Your home may be your largest investment. Refinancing your home gives you an option to leverage your investment. There are a few options to consider. Do you want to lower your monthly mortgage payment? Do you want to shorten the term to payback the home loan? Maybe you need to tap into a portion of your equity and get cash in hand!
Over the last couple of years home values have increased at an extraordinary pace. This is great news for homeowners. We will be able to give you an over the phone assessment of your home’s property value which will give you a ballpark number to work from. To proceed refinancing your home you will need to have the home appraised by a professional. There are certain circumstances that the appraisal can be waived.
Why Should You Consider Refinancing Your Home?
- Many homeowners look for ways to reduce the total amount of interest they will pay over the life of the loan. One option is to change from a 30 year loan to a 15 year loan.
- Lowering the interest rate may help in reducing the monthly mortgage payment and reduce the amount of interest paid on the home loan.
- Changing your loan type from FHA to Conventional could help eliminate your MIP (mortgage insurance premium) payments. We suggest taking the difference and applying it your monthly principal payment.
- You’ve worked hard and now have equity in your home. Refinancing and taking cash out may be an option to lower debt by paying off student loans, high interest rate credit cards, automobiles or medical expenses. Considering an ADU (Accessory Dwelling Unit), a new pool, college education or remodeling your kitchen? You may be paying a lot less in interest than using a traditional loan option.
Information To Get Together
Before giving us a call, we will need for you to gather some information that will be required to move forward.
- Last 2 years of W-2’s or 1099’s
- Last 2 months of complete bank statements (all pages)
- Last 2 months of pay stubs
This information gives us a snapshot of your current financial situation and will help in determining the best options for you.