REFINANCE GUIDE
Deciding if it is financially advantageous to refinance is not always obvious. And it is not always simply about obtaining a lower interest rate. Much of the decision to refinance depends on the goal(s) you are trying to achieve. Is your goal to lower your monthly payment? Eliminate mortgage insurance? Or maybe you want to take cash out for other purposes? Maybe you would like to consolidate other high-interest debt and improve your overall financial pictures? Whatever your goals are, we can help!
Lower Your Monthly Payment
Are you looking for more flexibility in your monthly budget? There are several scenarios where refinancing your current mortgage could reduce your monthly payment. These include:
- Lowering your Interest Rate
- Changing your Mortgage Term
- Eliminating or Reducing Mortgage Insurance
To learn more about reducing your monthly payment by refinancing, visit our Lower Your Monthly Payment page.
Take Cash Out
Are you looking for some extra cash? You have a home improvement project or upgrades you want to tackle? You need cash for another purchase you’d like to make? Maybe you are planning a dream vacation? Or you have another investment you are interested in pursuing. Whatever the case may be, a cash-out refinance of your home may be an option. There are several factors that will determine if you are eligible for a cash-out refinance. And there are several loan options to choose from.
To learn more about a cash-out refinance, visit our Cash-Out Refinance page.
Pay Off Other Debts
Are you looking for some financial relief from mounting high-interest debts? Would your monthly budget benefit from eliminating high-interest credit card, auto, student loan, medical bills, or other personal loans/debts? Refinancing your home loan to free up some equity to pay-off these debts may be just the answer. This options is also considered a cash-out refinance, and the same rules and options apply. However, in the case where you would not otherwise qualify for the refinance due to the high interest debts consuming to much of your debt-to-income (DTI) ratio, this option would require that the debt(s) be paid-off directly through the refinance to ensure your DTI meets the required standard and the required debts are paid-in-full.
To learn more about paying-off debts with a cash-out refinance, visit our Pay-Off Other Debts Refinance page.
Pay Off Your Mortgage Faster
Is your goal to pay off your home loan faster and/or save on the amount of interest you pay over the life of your loan? There are several ways you can accomplish this goal.
- Shorten your Loan Term
- Make Extra Principle Reduction Payments
To learn more about your options for paying off your home loan faster, visit our Pay Off Your Mortgage Faster page.
Helpful Calculators For Refinancing!
The more you know, the better decisions you can make!
I'm Ready To Get Started! What is my next step?
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Talk to a Loan Geeks Home Loan Expert!
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