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  • 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.

  • Benefits


    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.

    Pay less in costs and fees

    Conventional refinance loans may cost less than FHA and VA loans, which typically have higher closing costs and monthly fees. 

    Requirements and Qualifications

    • Credit history - Because conventional refinance loans are not backed by the government, you will need to have a minimum credit score of 620 to qualify. (If you don’t meet this criteria, Residential Funding Consultants also offers FHA and VA refinance loans with less restrictive credit score requirements).
    • Home equity - If you have less than 20 percent equity in your home, you may want to consider a HELOC (AKA: Home Equity Line of Credit) to avoid paying PMI (AKA: private mortgage insurance). 
    • Market value -  To qualify for a traditional refinance, your home’s current market value must be higher than your current home loan balance.

    Residential Funding Consultants are ready to answer all of your home refinancing questions and help you find the mortgage that's right for you.