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Why Refinance Your Mortgage?
3 Reasons Why to Refinance Now
Lower Monthly Payments
One of the leading reasons homeowners refinance their mortgages is to lower their current monthly mortgage payments by taking advantage of a lower interest rate. Saving money on a mortgage also gives homeowners the chance to build more equity in their homes.
Consolidate Debt
Some homeowners refinance their mortgages to pay off high-interest debt. A debt consolidation refinance helps homeowners use a lower-interest mortgage to get more than they owe on the home and take the difference in cash to be used towards paying off debts such as credit card balances.
Home Renovations
Homeowners can use a refinance as a low-cost way to make renovations or repairs to their homes. When a homeowner refinances a mortgage for more than they owe, they can take the difference in tax-free cash. The more equity in the house, the more money the homeowner can convert to cash.
Ready to Get Started?
Approved Mortgage is here to help make the mortgage refinance process stress free and hassle free by shopping for the best rates and finding the right program for you.
The Mortgage Refinance Process
3 Easy Steps to Refinancing Your Home
Contact Lender to Apply
The first step in refinancing your home is to get help from a Mortgage Advisor so that you can verify the rates and fees before you apply for a mortgage refinance. A Mortgage Advisor will also outline your refinance options and help you with your refinance processing.
Processing
After you have applied for a mortgage refinance with a lender, your application will go through processing. A Mortgage Advisor will inspect all of the documents you provide, let you know whether you need an appraisal, and submit your files to underwriting.
Closing
Once underwriting has finished and approved your loan, you will be clear to close on your mortgage refinance. Your Mortgage Advisor will then schedule a closing so that you can sign your loan paperwork and complete the final step of your mortgage refinance.
Ready to Get Started?
Approved Mortgage is here to help make the mortgage refinance process stress free and hassle free by shopping for the best rates and finding the right program for you.
Mortgage Refinance Options
3 Types of Refinance Loans
Rate-and-Term
The most common refinance is a rate-and-term mortgage refinance. This type of refinancing lets homeowners change their current mortgage rates, loan term, or both. Homeowners can save money by either lowering their monthly payments or paying less interest overall.
Cash-Out
A cash-out refinance allows homeowners to tap into the equity of their homes. It may also offer a lower interest rate or a shorter loan term. Home equity is the difference between what a homeowner owes on an existing mortgage and what the home is currently worth.
Streamline
A streamline refinance refers to the refinancing of an existing government-insured loan such as an FHA. This process is a little more simplified than a traditional refinance, and homeowners save money by getting rid of their current higher interest rates, which can lower their monthly payments.
Ready to Get Started?
Approved Mortgage is here to help make the mortgage refinance process stress free and hassle free by shopping for the best rates and finding the right program for you.
About us.
Approved Mortgage has helped thousands of homeowners improve their credit scores and obtain approvals when they didn't think possible. We’ve simplified the process of shopping for a mortgage and finding the best home loan option for your needs. Our Mortgage Advisors are ready to help guide you along the way.