If you want to make your mortgage payments more comfortable and your home value is steady or has increased, you may be able to refinance your mortgage with a traditional refinance loan.
Residential Funding Consultants are ready to answer all of your home refinancing questions and help you find the mortgage that’s right for you.
Benefits and Considerations
You may be eligible to refinance to take a lower interest rate, lower payment or even pull cash out of your home.
Lower your monthly payment
Refinancing into a lower interest rate could reduce your payment, leaving more money in your monthly budget. Traditional refinancing is also available with adjustable rates for even lower payments during the initial rate period than comparable fixed-rate loans.
Change the term of your loan
If your current mortgage is a 30-year loan, you could shorten your loan term with the goal of building equity faster or paying off your home more quickly.
Get rid of mortgage insurance
When people buy a home with less than 20% down, they usually are required to have private mortgage insurance. One benefit of refinancing is that your home may have appreciated enough to knock the mortgage insurance off with the new mortgage. Contact us today to see if we can get this done for you without an appraisal.