster.
A mortgage refinance is a great tool to increase your monthly cash flow or improve your financial situation. You can refinance your current mortgage to: Reduce your monthly mortgage payment with a lower rate; Pay off your mortgage sooner by refinancing to a shorter term; Take cash out to pay off other debt or improve your home
Some of the most commonly used refinance options are listed below. It is imperative to take into consideration all the details of your loan and financial situation when deciding which option is for you. Contact a loan specialist for help in deciding. Cash Out Refinance; 15 or 30 year fixed rate refinance; 2nd Mortgage Refinance; Refinancing can.
Under the Home Affordable Refinance Program (HARP), qualified borrowers can refinance up to 125 percent of the actual value their homes. To qualify, the mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac – two government-sponsored agencies – and refinancing must improve the stability and long-term affordability of the loan.
3. You Must Pay Your Debt for a Longer Time Period. Unfortunately, it will likely take you much longer to repay your mortgage and credit card debt if you add to your mortgage balance. Mortgage loans are normally repaid over a period of 15 to 30 years, depending on your mortgage terms.When you refinance and lump your credit card debt with your mortgage, you are essentially paying your credit.