- 1. Why should I refinance my current mortgage?
- 2. What factors should I evaluate when considering refinancing?
- 3. Can I take cash out of my house when I refinance?
1. Why should I refinance my current mortgage?
There are a number of reasons you may want to consider refinancing your current mortgage.
- A. Lower your interest rate, thus lowering your monthly payment.
- B. Maximize your cash flow with lower payments for a longer term.
- C. Convert an adjustable rate mortgage to a fixed rate mortgage.
- D. Pull cash out of the equity in your house to use for other things, such as paying off debt, home improvements, college education, etc.
- E. Consult your loan officer to see if refinancing is right for you.
2. What factors should I evaluate when considering refinancing?
Consider the following factors when making your decision:
- A. What is the difference between your current rate and the new rate?
- B. How long do you plan to be in the home?
- C. What are the costs associated with the refinance?
- D. What is your break-even point for the refinance?
- E. Do you feel comfortable with the new payment?
- F. Do you need to pull out equity from your house?
- G. These are just some of the questions you should ask yourself. Your loan officer can help you decide if refinancing is right for you.
3. Can I take cash out of my house when I refinance?
Yes. There are limitations on the amount of cash you can take out but some programs allow cash out with loans totaling as high as high 100% of the total value of your home. We also have a Home Equity Line of Credit available that will allow you to have a credit line available up to 100% of the value of your home that you can draw on at any time. Your loan officer can give you details on the various options available to you.
