Refinancing Your Current Home Loan
If you've owned your home for a while (generally for at least 6 months), you may have begun to think about refinancing. There are a few reasons borrowers consider refinancing; lower interest rate, removing Private Mortgage Insurance (PMI), refinancing to make funds available for remodeling/upgrades, shortening the loan term, or refinancing the home into a different name (in cases of marriage or divorce).
Types of Refinance Programs
The refinance process can have numerous benefits. Refinancing can be quicker than acquiring a new home loan and allow you to keep the home you already own. There are many different kinds of refinance programs that can not only lower your monthly payment*, but that can also provide you a lump sum of cash at closing. Refinancing your home can also remove the mortgage insurance requirement that comes along with certain kinds of loans.
Rate and Term Refinances are a popular loan program in which you can take your remaining loan amount and increase your loan term back to 30 years. This helps lower your payment by giving you more time to pay back the balance. It can also help you get a lower interest rate if interest rates have improved since you originally purchased your home.
Cash Out Refinances are programs that help you borrow against the equity that you have in your home and receive a lump sum of cash in return. It takes into account the value of your home as well as what you still owe.
This program is a great option for borrowers wishing to consolidate their debts or make improvements to the home.
Refinance Eligibility
*By refinancing your existing loan, total finance charges may be higher over the life of the loan. Please contact us to discuss details and options.
Get Started on Your Refinance
Affinity Mortgage Brokers is a premier mortgage broker headquartered in Colorado Springs and serving 8 states across the nation. We believe that relationships are always on the line and as such, we strive to deliver a superior experience every time.
We are veteran owned with 100+ years combined experience in the mortgage industry.
Affinity Mortgage Brokers
NMLS ID# 1062246
www.nmlsconsumeraccess.org
