The mortgage market is constantly changing, and so is your life during the life of your loan. Current interest rates might be lower, and there is a good chance that your financial situation has changed since taking out your mortgage, too.
Don’t make the No. 1 mistake some borrowers do: forgetting about your home loan and this wonderful thing called mortgage refinance.
You can save big most of the time with refinancing your current loan.
Refinancing your home loan has many possible benefits, but first, let’s look at what it’s about.
Mortgage refinancing is the process of replacing your current debt with one that suits your needs better.
For example, if you’re looking for a way to save money, lower your monthly payments or to take advantage of the stored-up value (equity) of your home, refinancing your mortgage might be just the right thing to do.
There are many possible reasons to refinance, but here are the most common ones:
– To reduce your monthly payments
– To get a lower interest rate
– To get a shorter term
– To switch to a different loan type (for example, from ARM to FRM)
– To squeeze some cash from your home’s equity (cash-out refinance)
At The Justin Haines Team, our mission is to make our processes as straightforward as possible, and refinancing isn’t an exception to that.
Here’s how it works:
1. You find a home loan that suits what you’re looking for.
2. You apply for the loan (don’t worry, it’s simple paperwork).
3. We evaluate your application to ensure you can afford the loan (this includes a property appraisal).
4. We take care of changing your mortgage over.
5. We’ll notify you when your new loan has started.
Can you believe it’s that simple?
There are certain fees you need to know about before applying for refinancing your mortgage. These are several different fees together and are called closing costs. Closing costs can range from anywhere between $2000 and $5000.
However, you can avoid closing costs completely by refinancing your mortgage with a no-closing cost option.
We currently offer 3 options to serve your home loan refinance needs.
Cut out closing costs altogether from the mortgage refinance process.
Remember, you don’t have to make this decision alone – our loan officers are ready and eager to help you.
