Refinancing

Refinancing Your Mortgage

 

Refinancing your mortgage means replacing your current mortgage with a new one. The new mortgage loan pays off the old mortgage loan, and you’ll start making payments on the new loan. People refinance their mortgages for many different reasons – lowering their monthly payment, getting a better interest rate, taking cash out of their home for home improvements, shortening their loan term, or a combination of the above.

If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out). A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.

Another way to convert equity in your home to cash is a "home equity" loan. A "home equity" loan is an alternative to refinancing if your home loan has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan.

Benefits:

  • Reduce Your Interest Rate
  • Cash Out Equity for Home Improvements
  • Consolidate Debt
  • Lower Monthly Payments

To Refinance You'll Need:

 
 

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Call Us: (972) 723-2611

Email Us: info@mamsw.com

 

Licensing Info:

NMLS # 317299

RMLO # 222329

 

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