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Refinancing

We can help you refinance at no costs, no points at our incredible rates!

What is Refinancing?

The process of refinancing is used to: lower monthly payments, lower your interest rate, or take cash out of your equity in a home. Most people will refinance when they have at least some equity in their home (the difference between loan amount still owed and the home’s worth).

Reducing your Interest Rate

One of the main advantages of refinancing is to reduce your current interest rate. Either rates have gotten lower since you first got your loan, or your Adjustable Rate Mortgage has turned into its variable loan rate. Generally, it only makes sense if your new interest rate is lower than your existing rate. Talk to us and we’ll let you know if your situation calls for a refinance.

By refinancing to a lower interest rate, it will lower your monthly payments and free up more money for other areas of your life.

Cash-out Refinance

When home owners have equity in their home, it is possible to do a cash-out refinance. This is a type of refinance that lets you pull out cash from the equity you have in your home. You may use this cash to further invest in more properties, invest, or pay off any debts.

Here is an example of a cash-out refinance scenario. Let’s say you purchased a property for $600k 3 years ago. Now property values have gone up and the home is worth $800k. You now have $400k equity in the property, still owe $400k and would like to take $200k cash out to invest in another home. By refinancing, we now have a $600k loan, but you have $200k cash to use for another downpayment.

Main Reasons to consider a refinance

Lower your monthly payment - if current interest rates are lower, it could make sense to refinance. Since our refinance loans are all no costs, no points, you’re guaranteed to save.

Remove PMI - Private mortgage insurance is tacked on for all FHA loans and conventional loans with <20% downpayment. If you believe the value of your home has increased where your equity is now over 20%, it may make sense to refinance. This will remove a PMI payment of 0.3-1.15% per year!

Avoid ARM rate increases or balloon payments - Adjustable rate mortgages have a shorter 5/7 year fixed rate term, and after that it can increase by a significant amount. If your ARM fixed rate is about to expire and turn into a higher variable rate, it will make sense to refinance to capitalize on a lower rate.

Cash-out Refinance - Pulling out cash from home equity to purchase another home or pay off any debts.

My loans are no cost, no points - this means you can refinance completely free. We reimburse all fees, such as application fee, credit check, title fees, appraisal, etc. We are also getting you a rock-solid interest rate without having to pay any points. You pay $0 to refinance!