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Mortgage refinancing is not a confusing and complicated concept, but the best mortgage lenders make it painless.
If you’ve decided to refinance your home, you might be surprised to realize how many options there are available. There are several key factors that influence your refinancing options, including:
You may not even know where to begin refinancing. We understand. Our team is here to guide you through the process, so you can get the best deal possible. Did you know 92% of borrowers do online research before reaching out to a lender? You can go a step further and get personalized advice from a home loan officer at Champions Mortgage. We offer a zero-obligation consultation call to help you discover and discuss your options.
Refinancing your home is a major decision, almost as big as buying a house in the first place. Ideally, you’d get a mortgage and never have to worry about it again, but that isn’t always the case. Sometimes, people refinance because their current payments are just too high or their interest rates have skyrocketed.
Other times, homeowners refinance because they want to pay for a major expense, like college tuition or a remodeling project, and refinancing is an easy way to leverage their current assets.
Home refinancing takes time, research, and the right support.
With a two-week loan approval until the closing date, 100% satisfaction coming from buyers, renters, and sellers, and over $100 million successfully funded loans, Champions Mortgage will lead you peacefully through the overall closing process and help you get the best deal on the market.
When you refinance your home, you trade in your current mortgage for a new one, preferably with lower rates and interest. The number one reason people refinance their home is that they want to spend less money on their mortgage without having to move.
Take a look at some of the options you have when it comes to refinancing your mortgage.
With this type of refinancing, you choose a new home loan that better suits your budget and goals. your finances may have changed since you bought your home, or you may have realized that you’re not entirely happy with the original terms or costs of your home loan. We can help you find the right new mortgage that will align with your needs.
If you have equity in your home, then you can cash out some of it and refinance your mortgage in the process. Most lenders will allow you to refinance up to 85% of your home’s value. With a cash-out home loan, you take out a bigger loan to pay off your old one, then receive a lump sum payment of the difference in cash.
The opposite of a cash-out, the cash-in refinancing option allows you to contribute more money toward your mortgage, lowering your total principal balance. This can be a great option for homeowners who want to pay off their house sooner without incurring early payoff fees.
One of the reasons homeowners refinance is significant debt. Consolidation lumps all your outstanding balances together and then pays them off with a larger loan. When it comes to home refinancing, a consolidation works similarly to a cash-out. The difference is that what you would normally be given as a lump sum to spend however you like is used to pay off your qualifying debts.
The downside to this is that your monthly payment and interest rates increase, so you have to consider the impact having your other debts paid off will have on your overall financial health.
At Champions Mortgage, we pride ourselves on integrity, honesty, and transparency. We make sure all of our clients are 100% satisfied, and we ensure this through undivided attention and dedication. That’s why we work hard to provide you with the lowest interest rates and closing costs possible.
When you work with us, you’ll always have a partner to help you overcome the challenges of refinancing. To speak with a loan officer, schedule an appointment online. We’d love to help.
To get more information, contact Champions Mortgage team.
