Home Refinance
After purchasing a home, you get to use to it, but don’t forget about the financial benefits of possibly your most significant asset. Use a refinance to lower your mortgage payment, save interest over the life of the loan, consolidate bills, fund college, make home improvements, and more.
Benefits of Refinance Loan
Learn why so many home buyers choose Refinance Loans.
Bill Consolidation
Use the equity in your home to consolidate bills, student loans, or combine a first mortgage and a home equity line or loan into one payment.
Finance Home Renovations & Home Improvements
Refinance your home to fund home renovations or improvements.
Lower Interest Rate and Payment
Refinance your home to lower your interest rate and lower the cost of your monthly payment.
Equitable Distribution
In the case of divorce, use the equity in the marital home to buy out an ex-spouse’s financial interest in the property.
Convert From ARM to Fixed Rate
Refinance an adjustable rate to a fixed rate to avoid rate increase.
Shorten Mortgage Term
Use a refinance to shorten the mortgage term which reduces the total interest paid over the life of the loan.
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Frequently Asked Questions
1. Can I include closing costs in my refinance?
A VA interest rate reduction refinance loan (IRRRL) & USDA streamline refinance allow for reasonable closing costs to be included in the loan. Other loan types depend on the equity in the property. The appraised value minus the new loan amount equals the equity in the home. Most of the time, closing costs are able to be included in the loan with a sufficient appraised value.
3. Does a refinance make sense for me?
Some believe the interest rate must lower by 2% in order to make sense. Not true! A refinance for a larger loan could make sense with a much smaller rate decrease, especially with low or no closing costs. Additionally, lowering a term, obtaining cash out, paying off higher rate loans, making home improvements, and more could make a refinance make sense.
2. Is an appraisal required on my refinance?
Certain streamline refinance products like VA IRRRL, FHA streamline, USDA streamline often do not require an appraisal. Although there are versions that do require one. Fannie Mae and Freddie Mac conventional loans offer waiver of appraisal depending on the automated approval. Regular or cash out refinance loans do require an appraisal to determine the amount of equity in the property.
4. How much equity is needed to refinance my home?
Similar to the appraisal question, it depends on the product. For some streamline products, no equity is needed. VA regular or cash out refinance may lend up to 100% of the appraised value. Conventional cash-out refinancing lend up to 85% of appraised value or up to 97% of appraised value on just the refinance of a first mortgage. FHA cash-out refinancing may lend up to 85% of the appraised value, plus up to potentially 97.75% of appraised value on refinancing just the first mortgage. Renovation loan refinancing products will lend based on the “after improvements” value based on the type of program limits.
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